Korea Real Estate Review 2021 KCI Impact Factor : 0.75

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pISSN : 2092-5395 / eISSN : 2733-8339

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2009, Vol.19, No.1

  • 1.

    Economic Impacts Analysis of the Real Estate Industry using Input-Output Analysis

    이승철 , 이승재 , 한종호 | 2009, 19(1) | pp.5~26 | number of Cited : 34
    Abstract
    The real estate industry in Korea plays an important role in the national economy. This paper attempts to apply input-output (I-O) analysis to role of the real estate industry in the national economy for the year 2005, with specific application to Korea. A static I-O framework is employed, focusing on three topics in its application. First, the impacts of the production or investment in real estate industry on the production, value-added, and employment of other sectors are explored by using demand-driven model. Second, the impacts of the supply shortage in real estate industry on other sectors are looked into by using supply-driven model. Third, the impacts of the rise in real estate industry's price on prices of other products are discussed by using Leontief price model. This paper pays particular attention to the real estate industry by taking this industry as exogenous and then investigating its economic impacts. In addition, inter-industry linkage analysis is performed to obtain information on the forward and backward linkage effects to other industries. It can be summarized that the real estate industry has 1.4467 production-inducing effect, 0.4781 supply shortage effect, 0.0224 effect of price change, 0.8111 forward linkage effect, and 0.8143 backward linkage effect.
  • 2.

    The Sources of Regional Real Estate Price Fluctuations

    Park, Heonsoo , 안지아 | 2009, 19(1) | pp.27~49 | number of Cited : 81
    Abstract
    The housing price fluctuations in Seoul could be affected by several factors which are identified as shocks in national interest rate and housing markets. Magnitudes or importance levels of those shocks could be specified in short- and long-terms through forecasting error decompositions and the orthogonal impulse reponse. Therefore in this study, search out the relation between housing purchase price and junse price in seoul by area and macro economy variable. Also, analyzed both of effect that can explain and effect that can not explain using impulse response analysis and variance decomposition analysis. The factors which affect the each housing price vary by interest or nearby area. The factors which affect the each housing price correlate each other, so need to establish a housing policy that predicts more exactly about factors.
  • 3.

    Real Estate Fund Return Behavior in Changing Markets

    김은주 , Koh Sung Soo | 2009, 19(1) | pp.51~73 | number of Cited : 10
    Abstract
    The Purpose of this study is to examine the real estate fund return behavior in changing markets. This study examines PF type and Buy-lease type real estate funds by comparing and analyzing their return behavior over the period January 2005-May 2009. This study also investigates the behavior of real estate funds returns in advancing and declining stock markets and in advancing and declining real estate markets separately. The results indicate that PF type and Buy-lease real estate funds returns have different behavior in changing markets due to the nature of their underlying assets. First, Buy-lease type real estate funds are superior to PF type real estate funds in reducing portfolio risk in declining stock markets than in advancing stock markets. Second, PF type real estate funds have higher diversification effect when the real estate market is declining than when it is advancing. As a result, real estate funds can be useful in reducing portfolio risk. It is noticeable that this study gives some useful implication to analyze the real estate funds return behavior in changing market through using real data for the first time in Korea.
  • 4.

    The Essay on the Legal Right of a Hot Spring and Appraisal Method

    Taehoon Kim , 문소연 | 2009, 19(1) | pp.75~93 | number of Cited : 2
    Abstract
    Theories and precedents tend to deny the object about right of hot spring; a regal right of hot spring in Korea. Therefore a private person and a corporation that have a hot spring hole are limited by 'Hot Spring Act', though economic value of hot spring is very considerable, we didn't admit the value unlike Japan according to denying a regal right of hot spring. In this paper, we examine legal study focused theories and precedents and aimed appraisal standard & method. We study definition and each right concept of hot spring, compare theories and precedents of hot spring right in Korea and Japan and study acknowledge whether a real right or not and study legal privity and counter requisite such as declared means and cession of hot spring right. Next, Appraisal standard in Korea and Japan present value of hot spring right as appraisal method - cost approach method, market approach method and income approach method - and determine economic value of hot spring.
  • 5.

    Issues & Improvements in the Acquisition & Use System of Land for Public Works in Korea

    Pil Park | 2009, 19(1) | pp.95~110 | number of Cited : 1
    Abstract
    Improvements in the acquisition & use system of land for public works in Korea are as follows. First, the enumeration of public works is required to control compulsory expropriation strictly. Second, the legal fiction of recognition to public works is minimized to urgent works. Third, local governments have to help public workers to go in land to prepare for public works. Fourth, landowners have to help public workers to confirm the mutual agreement about sales terms. Last, local land expropriation commissions have competence over local public works.
  • 6.

    A Study on Analysis of the Difficulties in Real Estate Appraisa l- the Case of Officially Assessed Reference Land Price-

    Lee Jae Woo , Kang, Won-Chul | 2009, 19(1) | pp.111~125 | number of Cited : 2
    Abstract
    This study finds the factors that determine the degrees of difficulties in real estate appraisal, and expresses the difference among the factors numerically. The type of those factors are more affected by the qualitative factors such as an environment or an experience than the quantitative factors. These results shows that the degrees of difficulties in real estate appraisal are different among them according to the characteristic of the locations, of the regions and of the investors.
  • 7.

    A Study on Other Factors of Value Determination Factors in Property Appraisal

    오영선 , Seon-Jong Yoo | 2009, 19(1) | pp.127~150 | number of Cited : 8
    Abstract
    The gap between the officially assessed land prices and appraisal values has rarely been close, and the gap is being corrected by practical other factors. The effects of other factors on the calculation of appraisal values are increasing but there are few analyses on the other factors. Based on the circumstances, the purpose of this study is to theoretically examine the other factors, select appraisal cases in some areas, analyze the effects of the other factors on calculation of appraisal values, and present object database on the other factors in appraisal of individual lands. For doing this, 677 of the appraisal cases of the Seoul Metropolis in 2008 out of the Land Information of the Korea Association of Property Appraisers (Kapa DB) were selected to be statistically analyzed. Regression analysis was performed between the other factors and appraisal values, and moderating effect analysis was performed to identify the effects of specific use areas, land categories, appraisal purposes, and districts on the relation between the other factors and appraisal values. The results of those analyses are as follows. According to the results of the regression analysis, appraisal values were affected by officially assessed referenced land price, the other factors, individual factors, and time adjustment, in order, and the other factors have the greatest influence among the value determination factors. Based on the results, the author in this study conducted moderating effect analysis to identify whether the effects of the other factors on appraisal values were different according to land characteristics and appraisal purposes. According to the results, green zone and residential zone out of specific use areas, forest and field out of land categories, auction appraisal, compensation appraisal, and mortgage appraisal out of appraisal purposes, and the northwest and the southeast out of districts were shown to have control on the effects on appraisal values. Despite the regional, temporal, substantial limitations of this study, there are some profitable suggestions as follows. In calculation of appraisal values, the other factors when compared to the others are proved to have greater influence on and have significant weight in appraisal values. Also, in the relation between the other factors and appraisal values, differentiated effects are positively shown according to land characteristics. Therefore, the results present that the use of the other factors should be careful according to specific use areas, land categories, and districts.
  • 8.

    A Study on the Land and Building Component Ratios in Separate Appraisal of Single-Family Housing

    Ju Yong Beom , Sung Won Lee | 2009, 19(1) | pp.151~172 | number of Cited : 3
    Abstract
    The land and building component ratios(LBCR’s) are defined as the ratios of land and building prices to the whole price of real estate in appraisal. These ratios eventually help to understand the dynamic relations between those prices of land and building in the same real estate. Thus far, existing studies on LBCR have focused only on residential and non-residential collective buildings leaving out the single-family housing. This is perhaps due to the lack of comparable price data on building and land components, separately for the same single-family housing. In this study, we attempt to provide a rational and objective LBCR’s for single-family housing with real appraisal data. By using statistical techniques, we calculate a new standard LBCR tables.