New-town Development and the Restructuring of Seoul Metropolitan Housing Markets
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Although behavioral approaches to urban housing markets can provide an insight into understanding residential mobility processes and neighborhood change, the behavioral approaches did not pay attention to the differing degrees of access and constraint of housing classes. Thus, it is necessary to interweave behavioral approaches with institutional approaches to urban housing market in order to better understand how residential mobility processes occur. With respect to the residential relocation from Seoul to new towns at the metropolitan scale, this research has demonstrated how the decision to move and the search for a new residence are biased in different ways for different housing classes. Accessibility to workplace was an important determinant in the residential relocation for households in the low-priced housing submarkets. Households in the middle-priced housing submarkets regarded the residential relocation to new towns as a good opportunity to obtain larger dwelling space. Households in the high-priced housing submarkets attached more importance to the investment in real estate and wealth accumulation.
Abstract
Although behavioral approaches to urban housing markets can provide an insight into understanding residential mobility processes and neighborhood change, the behavioral approaches did not pay attention to the differing degrees of access and constraint of housing classes. Thus, it is necessary to interweave behavioral approaches with institutional approaches to urban housing market in order to better understand how residential mobility processes occur. With respect to the residential relocation from Seoul to new towns at the metropolitan scale, this research has demonstrated how the decision to move and the search for a new residence are biased in different ways for different housing classes. Accessibility to workplace was an important determinant in the residential relocation for households in the low-priced housing submarkets. Households in the middle-priced housing submarkets regarded the residential relocation to new towns as a good opportunity to obtain larger dwelling space. Households in the high-priced housing submarkets attached more importance to the investment in real estate and wealth accumulation.
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