금융시장
Examination on regulation policy in real estates market
2009-11-12SONG, Kyoung-Hee
목차
요약
1. Importance of regulation policy in real estate market and purpose of this study
There was concern about real estates market’s burble in 2009 2H, but government response such as home supply expansion and mortgage finance regulation (ex. LTV/DTI) led home price to increase more modestly. This highlighted government’s regulation policy’s importance in realestates market.
So in this paper, based on investigation on ① the past regulation policy and real estates market situation then by chronological order and ② mechanism and effect of each type of regulation, what kind of regulation policy can be taken effect afterward will be examined.
2. Classification and Examination on effect of each type of regulation
Regulation tool about real estates can be classified into demand control and supply control, and demand control can be broken down 1) regulation on real estates trade 2) tax system 3)regulation on mortgage finance, and supply control can be broken down 1) home supply expansion control, 2) regulation on home-rebuildings 3) regulation on new apartments’ price 4)support to building industry.
Because of difficulty in quantification of regulation policy’s contents and identification individual regulation tool’s own outcome, it is very hard to measure perfectly regulation policy’s effects.
In spite of these difficulties, these regulation tools are supposed to have some effects : tax relief on capital gain derived from unsold apartments purchase, mortgage finance regulation through DTI, home supply expansion and regulation on new home’s price.
3. Expectation of regulation policy change in 2010
Most important issues about regulation policies in 2010 will be 1) home supply expansion by public sector (Bokumjari) 2) whether mortgage finance regulation such as DTI will be continue or not 3) expiration of tax relief on capital gain 4) whether regulation on new apartments’ price will be abolished or not 5) whether regulation on home-rebuilding will be re-loosen or not.
Among them, 1) home supply expansion by public sector (Bokumjari) and 2) mortgage finance regulation such as DTI are expected to continue and make home price increase more slowly, but 4) abolishion of regulation on new apartments’ price and 5) re-loosening of regulation on home-rebuilding are expected to make home price increase faster, and 3) expiration of tax relief on capital gain is expected to have both effect.
There was concern about real estates market’s burble in 2009 2H, but government response such as home supply expansion and mortgage finance regulation (ex. LTV/DTI) led home price to increase more modestly. This highlighted government’s regulation policy’s importance in realestates market.
So in this paper, based on investigation on ① the past regulation policy and real estates market situation then by chronological order and ② mechanism and effect of each type of regulation, what kind of regulation policy can be taken effect afterward will be examined.
2. Classification and Examination on effect of each type of regulation
Regulation tool about real estates can be classified into demand control and supply control, and demand control can be broken down 1) regulation on real estates trade 2) tax system 3)regulation on mortgage finance, and supply control can be broken down 1) home supply expansion control, 2) regulation on home-rebuildings 3) regulation on new apartments’ price 4)support to building industry.
Because of difficulty in quantification of regulation policy’s contents and identification individual regulation tool’s own outcome, it is very hard to measure perfectly regulation policy’s effects.
In spite of these difficulties, these regulation tools are supposed to have some effects : tax relief on capital gain derived from unsold apartments purchase, mortgage finance regulation through DTI, home supply expansion and regulation on new home’s price.
3. Expectation of regulation policy change in 2010
Most important issues about regulation policies in 2010 will be 1) home supply expansion by public sector (Bokumjari) 2) whether mortgage finance regulation such as DTI will be continue or not 3) expiration of tax relief on capital gain 4) whether regulation on new apartments’ price will be abolished or not 5) whether regulation on home-rebuilding will be re-loosen or not.
Among them, 1) home supply expansion by public sector (Bokumjari) and 2) mortgage finance regulation such as DTI are expected to continue and make home price increase more slowly, but 4) abolishion of regulation on new apartments’ price and 5) re-loosening of regulation on home-rebuilding are expected to make home price increase faster, and 3) expiration of tax relief on capital gain is expected to have both effect.
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