[Title Page]
Contents
I. Introduction 11
II. Decrease in Housing Transaction Volume and Changes in Housing Acquisition Tax Burden and Tax Revenue 20
1. Characteristics of Transaction Statistics in the South Korean Housing Market 20
2. Changes in Housing Transaction Volume and Burden of Housing Acquisition Tax 27
3. Empirical Analysis of Transaction Volume Changes Using Micro Data from House/Real Estate Transaction Reports 37
4. Changes in Housing Acquisition Tax Rates and Tax Revenues 67
5. Compensation for Tax Revenue Loss Following Reduction in Housing Acquisition Tax 76
III. Comparison of Transaction Taxes between Countries and Related Implications 80
1. Ratio of National Tax to Local Tax in Property Transaction Taxin OECD Member Countries 80
2. Housing Transaction Taxes in Other Countries 85
3. Implications of Other Countries Tax System and Expected Effects of Acquisition Tax Exemption 95
IV. Conclusion and Policy Implications 100
References 105
Appendix 108
〈Table II-1〉 Apartment Transactions by Transaction Type in Seoul Metropolitan Area... 23
〈Table II-2〉 Apartment Transactions by Transaction Type in Seoul... 24
〈Table II-3〉 Ratios of Housing Sales to the Housing Stock in Various Areas 29
〈Table II-4〉 Ratios of Apartment Sales to the Apartment Stock in Various Areas 30
〈Table II-5〉 Difference between MOLIT Data and Extracted Data Regarding Annual... 39
〈Table II-6〉 Monthly in Housing Sale Transactions by Transaction Price Band(excluding deed transfers): Based on Report Date 42
〈Table II-7〉 Coefficient of Variation of Monthly and Quarterly Housing Transaction... 51
〈Table II-8〉 Summary of Basic Statistics on Quarterly Data(nationwide) 53
〈Table II-9〉 Summary of Basic Statistics on Quarterly Data(Seoul Metropolitan Area) 54
〈Table II-10〉 Period of Application of Dummy Used in Regression Analysis 54
〈Table II-11〉 OLS Regression Results of National Housing Transaction Volume 58
〈Table II-12〉 OLS Regression Results of Housing Transaction Volume in the Seoul Metropolitan Area 59
〈Table II-13〉 OLS Regression Results of National Housing Transaction Volume(1st quarter of 2006-2nd quarter of 2013)(acquisition...(이미지참조) 60
〈Table II-14〉 OLS Regression Results of Housing Transaction Volume in the Seoul Metropolitan Area(1st quarter of 2006-2nd...(이미지참조) 61
〈Table II-15〉 OLS Regression of National Housing Transaction Volume(1st quarter of 1998-2nd quarter of 2013)(Acquisition...(이미지참조) 65
〈Table II-16〉 Regression Analysis on Seoul Metropolitan Area Housing Transaction Volume(1st quarter of 1998-2nd quarter...(이미지참조) 66
〈Table II-17〉 Changes in Statutory Tax Rates of Housing Transaction Taxes 72
〈Table II-18〉 Comparison of Housing Transaction Volumes and Housing Acquisition... 73
〈Table III-1〉 Ratio of Central Government Property Tax Revenue to that of Local... 82
〈Table III-2〉 Ratio of Central Government Property Tax Revenue to that of Local... 84
〈Table III-3〉 Costs of House Transaction in Major Cities: Ratios of Transaction Cost to... 87
〈Table III-4〉 U.K.'s SDLT Rates 90
〈Table III-5〉 Tax Burden of Registration License Tax on Housing Transactions in Japan 92
〈Table III-6〉 Stamp Tax for Housing Transactions in Japan 93
〈Table III-7〉 Comparison of Housing Transaction Taxes between Major Cities(taxable) 94
〈Table 1〉 Statistical Surveys on Real Estate(apartment) 108
〈Table 2〉 Summary Statistics(nationwide) 109
〈Table 3〉 Summary Statistics(Seoul Metropolitan Area) 109
[Figure II-1] Comparison of Housing Transactions and Ratio of Purchase Rights to... 25
[Figure II-2] Apartment Sales and Housing Acquisition Tax Rates(monthly) 31
[Figure II-3] Apartment Sales and Housing Acquisition Tax Rates(quarterly) 32
[Figure II-4] Distribution of Transactions by Reported Price Band between 2006 and... 33
[Figure II-5] Periods of January-March 2011 and January-September 2012: Application... 35
[Figure II-6] Periods of April-December 2011 and October-December 2012: Application... 36
[Figure II-7] Trend in Rate of Housing Sale Transactions by Monthly Reported Price 40
[Figure II-8] Monthly Housing Sale Transactions by Reported Price Band-1 47
[Figure II-9] Monthly Housing Sale Transactions by Reported Price Band-2 47
[Figure II-10] Monthly Housing Sale Transactions(based on reported data) 48
[Figure II-11] Quarterly Housing Sale Transactions(based on reported data) 48
[Figure II-12] Monthly Housing Sale Transactions Valued at 900 Million Won or Less 49
[Figure II-13] Quarterly Housing Sale Transportations Valued at 900 Million Won or... 49
[Figure II-14] Monthly Housing Sale Transactions Valued at over 900 Million Won 50
[Figure II-15] Quarterly Housing Sale Transactions Valued at over 900 Million Won 50
[Figure II-16] Comparison of Housing Transaction Volumes and Housing Acquisition... 71
[Figure II-17] Elastic Supply Curve 74
[Figure II-18] Perfectly Inelastic Supply Curve 75
[Figure 1] Apartment Sales and Increasing Rate of Apartment prices(nationwide) 110
[Figure 2] Quarterly Housing Sale Transactions(based on report date) 110
[Figure 3] Quarterly Housing Sale Transactions(based on contract date) 111