Finding Effects of Sequential Housing Price Control Policies Using Various Forms of Difference in Differences.
Jihee Ann1, Myoung-Jae Lee2,3, Hyung Joon Chung1
1Research Department, Korea Real Estate Research Institute, Seoul, Korea.
Evaluation Review
|December 8, 2025
Summary
South Korea
Area of Science:
- Economics
- Urban Studies
- Public Policy
Background:
- Housing price and rent control policies are common globally.
- The South Korean government implemented a complex housing price ceiling policy in Seoul between 2019 and 2023, involving multiple changes.
Purpose of the Study:
- To assess the impact of South Korea's housing price ceiling policy and its modifications on Seoul's housing market.
- To analyze the effectiveness of government intervention in housing prices.
Main Methods:
- Utilized a detailed difference-in-differences (DD) analysis protocol.
- Employed diverse forms of DD, allowing for systematic differences in untreated outcome trajectories between treated and control groups.
Main Results:
- The housing price ceiling policy in Seoul resulted in an estimated 4-5% decline in housing prices.
- Despite government intervention, the overall effect on housing prices was a reduction.
Conclusions:
- The study provides empirical evidence on the effects of dynamic housing price control policies.
- The findings suggest that government interventions, even complex ones, can lead to measurable impacts on housing prices.
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