Up until now, the housing policies have been made and implemented by the government and contradictory values of stimulating the economy and stabilizing house prices coexisted. In the situation when houses were absolutely short, centralized housing pol...
Up until now, the housing policies have been made and implemented by the government and contradictory values of stimulating the economy and stabilizing house prices coexisted. In the situation when houses were absolutely short, centralized housing policies had been effective whereas it was not after 2000, when the economic structure changed and the number of houses increased. Therefore, aware of the necessity of developing localized housing policies regarding governmental intervention of the housing market, this study divides housing into sub-markets based on Busan and examines implications regarding policies proper for the local market.
The results show that the housing market is divided into several sub-markets, not a single one. Previous housing policies analyzed and evaluated the housing market as a singular market which produced deviation among sub-markets. For this it showed its limits in the aspects of policy coherence and time lag. By establishing goals with submarket units in policy making, the side effects resulting from uniform policies can be minimized. Second, each housing market of housing submarkets have various characteristics. Therefore, housing policies according to regions should be developed. Third, in order to make policies for each sub-market and achieve goals, policies need to be localized or decentralized. To respond to local housing markets, the range of policies should be set according to the division of housing sub-markets and necessary housing governance should be set.