Authors: Yil-Soon Paek*, Seoul National Univ.
Keywords: immigrants' Houing market,transnational housing filtering process, Speculative urbanization
Session Type: Paper
Start / End Time: 2:00 PM / 3:40 PM
Room: Gallier A, Sheraton, 4th Floor
Presentation File: No File Uploaded
The paper examined that Not only does the choice of foreigners influence a single country, but it affects the housing market of both home country and receiving country. Chosunjok(ethnic Koreans living in China) among foreigners in Korea, remitted a portion(50-60%) of their earnings to home country, spent the half of them on housing expense in Korea. As to the reason for it, they prefer circular migration between Korea and China, and concerned importantly, the housing consumption in Korea. By participating to housing market in Korea, housing rent of area they settled is maintained a narrow range of fluctuation in price. Such a maintenance of rent made them even more concentrated in a specific region. In other words, housing market of Immigrants is not determined by race, ethnic background, but an autonomous choice at minimum cost in terms of maximum benefit. Meanwhile, Chosunjok in experiences of migration in Korea become leading consumers to stimulate a property boom in China. They moved from rural area at the outer suburbs of the city to a newly-developed residential area in western Yanji, China, coinciding with housing policy. Their housing investment in China also implies a successful return to Korea, but it is closely related to the education and careers of children. Transnational housing investment of immigrants has simultaneous effects to housing markets of both sending country and receiving country, occurred 'transnational housing filtering process' that chosunjok experienced residential upward mobility at the same time in both countries.