The Value of Name in the Housing Market: Evidence from South Korea's New Address System

Kyoochul Kim

Journal of Real Estate Research, 2019, vol. 41, issue 4, 669-692

Abstract: In this paper, I examine the existence of a housing market premium placed on names of locations or areas in Seoul, South Korea. In 2014, South Korea changed its method of assigning addresses. That provides a good opportunity for a natural experiment to explore the importance of name value in how property is perceived. Using a difference-in-difference model, I explore the effect of name premium on apartment prices in the Gangnam district in southern Seoul. I find that apartment prices for a prestigious section of Gangnam comparatively declines when their area location is no longer apparent in revised address listings. This would be evidence of conspicuous consumption since the physical structure of the property is unchanged.

Date: 2019
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DOI: 10.22300/0896-5803.41.4.669

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