부동산 가치형성에 미치는 주요 요인을 규명하는 것이 본 연구의 목적이다. 국내 부동산 정책과 부동산 가치의 관계를 알아보기 위해 전문가 인터뷰 및 선행연구 등을 통해 도출된 내용을 중심으로 모형 및 설문을 구성하고, 실제로 부동산 정책의 제 차원이 가치 형성에 미치는 영향을 규명하고자 하였다. 이를 위해 부동산 정책이 가치형성요인에 영향을 미칠 것인지에 대해서 경로분석을 통해 살펴보았다. 그 결과 정책목표의 경우에는 부동산의 희소가치 및 활용가치에 영향을 미치는 것으로 분석된 반면 미래가치, 내재가치, 현재가치는 유의수준 0.05기준에 부합되지 못해 기각되었다. 정책수단의 경우에는 현재가치에는 영향을 미치고 있는 것으로 분석되었으며, 정책대상은 미래가치, 정책산출은 내재가치, 정책성과는 희소가치에 영향을 미치는 것으로 분석되었다. 즉 정책목표와 정책성과는 희소가치에 영향을 미치고 있었으며, 정책수단은 현재가치, 대상은 미래가치, 산출은 내재가치에 영향을 미치는 변수임을 확인할 수 있었다.
Curtailing property speculation has been in every presidential campaign in recent decades although government policies were seldom effective. The housing price in metropolitan cities in South Korea is moving beyond the reach of ordinary citizens. The overheat of property speculation is not cooled off either. Government efforts to prevent a real estate bubble do not seem promising. The basic principles of market mechanism and public opinion do not seem reflected much in government policies on real estate. Therefore, this study attempts to investigate issues on the government policies and make suggestions on the intervention on real estate market. Of particular interest of this study is to investigate the relationship between government policies and the value of property. It is examined how importantly the public perceive the policies and the value of property, and how their perception influences the level of policy performance. By examining the link between the perceived importance and the actual performance of policies, this study suggests how to effectively operate the government’s real estate policies. For the current study, 265 respondents including real estate experts, real estate developers, real estate agents, government officials, loan officers, and actual buyers were interviewed. Seventy four percent of the sample was male. It is hypothesized that the perceived importance would differ from the performance of the policies. Government policies on the property market are measured by four factors: objectives, tools, target groups, and outputs. This study also hypothesizes that the policies on the property market would influence value formation such as the scarcity value, future value, intrinsic value, usage value, and present value. There are four main findings. First, it is found that policy target groups, such as suppliers and demanders, influence the future value of property. Second, the intrinsic value of property is found to decrease as the level of policy performance increases. When real estate policies are reasonable, fair, and feasible, the expected profit is low. This indicates a broad distrust of government policies among citizens. Third, the usage value of property is influenced by the objective of government policies. The policy goal should be efficient and stable to increase the usage of property. Last, the present value of property is affected by policy tools. This finding suggests that it is necessary to evaluate various policy tools, such as taxation and interest adjustment, before implementing the policy. In so doing, government intervention will be more efficient. In closing, some limitations of the current study are acknowledged and future efforts in advancing related-research are discussed.