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부동산시장과 부동산 조세정책과제(Real estate market and its tax policy in Korea)

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  • 부동산시장과 부동산 조세정책과제(Real estate market and its tax policy in Korea)
  • 노영훈; 황성현
  • 한국조세연구원


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Title 부동산시장과 부동산 조세정책과제(Real estate market and its tax policy in Korea)
Similar Titles
Material Type Reports
Author(Korean)

노영훈; 황성현

Publisher

서울:한국조세연구원

Date 2007-12
Pages 155
Subject Country South Korea(Asia and Pacific)
Language Korean
File Type Link
Subject Economy < Economic Administration
Holding 한국조세연구원

Abstract

Recent concerns about speculation in Korean housing market have underscored the fact that housing is not only a consumption good but is also an investment asset with potential to generate capital gains. Housing has the dual role of providing consumption services and being the form of capital asset in which the household put his accumulated wealth. Especially, the investment motive of housing capital demand becomes more important than the housing service consumption feature in Korea during the past 5 years. So, we tried to figure out whether the apartment market in Seoul metropolitan area shows some sign of capital asset efficient market hypothesis. We show that the housing's role as investment asset with its potential for capital gains dominates its role as consumption good at least in the Seoul metropolitan area apartment market by comparing the sales price index with its rental price index from year 1999 to 2007 period. The rental-to-sales price ratio (implying the degree of consumption goods price weight among its capital market value) tends to decline after the October 2001 when the sales price sharply climbed up. It should be noted that the ratio itself was surveyed for each sample apartments independently with the denominator of the ratio, i.e. sales price index. (The rest omitted)