거시경제변수가 아파트낙찰가율에 미치는 영향에 관한 연구

Abstract

The purpose of the study is to derive the decision factors of apartment auction price using Macro-economic variables and VECM(Vector Error Correction Model) in the aspect that the combination of capital market and real estate market has been accelerated. The results are as follows; first, it is identified that consumer price, stock price index and economic growth are the main factors determining the apartment auction price. Among them, consumer price influence the most to apartment auction price due to a function of inflation hedge. However, interest rate(3-year corporate bond) that is regarded as a typical substitute of real estate Investment was not influential factor to the apartment auction price. The results imply that the capital market variables such as economic growth, consumer price should be considered to the decision making process of investing in the real estate market since the capital and real estate market has been quickly combined in Korea.