서울과 도쿄의 부동산가격 비교분석 -서울시 강남구와 도쿄도 세타가야구(世田谷區)의 아파트가격을 중심으로- = Comparative Analysis on Real Estate Price between Seoul and Tokyo -Focused on apartment price of GangNam District in Seoul and Setagaya District in Tokyo-

다국어 초록 (Multilingual Abstract)

This study was aimed at diagnosing the current state of the Korean real estate market, and particularly to diagnose the reasonability of apartment prices in Seoul. In order to do this, real estate market data from Tokyo, which has a similar real estate market structure with Seoul was simultaneously analyzed for a more objective analysis. In comparative analysis of used apartments, results showed that for the main subject of analysis for this study, Gangnam-gu Seoul and Setagaya district in Tokyo, apartments in Gangnam had a 60% higher selling price per apartment compared to Tokyo and was approximately 40% higher per 1m2. In addition, in comparisons based on the OECD purchasing power parity for what the consumer actually feels, it becomes much more expensive at 2.5 times per 1m2. However, for the annual lease revenue rate per 1m2, studies showed that Gangnam-gu was only 42% of Setagaya. The results of Hedonic approach that reflecting the improvement level of house environment show the prices of apartments in Gangnam is about 160 million won higher than in Setagaya district. In comparisons based on the OECD purchasing power parity, it becomes much more expensive at 200 million. Also, according to the price reasonability index defined in this study, Gangnam-gu Seoul was at 1.18 and Setagaya Tokyo was at 0.71, showing that apartments in both districts lacked price reasonableness. However, the price bubble, which is an issue for the consumers, was apparent only in Gangnam-gu. In the case of newly sold apartments, results from comparing Seoul and Tokyo districts showed that newly sold apartments in Korea had a 20% lower selling price per apartment compared to Tokyo and was approximately 33% cheaper per 1m2. However, based on the OECD purchasing power parity, Seoul was approximately 20% more expensive and the annual lease revenue rate per １m2 was only 34% compared to Tokyo. According to the price reasonability index, both Seoul and Tokyo were at the 0.94 level and had a 6% minus (-), showing that the selling price for new apartments were at a relatively reasonable level. Lastly, based on the analysis results as shown above, characteristics of the apartment market and the socioeconomic background of Seoul was discussed by comparing with Tokyo, and this research suggests the long-term direction for apartment construction in the future for Korea.