Analysis of the Actors Affecting the Advancing of the Reconstruction Process: Focusing on Policies and Apartment Complex Characteristics

This study empirically analyzes the effects of apartment complex characteristics, market environment, and policy variables on the reconstruction process in different stages of reconstruction using a panel-ordered logit model and a panel multinomial logit model for apartment complexes in reconstruction stages in Seoul. The results show that apartment sales transaction volume and CD rates have a negative impact on most stages of reconstruction and that the increase in transaction volume is a factor that creates conflicts of interest and delays among unit owners through the formation of expectations of further future price increases. The rise in CD rates increased the cost of financing the reconstruction, which hindered the progress of the reconstruction phase. The suspension of the excess rebuilding gains tax also had a negative effect on the movement up the reconstruction ladder due to policy uncertainty and delays in reconstruction partnership consensus. This result suggests that the suspension of the program amplified market disruptions rather than facilitating the rebuilding drive. This study assesses the relative importance of policy and economic variables at different stages of reconstruction, which has practical implications for the efficient implementation of reconstruction projects and policy design.