Korea Real Estate Review 2021 KCI Impact Factor : 0.75

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pISSN : 2092-5395 / eISSN : 2733-8339

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2005, Vol.15, No.1

  • 1.

    Analysis of Correlation between Price of Commercial Estate and Differential Rates of Each Floor's Rental Price;Mainly on 5 low commercial clusters in Seoul

    박용수 | 2005, 15(1) | pp.9~24 | number of Cited : 5
    Abstract
    correlation analysis, scatter diagram This proceeding is intended to prove the correlation between price of commercial estate and differential rates of each floor's rental price: When land price rises differential rates of rental price occur between first floor and second and third floor of building. Analysis method was based on sample of "Investigation of rent and estimation of rate of return on investment" conducted by Korea Association of Property Appraisers. Simple method was used to compare the average of differential rates of each floor's rental price by selecting the samples, forming the samples and distributing the sample by the price. Next time, Pearson correlation analysis method was used. As a result, research hypothesis was proven for the first time in Korea.
  • 2.

    A Study on the Relocation Act in America

    Hwanyong Choi | 2005, 15(1) | pp.25~44 | number of Cited : 7
    Abstract
    This study are focused on examining compensation criterion for a rehabilitation of living loss and a countermeasure to move a settlement in America, aiming to give comparative suggestions to compensation criterions between Korea and America. When land is expropriated for the public works in America, Uniform Relocation Assistance and Real Property Acquisition Act of 1970 works for compensation criterion. It includes regulations of a countermeasure to move a settlement and a rehabilitation of living loss which is regards as not just compensation in Constitution but administrative measure. The countermeasure to move a settlement is divided in personal and business. Personal countermeasure be liable for moving costs of movable estate, extra cost of purchasing housing, and alternative housing. Business countermeasure includes compensation for actual and fixed amount of business loss. In addition, there are services for support expropriated persons to move a settlement. When Korean compensation criterion is compared with American, it seems like to guarantee faithfully personal property. But It is recommendable that American compensation criterion include considering personal distinctiveness, paying actual expense in moving movable property, supplying affordable housing, and operating counselling agent system for rehabilitation of living loss.
  • 3.

    A Study on Predictability Model of REIT Yield

    최차순 | 2005, 15(1) | pp.45~67 | number of Cited : 5
    Abstract
    This study has constructed a new REITs yield prediction model by using the VAR model, and has verified how important the market basis value has become by analyzing the impulse responses and variance decompositions. The suggestions that are made from this study are as follows: 1. The study has first provided a useful analysis model for REITs yield prediction in Korea. 2. It could be confirmed that Korean REITs yields are more influenced by short-term interest rate such as call interest than by mid- or long-term interest rate in accordance with a report of research of USA; thus, it is confirmed that volatility of short-term interest and industry product indicators are useful in terms of investment strategy. 3. In the consumer inflation, the hedge effect of REITs is not accepted. 4. In the beginning step, it is expected that REITs dividend and bought real estate prices are very high, and these result tells that REITs are stable assets.
  • 4.

  • 5.

    The Estimation of Appropriate Sample Size for Officially Announced Housing Price

    Seung Chul Yang , Sung Won Lee | 2005, 15(1) | pp.99~115 | number of Cited : 2
    Abstract
    This article empirically estimated the sample size of single family house in Korea for Officially Announced Housing Price. This size came from consideration of standard deviations, building structures and years of sample houses of 2005 Officially Announced Housing Price. The appropriate sample size is 206,117 houses in 95% confidence interval, 3% maximum error of the estimate.
  • 6.

    A Study on the Betterment Recapture System in UK

    Seungjong Kim , 정희남 | 2005, 15(1) | pp.117~137 | number of Cited : 6
    Abstract
    Recouping betterment from land is important for the community to prevent real estate speculation and also to pursue social justice by redistributing equity and wealth which are created by the community as a whole. England has adopted a series of betterment recapture system to recoup “betterment” from development activities since World War Ⅱ, including Development Charges in 1945, Betterment Levy in 1967, and Development Land Tax in 1976. Three strands may be discerned in the history of the betterment recapture system in UK : land tax gathering for public revenue purposes, development value recapture for the benefit of the community, and the recoupment of infrastructure costs. Of these three strands, capital gains tax and planning obligations for infrastructure are currently in place. The development planning and control provisions of UK’s Planning and Compulsory Purchase Act(2004) may provide some implications to the development industry, planning authorities and the community. These changes will provide options for developers to choose either a fixed tariff or the existing method of negotiating planning obligations. This paper studies the experience and changes of the betterment recapture system of UK, and their current situation on planning legislation for the recoupment. It suggests policy directions for the improvement of Korean betterment recapture systems.
  • 7.

    A Legal Review on the Publicness Securement of Company City

    성소미 | 2005, 15(1) | pp.139~165 | number of Cited : 1
    Abstract
    Company city is the city that company lead directly development plan and process related to urban construction. It is the self-sufficient complex function city equipped house, education, culture and industrial facilities as well. So, the construction of company city will be able to expect some effects such as the active investment for construction, the creature of job opportunity and the well-balanced development. 「Special Act on development of Company city」 was enacted at the national assembly in 9th December 2004, This Act contains a sort of support systems like that: the endowment of land expropriation to company, the distribution of development benefit redemption and the mitigation of total financing restriction sum, etc. The construction of company city is at present in controversy with publicness Securement. That is, company demand reliable systematic apparatus to assure a huge amount of capital investment. On the other-hand, non-government organizations, however, insist that it is just to render a preference to great financial conglomerates. The success of company city basically belongs to make a profit creation. Nonetheless, systematic control tools must be prepared to ensure the publicness in developing company city. Because land expropriation only ought to be permitted in the case of the public need under the constitutional law. Accordingly, the construction of company city must be common profit. Based on this concept, lawgivers should consider the means and methods that Company city contributes to the national economy and balanced development of region. And then, 「Special Act on development of Company city」 should be expected not to be a temporary law for inducing only company investment but to complement the regulations so as to be self-sufficient city and sustain the company competition continuously.
  • 8.

    A Study on the Unconstitutionality of the Present Regulation System for Land Transaction

    송현담 | 2005, 15(1) | pp.167~187 | number of Cited : 2
    Abstract
    The present regulation system for land transaction seriously impose on the disposal function which is an essential authority of the land property right. It may be infringe on one's right to choose a occupation or move one's residence. However, the present system could be helpful under the circumstances of rising trend of land property and speculation on immovables caused by the urban redevelopment which involves rebuilding of apartments, and a plan for development of a mixed city of administration the center. There are social pending questions that should be settled for stabilization. Nevertheless, it is important to remember that there was an opinion of an objection when they decided the current system as a constitutional at the constitutional court of Korea. There is a possession of unconstitutionality when it is carefully considered under a principle of the public necessity, a proportion, indivisibility, and a reasonable compensation. Also, it does not meet with a criterion of a appointed permit zone, a justness of a method and a right administration process. Therefore, the related law should be reformed and supplemented in order to correct the wrong points of the constitutional. The constitutional decision related to immovables has a great impact on economy and society under the current constitutional justice system of after the fact, concrete normative regulation. It becomes a delicate matter which has a large extending effect. Therefore, before the fact, protection normative regulation is needed to be introduced on the confines of important matters such as security for right of property.