Authors: Yeon-Taek Ryu*, Chungbuk National University, South Korea
Topics: Urban Geography, Social Geography, Asia
Keywords: scale, urban house prices and rent levels, urban housing markets, financial crisis, Theil index
Session Type: Paper
Start / End Time: 8:00 AM / 9:40 AM
Room: 8216, Park Tower Suites, Marriott, Lobby Level
Presentation File: No File Uploaded
This paper investigates (1) geographical disparities in the changes in house prices and rent levels at both a national and an inter-urban scale, (2) the impact of the financial crisis in 1997 on Korean housing markets across geographical scales (national and inter-urban), and (3) socio-economic and political processes influencing the geographical variations. Comparing the spatial variations in the change rates of house prices and rent levels before and after the financial crisis, this paper pays attention to the way in which the financial crisis affected housing markets differently both at the national and inter-urban scales. Using the Theil index of spatial inequality, this research found that the degree of spatial inequalities in house prices and rent levels across Korean cities increased during the second half of the 1990s, and was reinforced and amplified by the financial crisis.