책 머리에

In preparing this book on the real estate market, the author conducted a comprehensive review of books and research materials published both domestically and internationally through the Internet and various databases. It was rather surprising to find that most of these works address the subject only superficially, often as a small part of general books such as Introduction to Real Estate Theory. This underscores the reality that, although the topic of real estate markets is neither unfamiliar nor inherently complex, independent research and systematic studies on the subject are still relatively limited.
This book has been written to support the education of real estate markets and to serve as a useful guide for students seeking a structured understanding of the market and its dynamics, integrating both theoretical and empirical perspectives.
All statistics, graphs, and analyses presented herein are based on publicly available data; however, variations may occur due to updates, corrections, or changes in the data provided by the original sources over time. Therefore, for practical purpose, readers are strongly advised to consult and rely on the original data from the respective institutions.
The real estate market is not merely an abstract concept confined to complex theoretical models. It exists everywhere real estate transactions -buying and selling -occur, covering all spaces where people live. Numerous variables -including economic conditions, demographic trends, policy changes, financial environments, and psychological factors - interact to shape property prices. Understanding how these factors operate and transform the market is the first step toward grasping the true nature of real estate.
Given that the characteristics of global real estate markets vary widely across countries and regions, a uniform analysis is impossible. Accordingly, the author has collected and analyzed real estate data from multiple countries to compare and examine the structure and drivers of property markets in key nations. This type of international comparative analysis not only enhances understanding of global real estate markets but also provides a solid foundation for analyzing domestic market dynamics
However, undertaking such an analysis was necessary, as it involved extensive data collection and multi-faceted interpretation. To the best of the author’s knowledge, this book represents one of the first attempts in Korea to comprehensively identify the factors influencing price formation in real estate markets through the use of diverse statistical data and case analyses, while presenting their mechanisms in a manner accessible to students.
Most of the graphs and figures included in this book were created by the author based on various datasets. For readability, the sources of data are briefly indicated below each figure, while the official sources and detailed information for datasets are compiled in the appendix. Every effort has been made to accurately credit the sources of all figures; however, there remains a possibility that some references may have been inadvertently omitted. Should any omissions be identified, readers are encouraged to notify the author, and corrections will be incorporated in future print editions.
The present analyses were conducted to provide an initial exploratory assessment of the association between the time-series variables in an educational context. Since no preprocessing or diagnostic procedures (e.g., stationarity testing, detrending, seasonal adjustment, or autocorrelation assessment) were undertaken, the results should be interpreted with caution.

August 01, 2026
Jinwon Bang and Sungjoon Baek