Korea Real Estate Review 2021 KCI Impact Factor : 0.75

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pISSN : 2092-5395 / eISSN : 2733-8339

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2007, Vol.17, No.1

  • 1.

    A Study on the Official Assessed Land Price System Considering the Permissible Bullk

    Chang Gyu Choi , Jooil LEE , Lee Jae Woo | 2007, 17(1) | pp.9~25 | number of Cited : 1
    Abstract
    Official assessed land price system in which the Korea Government has valued every land parcel has given a foundation for property, windfalls, and capital gain taxes. In order to increase rationality in valuation of many land parcels, not only has the government developed elaborate mechanism and data structure, but also many researchers have proposed more sophisticated valuation technique along with realistic factors. In spite of such efforts and studies, there is no discussion regarding permissible bulk and building envelope which has been considered a decisive factor affecting land value in urban design and planning field. This study tried to increase the understanding of permissible bulk and the necessity of the concept in official assessed land price system. With literature review, simulation, and a case study, this research can clearly show the complicated building regulation has been changed and affected the value of lands in downtown, although the official valuation system has not included the concept of permissible bulk, and insists that the Government should consider the permissible bulk as a factor for official assessed land price valuation.
  • 2.

    A Study on Floor Balue of Apartment in Seoul by Using Hedonic Price Model

    Su Yeon Jung , Kim, Tae Hoon | 2007, 17(1) | pp.27~48 | number of Cited : 13
    Abstract
    In recent years, people in Korea are willing to pay a premium price for condominium units located on upper floors. In the past, people preferred the middle floors rather than the top floor orthe ground floor. And people preferred the ground floor rather than the top floor. This earlier tendency was based on issues concerning security and radiant heat. But recently, people have become more conscious of environmentally related aspects such as exposure to sunlight and the view from the unit. Changes in perception have had a strong effect on appraisals. The focus of this study is to analyze condominium unit price in terms of floor location, based on the comparison of residents' floor level satisfaction with total satisfaction with the condominium. It is assumed that 'hedonic price function'is the basic model for condominium price, and least square analysis was applied as an estimation method. Basic information on 7734 condominium units in Seoul, Korea was collected from 150 real estate appraisers. Information included the units'physical characteristics and neighborhood characteristics. It was found that there was a significant difference in the pattern of floor-level price between high floor and low floor. An index coefficient of floor variables indicates the changing patterns of price by floor choice.
  • 3.

    A Study on Features and Price Determinants of Apartment in Changwon

    Cheon in ho | 2007, 17(1) | pp.49~70 | number of Cited : 14
    Abstract
    A Study on features and determinants of apartment price in Changwon The objective of this study is to estimate the effect on the price determination of Changwon city in Gyeong Sang Nam Do. Apartment price per pyung was used as the dependent variable in the hedonic model. Explanatory variables in the model were apartment size(pyung), floor number, door type, heating type, the number of households, brand, reconstruction, construction age and distance of primary school, middle school, high school. Environment attribute were density of SO2 and CO. This study results are as following, the plus sign variables are size, floor number, door type, the number of households, brand, reconstruction. the minus sign are construction age and distance of primary school, high school. The density of SO2 and CO were also included in the model to find their negative effects on the apartment price determination.
  • 4.

    korean Mortgage Backed Securities Market : Trend and Issues

    You, Seungdong | 2007, 17(1) | pp.71~85 | number of Cited : 3
    Abstract
    This article analyzes the current trend of Korean Mortgage Backed Securities (MBS) market and discusses issues and strategies for the development of the Secondary Mortgage Market (SMM). It suggests the strategy that the SMM is developed in harmony with the road map on the development of the long-term bond market. The article emphasizes the importance of infrastructures for the real estate finance market and the development of an unique business securitization model. For the purpose of attracting more investors in the MBS market, providing sound market information is essential and tax incentives for MBS investors can be considered. In order for encouraging diverse investors to participate in the market, critical is the market where junior tranches of securitized products that currently the originator buys out can be sold to the investor. Also the cross boarder transaction is an option. For the improvement of market liquidity of MBS, the introduction of the professional dealer system can be considered and Korea Securities Dealers Association had better be equipped with a MBS returns reporting system
  • 5.

    Perceptual Difference on Project Financing in the Housing Redevelopment Project : with Focus on the Co-Orientation Model

    Oh, Seok keon , Kim, gab-Youl , Bang, Kyung Sik | 2007, 17(1) | pp.87~113 | number of Cited : 5
    Abstract
    Project Financing can be used as a useful finance supply method in housing redevelopment project. But, in korea, there are many legal and institutional handicap in adopting Project Financing in housing redevelopment project. Thus the purpose of this study is to identify the perceptual difference among stakeholder on Project Financing in housing redevelopment project by using co-orientation model. Because identification of perceptual difference among stakeholder can be the first step for vitalizing Project Financing in housing redevelopment project. And co-orientation model can show the perceptual difference among stakeholder(housing redevelopment association, financial agency, redevelopment management company) in comparing stakeholder's own perception with another stakeholder's perception in adopting Project Financing for housing redevelopment project. To accomplish this purpose, survey method is used for gathering data. According to the research results, stakeholder(housing redevelopment association, financial agency, redevelopment management company) perceived another's perception exactly. So, if a legal and institutional improvement is prepared in the early stage of housing redevelopment project, financial agency can have a trust and need in project finance. And analysis result of stakeholder's perception about impediment factors show that government and finance agency have to prepare for vitalization plan like development of financial product and fund of urban maintenance to project financing in housing redevelopment project.
  • 6.

    A Legal Review on the Exclusion of Development Gains on the Land Compensation

    Hai Woong Yoo | 2007, 17(1) | pp.115~136 | number of Cited : 17
    Abstract
    The amount of indemnity shall be calculated based on the officially assessed land price which has been notified before the project recognition, by considering adjustment for condition of sale and for time. The time adjustment by the officially assessed land price can excludes development gains. The exclusion of development gains could differ according to basic date of appraising indemnity and the way of time adjustment. First, the basic date of appraisal is ruled as the fictitious project recognition date by each law concerning land development. The fictitious project recognition dates include the district designation date, the approval date of development plan and the approval date of execution plan according to each law concerning land development. Among these dates, using the district designation date as the fictitious project recognition date seems to exclude the most development gains. However, it is not necessarily because recognition date is related to the notification of land items rather than the exclusion of development gains. Next, time adjustment is performed in two ways, which are using the land fluctuation rate or the producer price inflation rate. Using the land fluctuation rate is calculated in two ways. One is using the land fluctuation rates of similar cities or towns, and the other is using the average land fluctuation rate. Between the two ways, the later is more suitable to exclude the betterment definitely. On the other hand, using the producer price inflation is the proper way to exclude development gains, but it is not suitable for just compensation. Development gains must be excluded from indemnity, but to achieve fairness between the landowners and prevent excessive compensation the introduction of the development gains recapture system should be considered.
  • 7.

    Compensation for a Loss and the Principle of Prohibition of Changing Disadvantage

    Kim, Sang Seol , Park,Chang-Soo | 2007, 17(1) | pp.137~154 | number of Cited : 1
    Abstract
    There has been long controversial whether 'the principle of prohibition of changing disadvantage'(PPCD), which mainly discussed in the code of legal procedure, could be applicable to administrative trials. Theory confrontation among scholars was very heavy because there were no rules on the applicability of PPCD in the old petition law, whereas rules on administrative trials clearly defined that the PPCD was applicable to administrative trials. The application of PPCD in the system of compensation for a loss, unlike in civil suit and criminal suit, beared particulatity and confusion in related laws. In this paper, what to keep in mind in applying PPCD to compensation for a loss were discussed. Especially, it was argued that the scope of application of the PPCD and the matters that kept in mind in applying the PPCD should be precisely understood at each step of compensation for a loss because, in the system of compensation for a loss , the protection of personal interests which was the intent of the PPCD collided with the principle of compensation at this point of time.
  • 8.

    Decision Model for Remodeling and Renovation Method of Decayed Multy-Family Housing

    Sanghee Choi | 2007, 17(1) | pp.155~182 | number of Cited : 5
    Abstract
    The residential regulations have been modified, as the policy purpose changed from the residential supply into the urban environmental improvement in respect of the existing management. The inflow into the city and the dynamic urban development resulted into the increase of the housing demand, and at the same time the shortage of the building land. Thus, the developmental method has been directed its attention to "RECONSTRUCTION," which had possibility in suffering the housing in the urban space. This paper starts to forecast what remodeling methods shall be decided to improve the housing environment based on current situation of the construction and regulations. For this, the author is to classify the factors for the remodeling decision into construction, economy and regulation, to introduce models for remodeling decision process centered on regulatory factors tuning the constructive and economic factors, thus to classify the remodeling methods of decayed multi-family housings, to forecast the development types per number of family, density increase and region, and to evaluate if this results in satisfying the public goal. In this paper, the business type is split into reconstruction, remodeling and renovation, assuming that the business is determined in comparison between the increased floor sizes. It is also assumed that the business type with more volume increase in housing has more possibility to be selected. The development other than construction extension and enlargement of the existing housing is specified into the renovation.
  • 9.

    A Study on Management of Provincial Parks Lying in Two or More Administrative Sectors

    Heo, Kang Moo | 2007, 17(1) | pp.183~199 | number of Cited : 3
    Abstract
    The Natural Park Act provides that the areas which may represent natural ecosystem or natural and cultural view and which may contribute to improvement of hygiene, leisure and emotional life of citizen by way of protecting natural and cultural view and natural ecosystem and by way of sustained use thereof shall be designated, preserved and managed as national park, provincial park, or county park. National parks are managed by the Ministry of Environment, county parks by municipality, county and district, and provincial parks by municipality or province or by municipality, county or district which is authorized to do so. National parks and county parks do not have any managerial problem, as management thereof has been unified by one management entity. While, provincial parks are not systematically managed, because 8 of the 23 provincial parks nationwide are lying in two or more administrative sectors. Thus, this thesis is focusing on study of managerial problems of the provincial parks lying in two or more administrative sectors and on reform measures for such problem. Chapter 2 details basic structure of provincial parks. This chapter is composed of current status and history of the provincial park system, designation process and management method of provincial parks, etc. Chapter 3 digs out managerial problems of the provincial parks lying in two or more administrative sectors, and Chapter 4 extracts course of reform measure. Chapter 5 synthetically refines the course of reform measure studied in Chapter 4, and then presents the researcher's assertion.
  • 10.

    Korean Real Estate : Argument for Globalization

    Thomas B. Harker | 2007, 17(1) | pp.201~216 | number of Cited : 0
    Abstract
    Real estate is becoming part of the global economy. In major world markets, real estate has been transforming itself into an information industry based on international standards from one that had been private and local. This transformation has been driven by the desire of large financial institutions to invest in real estate as an asset class. Real estate is unquestionably evolving in the direction of providing asset managers with quantifiable data similar to what is available for other asset classes, such as stocks and bonds. A global industry requires information based on standards for comparability and consistency. For many reasons, Korea has lagged behind in the adoption of international standards and development of an information based real estate industry. This paper makes an argument that Korea should modernize its real estate industry based on international standards. Not only would it allow Korea to compete for international real estate capital, but it would assist in the development of domestic capital markets and the country's asset management industry. International real estate standards cover a broad range of disciplines, but this paper will focus on REIS and GIPS, real estate standards developed in the US and internationally for the asset management industry. Background will also be presented on the development of Modern Portfolio Theory and its impact on the global transformation of the real estate industry. Since Korea has its own unique financial infrastructure, it must develop a Korean way to modernize its real estate industry. The government has a role to play along with real estate practitioners and academia.