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2005, Vol.15, No.2

  • 1.

    A Study on Land Price Stabilization by Land Price System

    이선영 | 2005, 15(2) | pp.9~30 | number of Cited : 2
    Abstract
    There are some enforcing systems, to prevent real estate speculation and stabilize land prices, such as a permit of the land trade, taxation on the actual trade prices, and a seal on the bill of the real estate sale. But those systems are indirect actions against unreasonable land prices and haven't been yet efficient in stabilizing the prices. It may be more effective against unreasonable trade prices to manage skillfully 3 major systems of land prices; the report of actual trade prices, the publicly announced prices, and the appraised prices. These are direct and long term plans for stabilizing land prices. We, to achieve the purpose, have to understand concepts of the 3 major systems of land prices exactly, establish settled interrelation between actual, publicly announced, and appraised prices, and get trust from the people.
  • 2.

    A Study on the Methods of Remedy for Damages caused by Noise and Vibration

    Taehoon Kim | 2005, 15(2) | pp.31~49 | number of Cited : 2
    Abstract
    It often takes place that environmental dispute about the damages caused by noise and vibration has relation to residence circumstances, the one of environmental infringement types, as increasing desire to live in comfortable life surroundings according to high quality and level of people's living standard. This study is designed to establish the law foundation to valuate the amount of the damages caused by noise and vibration as seeing through the method of right remedies in the damages caused by noise and vibration. There are public law remedies, civil remedies, and such more remedies in the right remedies about environmental infringement such as the damages caused by noise and vibration.
  • 3.

    Building Size Classification and Market Characteristics in Seoul Office Market

    Lee Jae Woo | 2005, 15(2) | pp.51~65 | number of Cited : 13
    Abstract
    Building size has been considered as a critical factor in office market segmentation. However, most previous studies focused on the regional characteristics and there have been little studies in this area. This study analyzes Seoul office market characteristics by building size classification. The results of the empirical analysis show that there are differences in regional supply trends and stocks between the two market classified by office building size. Especially, there are differences in the investment circumstance, such as rent level, rate of returns(income, capital). In addition, ownership and management types are 책related to the building size. These findings support the office classification and the necessity of market research by building size in the office market analysis.
  • 4.

    A Study on the Vertical Equity of Land Tax Base

    Sungkyu Park | 2005, 15(2) | pp.67~87 | number of Cited : 25
    Abstract
    This study is purposed to empirically elucidate that laying land tax doesn't keep the principle of fair taxation. We introduce various methodology to verify such that examining the notions of equity in real property tax and specially the existing definition of vertical equity. There are the dual systems of laying property tax of real property, an assessment for tax-base and the imposition of taxes. So we are concentrated on the problem of vertical equity in the land assessment. According to the empirical analysis of using Seoul's officially announced land price data, We could find out regressive inequity in the land assessment. This study could show that we should try to have equity in the land assessment in spite of this study's limitation.
  • 5.

    A Study on Measuring Methods for the Value of Sunlight Right

    Su Yeon Jung | Taehoon Kim | 2005, 15(2) | pp.89~102 | number of Cited : 3
    Abstract
    This study is designed to measure a sunlight's value on an apartment. We focused in introduced to methods of estimate sunlight's value of apartments. Also We want to show procedures to estimate of sunlight's value of apartments. For the purposes, We analyze example of sunlights's value of apartments. A Hedonic Price Model is applied to estimate these values by using an apartment's prices in Incheon. We select some comparable apartments which are located in the neighborhood in Incheon under constant condition. The results appear to be quite significant in terms of statistical reliability and their implications. The factor of a sunlight's has t-value high enough for being significant at less than 1% level. We find that sunlight's value is 0.448% of total apartment's value. This study with these results provides the foundation for the price rates that sunlight's value on an apartment generates. We also simultaneously offer the process and appraisal paper of appraising sunlight's value through appendix.
  • 6.

    A Study on the Assessment of Compensation Concerning Land Illegally Altered in Form and Nature

    임호정 | 2005, 15(2) | pp.103~125 | number of Cited : 0
    Abstract
    As the land illegally altered in form and nature shall be assessed in consideration of the situation of its utilization, in accordance with Land Expropriation and Compensation Act, the relevant expenses incurred from its alteration, and profit derided from its development could be excluded from the said compensation. However, since the above policy has been reflected in the Administrative Regulation of the Government, It has often argued that this regulation could inevitably restrict proper protection of the right of land. As mentioned above, in case the land altered in form and nature is to be assessed in accordance with an Administrative Regulation, and the Administrative Regulation has not been regulated as a Presidential Decree, the Regulation may possibly restrict the proper right of land. Furthermore, the land illegally altered in form and nature before January 17,1995 is to be assessed, not on present situation of land, but on previous situation of the land. This policy may be feared to invite another argument that its implementation will contradict with non-retroactive principle of law. We declines to state that such policy would be a reasonable one. In view of these, I would like to present following two suggestions to readjust the policy in due course to meet the necessity of justifiable compensation of land. Firstly, the means and process of the proper compensation on the land altered in form and nature should be described not in the Administrative Regulation of the Ministry of Construction and Transportation, but in the respective Presidential Decree. Trough this measures to be taken, the pending argued problem to infringe the proper land right by the Administrative Regulation can easily be resolved. Secondly, the land altered in form and nature before January 17,1995 should be regarded as legitimate, enabling to uphold the protection of the property rights.
  • 7.

    The Critical Study about Compensation for the Stabilization of Livelihood

    Jitae-Ryu | 2005, 15(2) | pp.127~152 | number of Cited : 16
    Abstract
    Die Entschädigung für die Lebensgrundlage ist seit langem als moderne Form der Entschädigung anerkannt. Neben der tradierten Entschädigungsform ist sie als wichtige Erscheinung der Verwaltungsrechtslehre ohne näheren Analyse in unseren Entschädigungssystem eingeführt. Theoretisch gesehen ist diese Entschädigungsform durch gleiches Anspruchsverfahren mit der tradierten Entschädigungsform zu praktizieren. Aber die rechtliche Streitfrage dieser Entschädigungsform wird anders als tradierten im Enteignungsaussschuss nicht erledigt. Verfassungsgericht sieht diese Entschädigungsform nicht als normale Entschädigungsform in Art.23 Abs.3 der koreanischen Verfassung. Es stellt sich die Frage, ob diese sog. neue Entschädigungsform als neue Entschädigungsform weiter anzuerkennen ist. Dieser Aufsatz beschäftigt sich mit dieser Frage.
  • 8.

    A Study on Validity of the Provisional Registration as a Substantial Law

    yim yoon-soo | 2005, 15(2) | pp.153~165 | number of Cited : 0
    Abstract
    The current Civil Law enacted and proclaimed as Code No. 471 on February 22, 1958 has been put in operation from January 1, 1960. After this Civil Law enforced, although there hasbeen 12 amendment cases for 45 years, excluding the partial amendments of the legal rights of house lease (Art. 303) and divisional surface rights (Clause 2, Art. 289) in 1984, it can be said that the Law of Property has not been revised at all. To deal with the pressure of amendments the ministry of Justice organized the Special Subcommittee for amendment of the Civil Law. This Subcommittee announced a tentative plan which even fit for "the first actual legislation of the Civil Law covering 766 articles such as General Provision, Real Rights, Obligation Section and so forth only excluding the Family Section" on November 16. 2001 From then on the Ministry of Justice noticed the legislation after passing through several public hearings about the tentative amendment of the Civil Law This amendment established basic rules approving legal force of the Provisional Registration as a Substantial Law that shows disposition of the object after registration is regarded as not valid when it is in the limit that violates the rights maintained by the Provisional Registration. In the following after studying examples of legislation of the Provisional Registration, we will give careful consideration about maintaining rights of claim and relative invalidity which have discrepancy in opinions.
  • 9.

    An Analysis of Dejcision Making Tools for Appraising Corporate Real Estate Portfolios

    Seokhwan Choi | 2005, 15(2) | pp.167~193 | number of Cited : 0
    Abstract
    Large corporations that have complex real estate portfolios face many challenges including fluctuations, uncertainty, and financial risks. Corporate real estate (CRE) managers must then make decisions about reducing the costs of property holdings and eliminating redundant real estate, but they lack systematic tools to analyze and compare corporate properties. As a result, many companies spend excessive time assessing properties and thus make poor decisions about which properties to keep and which to eliminate or improve. The purpose of this research was to examine the existing assessment models; to make a comprehensive analysis of existing organizational and real estate assessment tools that will enable CRE managers to make quick, accurate real estate decisions in the early stages of portfolio assessment. This research focused on identifying factors, criteria, and weighing systems as well as primary foci like benefits, limitations, and impact. The analysis is followed by an analytical framework with four key objectives: financial, physical, locational, and organizational aspects that were developed to rate five organization and real estate assessment tools. These objectives were used to assess the specific tools considered in this thesis. It was found that the tools are more focused on physical issues or two out of four key issues; also, the level of complexity of the factors and criteria varied. Only two assessment models-BQA and REN-have a weighting system. Depending on organization's needs, geographical variations, national policies, or codes & standards, this system might be applied in a variety of ways.
  • 10.

    Knowledge Based Real Estate Industry ; Pricing Indices and Industry Standards

    Thomas B. Harker | 2005, 15(2) | pp.195~209 | number of Cited : 0
    Abstract
    Over the last couple of decades, global real estate markets, North America, Europe, Australia and New Zealand, have transformed real estate from a speculative to a knowledge based market. To a large extent, this has been accomplished through the creation of price indices and establishment of minimum industry standards. The principal benefit of this transformation has been greater access to capital markets for real estate development projects resulting in access to a larger pool of capital, greater liquidity, and lower borrowing cost. Also, this transformation has allowed real estate to provide institutional investors with new capital market products that differ from their traditional investments, stocks and bonds, in both risk and return characteristics. Despite this rapid evolution in global real estate, Korea lags behind in developing a knowledge based real estate industry; it has been slow to develop transactional data and uniform industry standards. Not only has this put Korea at a disadvantage in attracting international capital for real estate projects but has held back a more rapid development of its own capital markets. While it has many obstacles to creating price indices and standards, Korea has an opportunity not only to replicate current international practices but to exceed them; a desirable strategy since global practices are constantly changing and evolving. This paper concludes that in Korea, which does not have a large pension funds or real estate investment associations, effective price indices can only be achieved through a cooperative effort of government, private industry and academia, with each performing a function best suited to its capabilities.