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pISSN : 2092-5395 / eISSN : 2733-8339

2020 KCI Impact Factor : 0.85
Aims & Scope
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Real Estate Research Review is the top-notch academic journal in the field of real estate studies, contributing to the development of real estate studies and the government’s real estate policy development and establishment. Since 1991, Real Estate Research Review has been a leading academic journal in the real estate academia, which has inspired researchers in the real estate and appraisal fields for about 30 years, and has served as a forum for academic communication to provide and exchange high-quality information. Real Estate Research Review has published a total of 600 papers so far, covering almost all areas of real estate studies, such as real estate market analysis, appraisal, real estate finance, and real estate legal systems. In addition, the high citation index supports that it has been evaluated as a significant contribution to the development of real estate and appraisal fields by both academia and business circles. Real Estate Research Review is expected to continue to develop quantitatively and qualitatively, and we will do our best to serve as a major academic journal in the real estate field. 
Editor-in-Chief
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Kim, Kyung Hwan

(Sogang University)

Citation Index
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  • KCI IF(2yr) : 0.85
  • KCI IF(5yr) : 0.76
  • Centrality Index(3yr) : 1.106
  • Immediacy Index : 0.1053

Current Issue : 2021, Vol.31, No.2

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  • Spread Decision of Total Loan Cost in Real Estate Provident Fund - Focus on Nonbanking PF Loans -

    Seo, Moon Chan | Yun, Seo Jun | 2021, 31(2) | pp.7~17 | number of Cited : 0
    Abstract
    Banking sectors have reduced their participation in real estate provident fund (PF) loans in risk management, and thus, nonbanking financial institutions’ participation in PF loans has increased due to a reflective effect. Consequently, the proportion of profits dependent on PF loans from nonbank financial institutions is increasing. When PF loans are executed, borrowers incur fees and interest expenses in exchange for financing project expenses, whereas financial institutions generate profits in exchange for the risk burden. This study analyzes the impact of financial institutions on profit indicators through PF loans. It uses data of normal business sites newly loaned by nonbank financial institutions considering the recent increase in participation of nonbanking financial institutions in PF loans. Moreover, the business sites that have been executed and operated normally are analyzed. Results reveal the difference in examining the factors that provide profits to financial institutions rather than the risk aspect. Furthermore, this study examines the PF loan cases that affect the profits of nonbank financial institutions that are limited in the diversification of capital power and sales structure. It also examines the effect of accepting appropriate risks on the profit.
  • Analysis of the Filtering Effect Caused by the Supply of the S-grade Office Building – Focused on the Office Market in Central Business Districts(CBD) of Seoul –

    Eom, Hyun Po | Park Jung Bin | Chang Gyu Choi | 2021, 31(2) | pp.19~31 | number of Cited : 0
    Abstract
    This study analyzed whether there is a filtering effect in the Seoul office market. The face rent of office in the central business districts(CBD) of Seoul has been steadily raised after the early 2000s, although the vacancy rate in office rental market has been increased by the supply boom of S-grade office buildings. Such an external explanation has a limitation in that it does not reflect favors such as rent-free and fit-out that exist in the office market. Therefore, this study tried to examine the time-series change of the effect of the S-grade(the highest-paid rent) office building supply and the vacancy rate, face rent, and effective rent of each sub-markets depending on building grades. This research analyzes how the supply rate of S-grade office buildings influences the effective rent, face rent, and vacancy rate for each class in the office rental market. By using the data from 2007 to 2015 while the S-grade market has experienced a supply boom, the analysis revealed a causal relationship between the supply of S-grade office buildings and the effective rent of A-grade offices at the 10% significance level. In contrast, no causal or significant relationship to other sub-rental markets was observed. The empirical results showed that when an S-grade office building is supplied, the A-grade office owner is strategically attracting tenants to avoid increasing vacancy rate. Because the target area of this study is limited to the CBD of Seoul, a more detailed analysis of the filtering effect of the overall market by grade is needed through further studies.
  • The Effect of Elementary and Middle Schools’ Educational Environment on Housing Market

    Kim, Hyung Tae | Sangyoub Lee | 2021, 31(2) | pp.33~45 | number of Cited : 0
    Abstract
    This study analyzes the impact of the educational environment of elementary and middle schools on the house sale price and “jeonse”/monthly rent prices. We divided the Bundang area into the entire Bundang-gu, including Pangyo New Town, and the old district in Bundang. Moreover, we analyze the two subjects using hedonic price model. In terms of the educational environment, the apartment model on the old Budang-gu, except for Pangyo New Town, shows more significant results. Analysis results reveal that the value of existing apartments is reflected by (i) the price influence of Pangyo apartments' relatively short model year and (ii) Pangyo business district's close-to-work influence through physical and location variables “ Year” and “Distance from Pangyo Business District.” In addition, a comparative analysis of the elementary- and middle-school-related variables in this study confirms that transfer to the school district could depend on the household’s funding capacity and whether the demand for the school district is short term. The significance of this study is that it empirically confirms the impact of elementary- and middle-school-related variables, which are key to the demand for housing, on apartment prices between the sale price and the rent price.
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