3.1.6. Land Construction Regulation

Architecture is regulated to suit the environment, economy, culture, and politics, etc., of the land and the type of land used. According to a paper on economic trends, real estate is closely correlated with income, population, and the land regulation level. In fact, it is impossible for the government to change the income and the population artificially, so only the land regulation can be changed. The green belt and other areas of public green space regulation are factors that increase the price of housing, and excessive building regulation

is also a policy for the reduction of housing construction, which is why it is causing the price to rise. Looking at overseas cases, San Francisco and Dallas have seen similar income growth since 1980. As a result of checking the land price compared to income, however, San Francisco, where the green space regulation was the most severe, showed an increase rate of over 30%, whereas Dallas had no change. Figure 11 shows the number of building regulations in the current state of the Seoul City Ordinance. *Symmetry* **2021**, *13*, x FOR PEER REVIEW 11 of 25


*Symmetry* **2021**, *13*, x FOR PEER REVIEW 11 of 25

**Figure 9.** History of the comprehensive real estate tax charge system. **Figure 9.** History of the comprehensive real estate tax charge system. estate policy [21].

opposite case, it will tend to slow down. Figure 10 shows the history of government real

**Figure 10. Figure 10.**  The Republic of Korea's real estate measures system. The Republic of Korea's real estate measures system.

**Figure 10.** The Republic of Korea's real estate measures system.

of building regulations in the current state of the Seoul City Ordinance.

Architecture is regulated to suit the environment, economy, culture, and politics, etc., of the land and the type of land used. According to a paper on economic trends, real estate is closely correlated with income, population, and the land regulation level. In fact, it is impossible for the government to change the income and the population artificially, so only the land regulation can be changed. The green belt and other areas of public green space regulation are factors that increase the price of housing, and excessive building regulation is also a policy for the reduction of housing construction, which is why it is causing the price to rise. Looking at overseas cases, San Francisco and Dallas have seen similar income growth since 1980. As a result of checking the land price compared to income, however, San Francisco, where the green space regulation was the most severe, showed an increase rate of over 30%, whereas Dallas had no change. Figure 11 shows the number

**Figure 11.** Gangnam-gu's urban planning ordinance history system. **Figure 11.** Gangnam-gu's urban planning ordinance history system.

3.1.7. Foreign Currency Reserves 3.1.7. Foreign Currency Reserves

3.1.6. Land Construction Regulation

Foreign currency reserves are foreign currency funds that a country is stockpiling in preparation for emergencies. Foreign currency reserves are an important means to respond to changes in the external environment and economic crisis. They are a liquid asset that responds to sudden capital inflows when a crisis occurs by reducing the rate of exchange rate fluctuations. As such, macroscopically, the amount of foreign exchange reserves is an external saving in the Korean economy, and external saving is determined at the same time as internal saving. The rapid increase in foreign exchange reserves has led to a decrease in domestic investment in the Korean economy. Thus, if the foreign exchange reserves increase rapidly, an imbalance in the financial sector will result, resulting in overinvestment in real estate and stock markets. The following Figure 12 shows the status of foreign exchange reserves in Korea. Foreign currency reserves are foreign currency funds that a country is stockpiling in preparation for emergencies. Foreign currency reserves are an important means to respond to changes in the external environment and economic crisis. They are a liquid asset that responds to sudden capital inflows when a crisis occurs by reducing the rate of exchange rate fluctuations. As such, macroscopically, the amount of foreign exchange reserves is an external saving in the Korean economy, and external saving is determined at the same time as internal saving. The rapid increase in foreign exchange reserves has led to a decrease in domestic investment in the Korean economy. Thus, if the foreign exchange reserves increase rapidly, an imbalance in the financial sector will result, resulting in over-investment in real estate and stock markets. The following Figure 12 shows the status of foreign exchange reserves in Korea. *Symmetry* **2021**, *13*, x FOR PEER REVIEW 13 of 25

**Figure 12.** Republic of Korea's foreign exchange reserves (\$100 million). **Figure 12.** Republic of Korea's foreign exchange reserves (\$100 million).

#### *3.2. Microscopic View of the Real Estate Market 3.2. Microscopic View of the Real Estate Market*

A micro perspective is a theory which focuses on the interactions between individuals in everyday life or the subjectivity of individuals, and which presupposes the social nominal theory. The micro real estate factors can be seen in Figure 13. A micro perspective is a theory which focuses on the interactions between individuals in everyday life or the subjectivity of individuals, and which presupposes the social nominal theory. The micro real estate factors can be seen in Figure 13.
