impact of change urban structure on housing price dynamics application a modified repeat sales model kim jin yoo ph d candidate hanyang university e mail jinewk ihanyang ac kr lee chang moo professor department planning changmoo abstract recently seoul metropolitan area sma has experienced rapid appreciation especially gangnam southeastern part been treated as the origin jump by speculation therefore some studies suspect notable parts abnormal bubble in contrast others argue that increase was caused fundamentals such excessive demand short they do not reach consensus existence market almost all previous have serious limitation finding factors fact skipped influence spatial structural it even though consider quality education other words focused non interest rate and cpi however influences
