Dr. Koo Man-soo's Real Estate Market Analysis Technique: 3 Hours of Study, 30 Years of Use
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Description
Book Introduction
3 Hours of Study, 30 Years of Investment Insight
Reading the Real Estate Market Through Economics
This book has consistently been loved by readers for viewing the real estate market not as a simple investment target, but as an essential economic system that must be understood within the macroeconomic structure.
The real estate market has experienced repeated ups and downs over the past 65 years amidst the continuous rise in real estate asset prices.
This book analyzes the factors driving ups and downs within these market cycles, examining real estate policies, domestic and international economic conditions, market participants' investment sentiment, and changes in supply and demand. It also suggests how investors can generate stable profits through "response, not prediction."
This book, which has been reprinted 23 times since its first publication in 2017, was the first real estate investment book at the time to cover the essence of the economy, including "inflation," "credit money system," "money supply expansion," and "price and value," and presented a new paradigm for the industry.
Rather than simply providing explanations of each real estate type, such as land, commercial properties, and officetels, the book gave readers a refreshing shock by identifying the fundamental causes of real estate price fluctuations through the ‘flow of money.’
Thanks to these differences, even in a socially burdensome climate regarding apartment investment, this book was recognized as a valuable textbook that economically interprets real assets.
This revised edition reflects the latest data from 2025, comprehensively revising the supply and demand sections and updating real estate policies and investment trends to reflect current market conditions.
In particular, by reconstructing the market cycle based on long-term data from 1990 to 2029, it presents a standard for rational investment decisions even in the current trend of alternating periods of surge and adjustment.
The real estate market is not a realm of prediction, but a realm of response.
I hope this revised edition will help readers interpret the market objectively rather than fearing it, and respond accordingly to their own financial strategies.
Reading the Real Estate Market Through Economics
This book has consistently been loved by readers for viewing the real estate market not as a simple investment target, but as an essential economic system that must be understood within the macroeconomic structure.
The real estate market has experienced repeated ups and downs over the past 65 years amidst the continuous rise in real estate asset prices.
This book analyzes the factors driving ups and downs within these market cycles, examining real estate policies, domestic and international economic conditions, market participants' investment sentiment, and changes in supply and demand. It also suggests how investors can generate stable profits through "response, not prediction."
This book, which has been reprinted 23 times since its first publication in 2017, was the first real estate investment book at the time to cover the essence of the economy, including "inflation," "credit money system," "money supply expansion," and "price and value," and presented a new paradigm for the industry.
Rather than simply providing explanations of each real estate type, such as land, commercial properties, and officetels, the book gave readers a refreshing shock by identifying the fundamental causes of real estate price fluctuations through the ‘flow of money.’
Thanks to these differences, even in a socially burdensome climate regarding apartment investment, this book was recognized as a valuable textbook that economically interprets real assets.
This revised edition reflects the latest data from 2025, comprehensively revising the supply and demand sections and updating real estate policies and investment trends to reflect current market conditions.
In particular, by reconstructing the market cycle based on long-term data from 1990 to 2029, it presents a standard for rational investment decisions even in the current trend of alternating periods of surge and adjustment.
The real estate market is not a realm of prediction, but a realm of response.
I hope this revised edition will help readers interpret the market objectively rather than fearing it, and respond accordingly to their own financial strategies.
index
6. In connection with the revision of "3 Hours of Study, 30 Years of Use in the Real Estate Market Analysis Techniques" (hereinafter, 330)
PROLOGUE 10
PART 1.
Waves cannot swallow the sea
It's not the real estate industry's fault that prices are high. 23
Up and down and up again 27
PART 2.
The wind creates waves
Chapter 1.
Real estate policy
The House Poor Problem: 37 Things That Almost Led to Murder
Presidential Transition Committee White Paper 40
Park Geun-hye Administration's Real Estate Policy Changes 46
Furnace and Stove 53
If the government says it's gone, then it's gone 55
Speculative overheated zone and hot-spot 58
Real estate price surge: We will definitely stop it. 60
64 Changes in the Roh Moo-hyun Administration's Real Estate Policy
There's no business in getting beaten 68
Kim Dae-jung Administration's Real Estate Policy Changes 72
The candy seller cuts the candy as he pleases 76
A square peg in a square hole 78
Chapter 2.
Domestic and international economic situations
81 Reasons Why People Are Obsessed with Investing
Investing is an economic activity that prevents your money from disappearing. 84
Raw and synthetic shrimp 87
Value and price are completely different 90
Shin Saimdang and King Sejong are not about money 92
The reason people are poor is because they don't know the difference between money and paper. 95
It's not that house prices have risen, it's that the value of the currency has fallen. 102
My Cash Is Flying Away 107
The economy is struggling, but real estate prices are rising? 110
How much has paper money increased? 112
Currency Value and Real Estate Prices 115
Real estate prices fluctuate according to the money supply 120
You can tell real estate prices by the money supply 125
Chapter 3.
human psychology
Humans are selfish, but not rational. 127
The Two Faces of Man 129
Ostrich egg yolk, egg yolk, and quail egg yolk 131
If you don't know, it's better to stay quiet 134
Conditions for a Crash 140
Tulip Mania and the Lost Decade 143
Tokyo Apartment vs. Seoul Apartment 149
Black Swan 152
There is no eternal rise or eternal fall 155
Chapter 4.
supply and demand
Supply and Demand Play Separately 158
To determine whether there is an oversupply or a shortage, it is important to first understand demand. 162
Seoul Metropolitan City 168
Gyeonggi-do 170
172 Suwon-si, Gyeonggi-do
174 Yongin-si, Gyeonggi-do
176 Goyang-si, Gyeonggi-do
178 Hwaseong-si, Gyeonggi-do
180 Seongnam-si, Gyeonggi-do
Anyang-si, Gunpo-si, Uiwang-si, Gwangmyeong-si, Gyeonggi-do 182
184 Ansan-si, Siheung-si, Gyeonggi-do
186 Namyangju-si, Guri-si, Gyeonggi-do
Incheon Metropolitan City, Bucheon City, Gyeonggi Province, Gimpo City 188
Busan Metropolitan City 190
Daegu Metropolitan City, Gyeongsan City, Gyeongsangbuk-do 192
Daejeon Metropolitan City 194
Gwangju Metropolitan City 196
Ulsan Metropolitan City 198
Sejong Special Self-Governing City 200
Wonju-si, Gangwon-do 202
204, Cheongju-si, Chungcheongbuk-do
Cheonan-si, Asan-si, Chungcheongnam-do 206
208 Jeonju-si, Jeollabuk-do
210 Yeosu, Suncheon, and Gwangyang, Jeollanam-do
212 Pohang-si, Gyeongsangbuk-do
214 Gumi-si, Gyeongsangbuk-do
216 Changwon-si, Gyeongsangnam-do
Jeju Special Self-Governing Province 218
There is no land to build a house 220
PART 3.
rowing on the waves
Can the government beat the real estate market? 225
You should invest only after understanding the nature of money. 228
The real problem is doing anything 230
When the balance between supply and demand is disrupted, it's an opportunity. 233
It is not the strongest who survive, but the survivor who is strong. 236
PART 4. COLUMN
Potatoes and Apartments 244
An actress's monthly rent 250
Apartment Price Estimation Method 254
EPILOGUE 258
Reference 264
Professor Koo Man-soo's YouTube and KakaoTalk Room Guide 267
PROLOGUE 10
PART 1.
Waves cannot swallow the sea
It's not the real estate industry's fault that prices are high. 23
Up and down and up again 27
PART 2.
The wind creates waves
Chapter 1.
Real estate policy
The House Poor Problem: 37 Things That Almost Led to Murder
Presidential Transition Committee White Paper 40
Park Geun-hye Administration's Real Estate Policy Changes 46
Furnace and Stove 53
If the government says it's gone, then it's gone 55
Speculative overheated zone and hot-spot 58
Real estate price surge: We will definitely stop it. 60
64 Changes in the Roh Moo-hyun Administration's Real Estate Policy
There's no business in getting beaten 68
Kim Dae-jung Administration's Real Estate Policy Changes 72
The candy seller cuts the candy as he pleases 76
A square peg in a square hole 78
Chapter 2.
Domestic and international economic situations
81 Reasons Why People Are Obsessed with Investing
Investing is an economic activity that prevents your money from disappearing. 84
Raw and synthetic shrimp 87
Value and price are completely different 90
Shin Saimdang and King Sejong are not about money 92
The reason people are poor is because they don't know the difference between money and paper. 95
It's not that house prices have risen, it's that the value of the currency has fallen. 102
My Cash Is Flying Away 107
The economy is struggling, but real estate prices are rising? 110
How much has paper money increased? 112
Currency Value and Real Estate Prices 115
Real estate prices fluctuate according to the money supply 120
You can tell real estate prices by the money supply 125
Chapter 3.
human psychology
Humans are selfish, but not rational. 127
The Two Faces of Man 129
Ostrich egg yolk, egg yolk, and quail egg yolk 131
If you don't know, it's better to stay quiet 134
Conditions for a Crash 140
Tulip Mania and the Lost Decade 143
Tokyo Apartment vs. Seoul Apartment 149
Black Swan 152
There is no eternal rise or eternal fall 155
Chapter 4.
supply and demand
Supply and Demand Play Separately 158
To determine whether there is an oversupply or a shortage, it is important to first understand demand. 162
Seoul Metropolitan City 168
Gyeonggi-do 170
172 Suwon-si, Gyeonggi-do
174 Yongin-si, Gyeonggi-do
176 Goyang-si, Gyeonggi-do
178 Hwaseong-si, Gyeonggi-do
180 Seongnam-si, Gyeonggi-do
Anyang-si, Gunpo-si, Uiwang-si, Gwangmyeong-si, Gyeonggi-do 182
184 Ansan-si, Siheung-si, Gyeonggi-do
186 Namyangju-si, Guri-si, Gyeonggi-do
Incheon Metropolitan City, Bucheon City, Gyeonggi Province, Gimpo City 188
Busan Metropolitan City 190
Daegu Metropolitan City, Gyeongsan City, Gyeongsangbuk-do 192
Daejeon Metropolitan City 194
Gwangju Metropolitan City 196
Ulsan Metropolitan City 198
Sejong Special Self-Governing City 200
Wonju-si, Gangwon-do 202
204, Cheongju-si, Chungcheongbuk-do
Cheonan-si, Asan-si, Chungcheongnam-do 206
208 Jeonju-si, Jeollabuk-do
210 Yeosu, Suncheon, and Gwangyang, Jeollanam-do
212 Pohang-si, Gyeongsangbuk-do
214 Gumi-si, Gyeongsangbuk-do
216 Changwon-si, Gyeongsangnam-do
Jeju Special Self-Governing Province 218
There is no land to build a house 220
PART 3.
rowing on the waves
Can the government beat the real estate market? 225
You should invest only after understanding the nature of money. 228
The real problem is doing anything 230
When the balance between supply and demand is disrupted, it's an opportunity. 233
It is not the strongest who survive, but the survivor who is strong. 236
PART 4. COLUMN
Potatoes and Apartments 244
An actress's monthly rent 250
Apartment Price Estimation Method 254
EPILOGUE 258
Reference 264
Professor Koo Man-soo's YouTube and KakaoTalk Room Guide 267
Detailed image
Into the book
The upward arrow over the past 65 years represents rising prices, population growth, economic growth, GDP growth, money supply growth, disposable income growth, and real estate prices.
What I want to argue in more detail is that over the past 65 years, as prices, population, economy, GDP, and money supply have risen, real estate prices have also continued to rise.
In particular, an increase in GDP means that the productivity of each and every citizen has increased.
--- p.25
Unlike currency, money cannot be printed at will by the government, and so its value is maintained.
Money retains its value and its purchasing power does not decline, while currency continually loses its value and purchasing power.
Throughout history, there have been tens of thousands of paper currencies, but not a single one maintained its value, and eventually all paper currencies became worthless.
Even as I read this book, the Korea Minting and Security Printing Corporation is continuing to print coins of Shin Saimdang and King Sejong.
Yet, many people do not understand the difference between currency and money.
--- p.94
Data 70 shows the number of apartments occupied and scheduled to be occupied by year in Seoul.
(Omitted) From 2021 to 2023, the quantity will still be insufficient, and although the quantity will recover in 2025, it will still fall far short of the demand of 69,009 units.
After 2026, the supply will plummet to the point where it virtually disappears.
The shortage of new apartments in Seoul is likely to lead to a housing shortage and rising sales prices, accelerating the phenomenon of "locking out" (where existing homeowners lock up their homes without selling them) where real demanders have nowhere to go.
This will likely lead to fewer properties for sale, fewer transactions, and higher housing prices.
--- p.168
It is difficult to act greedily and invest enthusiastically, following the inertia of taking government policies lightly.
When the government eases regulations and the real estate market is favorable, aggressive investment is acceptable. However, when the government strikes down the sword of regulation, it is necessary to be cautious and make conservative investments that take into account your financial capabilities.
The market is always right and beats the government, but sometimes the government wins.
That is, we must keep in mind that while the market will win in the long run, the government may win in the short run.
What I want to argue in more detail is that over the past 65 years, as prices, population, economy, GDP, and money supply have risen, real estate prices have also continued to rise.
In particular, an increase in GDP means that the productivity of each and every citizen has increased.
--- p.25
Unlike currency, money cannot be printed at will by the government, and so its value is maintained.
Money retains its value and its purchasing power does not decline, while currency continually loses its value and purchasing power.
Throughout history, there have been tens of thousands of paper currencies, but not a single one maintained its value, and eventually all paper currencies became worthless.
Even as I read this book, the Korea Minting and Security Printing Corporation is continuing to print coins of Shin Saimdang and King Sejong.
Yet, many people do not understand the difference between currency and money.
--- p.94
Data 70 shows the number of apartments occupied and scheduled to be occupied by year in Seoul.
(Omitted) From 2021 to 2023, the quantity will still be insufficient, and although the quantity will recover in 2025, it will still fall far short of the demand of 69,009 units.
After 2026, the supply will plummet to the point where it virtually disappears.
The shortage of new apartments in Seoul is likely to lead to a housing shortage and rising sales prices, accelerating the phenomenon of "locking out" (where existing homeowners lock up their homes without selling them) where real demanders have nowhere to go.
This will likely lead to fewer properties for sale, fewer transactions, and higher housing prices.
--- p.168
It is difficult to act greedily and invest enthusiastically, following the inertia of taking government policies lightly.
When the government eases regulations and the real estate market is favorable, aggressive investment is acceptable. However, when the government strikes down the sword of regulation, it is necessary to be cautious and make conservative investments that take into account your financial capabilities.
The market is always right and beats the government, but sometimes the government wins.
That is, we must keep in mind that while the market will win in the long run, the government may win in the short run.
--- p.227
Publisher's Review
In 3 hours
The real estate market trends are visible.
The real estate market has maintained an upward trend over the long term, repeating rises and adjustments.
However, this movement is not simply a price fluctuation; it is the result of a complex combination of factors, including policy changes, domestic and international economies, human psychology, and regional supply and demand, all combining over time.
Therefore, investment decisions should not be based on intuition or expectations, but rather on meticulous preparation, learning, experience, and practical experience to defend against inflation.
The author emphasizes that “investment is not about making money, but rather an active economic activity that prevents a decline in purchasing power, and that asset accumulation is a prerequisite for living a decent life, including retirement, children’s education, and economic freedom.”
This revised edition is largely divided into four parts.
Part 1 examines the basic flow of real estate prices, which repeats the cycle of rising, falling, and rising again, and the nature of price fluctuations.
Part 2 provides a three-dimensional analysis of the market through four analytical axes: real estate policy, domestic and international economic conditions, human psychology, and supply and demand.
Part 3 explains the relationship between government policy and the market, the nature of money, and strategies for seizing opportunities when the balance between supply and demand is disrupted.
Part 4 expands the investor's thinking with short but essential columns gleaned from practice and experience.
This book maintains the core message of the first edition, but updates policy and investment trends to reflect the current state of affairs.
Although governments and policies continue to change, the principles for responding to the real estate market remain unchanged.
From this perspective, this revised edition will serve as a guide for establishing your own investment standards and moving toward financial freedom even in uncertain markets.
The real estate market trends are visible.
The real estate market has maintained an upward trend over the long term, repeating rises and adjustments.
However, this movement is not simply a price fluctuation; it is the result of a complex combination of factors, including policy changes, domestic and international economies, human psychology, and regional supply and demand, all combining over time.
Therefore, investment decisions should not be based on intuition or expectations, but rather on meticulous preparation, learning, experience, and practical experience to defend against inflation.
The author emphasizes that “investment is not about making money, but rather an active economic activity that prevents a decline in purchasing power, and that asset accumulation is a prerequisite for living a decent life, including retirement, children’s education, and economic freedom.”
This revised edition is largely divided into four parts.
Part 1 examines the basic flow of real estate prices, which repeats the cycle of rising, falling, and rising again, and the nature of price fluctuations.
Part 2 provides a three-dimensional analysis of the market through four analytical axes: real estate policy, domestic and international economic conditions, human psychology, and supply and demand.
Part 3 explains the relationship between government policy and the market, the nature of money, and strategies for seizing opportunities when the balance between supply and demand is disrupted.
Part 4 expands the investor's thinking with short but essential columns gleaned from practice and experience.
This book maintains the core message of the first edition, but updates policy and investment trends to reflect the current state of affairs.
Although governments and policies continue to change, the principles for responding to the real estate market remain unchanged.
From this perspective, this revised edition will serve as a guide for establishing your own investment standards and moving toward financial freedom even in uncertain markets.
GOODS SPECIFICS
- Date of issue: November 3, 2025
- Page count, weight, size: 276 pages | 152*205*20mm
- ISBN13: 9791124026021
- ISBN10: 1124026029
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