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2011, Vol.21, No.2

  • 1.

    Structural Changes in Real Estate Market of Aged Society with Low Birth Rate

    Joo Hyun Cho | 2011, 21(2) | pp.5~26 | number of Cited : 17
    Korea is rapidly changing into an aged society with low birth rate. Due to this trend, real estate market in Korea will go under structural change. The purpose of this paper is to analyze structural changes in Japanese real estate market which is a precedent aging market with low birth rate, and to draw some lessons for Korea. Through literature survey and analysis with empirical data, major changes in Japanese real estate market are found as follows: 1) Aging society results in expansion of inter-regional as well as intra-regional disparity. Especially, local cities and suburban areas suffer more than large cities and inner-city areas. 2) Suburban areas located farther than 30km from Tokyo Metropolis suffer from deep land price decrease. 3) Even with overall high housing supply ratio, small-sized new apartments with central locations are well absorbed in the market. 4) Special care for aging as well as young population is needed in order for new housing to be absorbed in the market. These findings may suggest some implications for Korean real estate market: 1) Demographic changes by itself may not result in an immediate dip in real estate prices 2) However, Korean government should be cautious in making further new towns including so-called “innovation cities,” far from the center of large cities. 3) Some immediate measure should be taken in order for senior citizens could adjust and liquidate their housing stock.
  • 2.

    Principles of Real Estate System in the Area of Transformation from the Aspect of Social Stability

    Hwang, Jeewook | 2011, 21(2) | pp.27~38 | number of Cited : 0
    The Unification of South and North Korea is a series of process of political, social and economic transformation, whatever the model of unification is. In this process social conflict and confusion related to ownership of real estate will be accompanied by juristical debates. Looking squarely on this kind of matter, the transformation, which can induce the social stabilization as effective as possible, is a touchstone for successful unification. Above all, in case that the original owners of the real estate begin to claim the recovery of property right, the conflict with the present users can be ignited into a serious social confrontation. This study tries to discuss principles of real estate management in the region of transformation based on the characteristics of land use. The key content of discussion is about restitution and compensation of real estate in order to mitigate the social confusion in the process of privatization and reconstruction. Conclusionally, this discussion will contribute in one hand the present users to mend their frustration and at least to secure their right of residence even after the transformation process, in the other hand the original owners of real estate to reasonably accept the recovery of property ownership based on forming the juristic consensus.
  • 3.

    A Law and Economic Analysis of Repurchase in Takings Issues

    Sungkyu Park | 2011, 21(2) | pp.39~68 | number of Cited : 1
    Repurchase is when part or all of land condemned for a public project is no longer needed due to cancellation or modification of the project and the land is purchased by the land owner or his/her legal heir to restore ownership. In 2005, the Constitutional Court ruled that the Land Compensation Act, Article 91, paragraph 4, that provides for development advantage portion of land price increase profits occurred in the repurchasing process to be allocated to the condemner is constitutional. However, when seen from the law and economics perspective that introduced repurchase rights in the first place to protect private property rights and to restrain over-condemnation opportunism on the part of the condemner, this Constitutional Court ruling must be reconsidered. Institutionally leaving all decision-making, including condemnation and project plan modification/cancellation, to the condemner and giving the condemner an opportunity to pursue profits from land-price increase means very high probability of morally hazardous doings by the condemner. An analysis of actual cases in which condemners filed suits for allocation of land-price increase profits showed that only 3.9 years is passed from land taking to repurchasing and that various opportunism possibilities exist. Under these circumstances, the policy must be reestablished to provide stronger protection for repurchasers in order to ensure more prudent decisions by land condemners in selecting land and to secure firm implementation of public projects.
  • 4.

    The Impact of Highway Construction on Land Price and Transaction Volume: A case of Central Inland Highway Extension between Yeoju and Gumi

    KIM, JIN-YOO | 2011, 21(2) | pp.69~88 | number of Cited : 5
    Understanding links from new highway construction to regional property market change is crucial for transportation planners and real estate policy makers. This paper aims to empirically examine the impact of the Central Inland Highway construction on land market in terms of land price and transaction volume. A series of multiple regression analyses are employed in order to estimate the effect of the highway on changes of land price and transaction for the last 10 years(1999~2009). The major findings are summarized as follows: 1) The Central Inland Highway has contributed to the increase of the land price for the regions with highway exit while it has not affect land transaction volume. 2) The price impact of the highway exit is differential by zoning control and the regions’ development level; the ‘Management area’ land leads price increase and the city area has experienced significant price increase in the short-term, whereas rural area has not. The results imply that highway construction in lagging area can be the overall positive trigger of regional development and it should be come with regional development plan in order to prevent short-term speculation.
  • 5.

    A Study on Compensation for Fisheries Damages relief Institutional Improvement program Caused HEBEI SPIRIT Oil Spills

    최장훈 | 2011, 21(2) | pp.89~123 | number of Cited : 1
    This study aims to analyze the salvage systems for the current oil pollution with oil spillage incident and suggest an improved method to find a fishery damage relief method from the reason for the lower reparation and compensation rates and the long time for the compensation and was investigated by comparing and contrasting domestic and international oil spillage incidents and their compensation cases to find why the rate of compensation is low, which was suggested in an effective damage relief solution. In this study, the reason for the current low rate of compensation for the fishers from the oil pollution in Korea, compared to the other countries, was analyzed to be the following. The damages from the oil pollutions were not scientifically proven. Therefore, the lack of objectivity in the fishery income data could not prove the damages rationally. In addition, in the future cases of damages from oil spills, the improved methods to quickly, reasonably and efficiently resolve the compensation issues are shown below. First, Standardization and systematization of fishery damage investigation. The fishery damage investigation is an important factor that can affect the livelihood and the life of the fishers. Therefore, a standard of the fishery damage investigation should be established systematically to ensure the objectivity of the damage assessment. Second, Application of the fishery loss evaluation related rules of the marine regulations within the oil pollution damage compensation guarantee law. Third, there are four methods to save the damages from the environment pollution: self- effort, public law, judicial and private method.
  • 6.

    A Study on Pricing index of Affordable Housing in Public Regeneration Projects

    황갑복 | Seon-Jong Yoo | 2011, 21(2) | pp.125~145 | number of Cited : 1
    Many public developers are facing lawsuits for the affordable houses since 2006. Thousands of emigrants appealed to the Supreme Court in 2007 in relation with the price of affordable housing against public sectors including Land & Housing Corporation and Seoul Housing Corporation. According to the Compulsory Purchase act, when public developers carry out the public generation projects, they must establish restoring policies over living conditions such as resettlement fund, low-cost residential land and affordable housing, besides compensation for the loss of housing properties. In addition, public developers must pay the cost of fundamental facilities such as road, electricity, gas, sewage and tap water for the low-cost residential land, but they don’t have to pay the cost of those facilities for affordable housing. On the other hand, most emigrants think that the pricing index of affordable housing should be comprised of non-profit margin; basic land cost, construction cost, building cost. This paper discusses how the compensation scheme has applied for affordable housing and focuses on calculating the cost of fundamental facilities. The paper also presents exploratory viewpoints on the housing price index through the case of the Eun-pyung Newtown apartment prices. Finally, this paper discusses how to deal with the development gains through the urban regeneration and suggests proper price model for affordable housing by three criteria; public land standard price, building cost and fundamental facilities cost based on housing price control scheme & the Compulsory Purchase act.
  • 7.

    A Real Estate Policy and Financial Countermeasure Analysis -Based on DTI Regulation-

    yim yoon-soo | 2011, 21(2) | pp.147~166 | number of Cited : 7
    This study considered how to influence and whether to uphold DTI deregulation has been discussed since August 29, 2010. So, the proportion of DTI deregulation is compared to foreign countries’ one and the effects of DTI deregulation is studied. And also, the negative effect of DTI deregulation is analyzed and the direction of DTI deregulation is proposed. As the results, current DTI deregulation is not a strict law and DTI deregulation is not made politically exploited related to 2012 general election because it has a strong influence on real estate market. And the emergence of House poor suffered a heavy loss by downturn in house price, household debt quickly increased by mortgage loan, aggravation of soundness of financial agencies loan business are sensitive to DTI deregulation. Therefore, the relaxation of DTI cannot be the countermeasure to solve this depression of real estate market and here the countermeasure is. Firstly, home mortgages are changed to long-term amortization of the principal and interest fundamentally following to DTI. Secondly, financial companies are allowed to manage regional DTI deregulation and it is applied to evaluate asset quality with BIS ratio. Thirdly, abolition or deregulation of the heavy tax on multiple homeowner and deregulation of restitution of development gain from Urban Regeneration Project can revitalize market and resolve lease crisis. On the other hand, DTI deregulation should be maintained.