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2012, Vol.22, No.2

  • 1.

    A Study on the Application of the Standard Housing of Residential and Commercial of Guide System of the Housing Price -A Case Study of Jungnanggu, Seoul-

    Kim, Young-Ja | 조덕근 | 2012, 22(2) | pp.7~27 | number of Cited : 0
    Abstract
    The individual housing price and the individual land price are reliable the guide system of price to be related property rights of the people. But, they are included the shortcomings that are difficult to calculate the reasonable price and to reflect the market price in the market. It is due to the problems to calculate the proper price and to select the standard housing in the posted system. Among the problems, this study focuses on the problems not to select proper standard housing and the cause to compare the difference the individual land price and the individual housing price which is included land price and building price, in the residential and commercial regions. In this study, it is proposed and applied the improved method to calculate the individual housing price based on the market price in the residential and commercial regions of Jungnanggu in Seoul. Also, the proposed method is verified through the comparison and the analysis of the difference improved ratio of reflection of the individual housing price and the existing ratio of reflection. The improved method represents the advanced result than the existing ratio of reflection and it will be based on reliable the guide system of price in the future.
  • 2.

    An Analysis on Appropriateness of Individual House Price based on Sales Price

    김종수 | 2012, 22(2) | pp.29~56 | number of Cited : 27
    Abstract
    Land and building are considered as one when the price for an individual house is put and such price assessment is made to draw out a posted price coinciding with a sales price aiming at strengthening of house holding tax and at improving the equity of taxation, and such system is implemented for providing the information of house prices and as a standard of assessment for various taxation. However, the activation of the system of reporting actual transaction price, and the service for providing real estate information have transparentized the real estate prices which have been opaque, and such circumstance is causing controversies that assessment ratio of posted prices of individual house is low, or over an appropriateness of individual house prices. The purpose of this study is to analyze the appropriateness of individual houses prices within a region or between regions through assessment ratio, and to increase such appropriateness of individual houses prices. Some individual houses in Nam-gu, Dong-gu, Suseong-gu of Daegu si for which actual transaction took place were made as subject for an analysis, which showed a vertical inequity between individual house prices and individual house prices. and in multiple standards for the assessment ratio by use district, building structure, individual house price standard, the age of the house, the houses which are higher in price than individual house price in standard price for the official land price (the officially individual land price × land area), multiple regression and the assessment ratio based on prices available for transaction, individual houses prices turned out to have problem in appropriateness both between regions and within a region. Hereupon, this researcher presented the methods to improve such appropriateness for individual houses prices. First, full provision of the information of sales prices, Second, monitoring based on assessment ratio. Third, the suggestion of posted prices of individual houses prices possible for transaction. The findings from this study is practically contributive to the appropriateness of individual houses prices and standard house price, and usable as a basic data for making policy related in the system of house price public notice.
  • 3.

    A Study on Impacts of Land Use Change on Land Price Change in Northern Seoul

    Chang-Deok Kang | 2012, 22(2) | pp.57~81 | number of Cited : 8
    Abstract
    Urban and real estate economics suggest that land use considerably determines the level of the price. However, we have less understanding on the impacts of land use change on land price over urban areas. This study aims to analyze how land use change creates spatial variation of land price change in Northern Seoul between 2001 and 2007 with Ordinary Least Square and Spatial Econometrics. The model outputs reveal that converting from single-family housing to condominium, commercial, and mixed-use, from mixed-use to commercial, and from commercial to mixed-use tend to increase the land price in developed land models. Meanwhile, land use change from residential raw-land to condominium and from commercial raw-land to commercial and office use enhance the level of land price in raw-land models. This study provides the insightful alternative for appraisal and land valuation through modeling impacts of land use change on land price.
  • 4.

    The Lock-in Effect of Capital Gains Tax Exemption on Sales of Houses

    정홍일 | Hyun-Seok Lee | 2012, 22(2) | pp.83~101 | number of Cited : 9
    Abstract
    This paper investigates the lock-in effect of the capital gains tax exemption on sales of houses for one house per household, using the collected trading volume of housing market in Seoul. Home sales are subject to capital gains tax exemption when the home owners possess their houses for three years, leading to lock-in effect in housing market. Also, this study provides the insight of the co-movement that arises from the macro economic effect on trading volume and prices. We hypothesize that there is no co-movement for the period of three years since the effects of the tax exemption on the economy. Empirical results support our hypothesis. The results show that there is positive correlation between trading volume and price volatility using ARCH model. We conclude that the lock-in effect of the capital gains tax exemption on sales of houses for one house per household causes lower volatility in housing market.
  • 5.

    An Analysis on the Dynamic Correlation between Liquidity and Housing Price -Focused on Pre and Post Global Financial Crisis-

    Chun Haejung | Park, Heonsoo | 2012, 22(2) | pp.103~121 | number of Cited : 6
    Abstract
    This study divided the period into pre and post global financial crisis in 2008 to examine the dynamic correlation between liquidity and hosing price after examining the theoretical correlation. After confirming that there exists cointegration between the variables, vector error correction model was used to verify the granger casuality and perform impulse response analysis and variance decomposition analysis. As a result, total amount of money in circulation (M2) has more influential in pre crisis than in post crisis. And the mortgage was more influential in both periods than total amount of money in circulation. The impact on the trading price was incessantly strong, showing significant in pre-crisis than post- crisis. Thus, Abundant liquidity in global financial crisis that was influenced. In addition, it is observed that the psychological factors of expectation of increase in housing price due to financial crisis were decreased and LTV and DTI are useful tools for the policy to stabilize the housing price.
  • 6.

    A Study on Security Deposit Characteristics of Retail in the Framework of Asymmetric Information

    Lee Young Ho | Sung-soo Koh | 2012, 22(2) | pp.123~147 | number of Cited : 19
    Abstract
    The retail rental market is different with the housing rental market in the lease agreement. The lease agreement in the retail rental market has an increasing share of the structure of monthly rent with security deposit. The security deposit of retail is inferred to be effected by the different rental mechanism as well as the leverage effect. Benjamin, Lusht, and Shilling(1998) suggests that the high-security deposit reduces the problem of the adverse selection in the framework of asymmetric Information. This study analyzes security deposit characteristics of retail in the framework of asymmetric Information. This study tests that the security deposit of retail is used for hedging the risk on the non- payment of monthly rent. We collect the retail rental data(2,662) and analyze the monthly rent determinants of retail. Emprical analysis find that lessors impose 18.8% monthly rent premium to lessees. Consequently the rare of return on the security deposit involves the risk premium on the non-payment of monthly rent.
  • 7.

    Business Cycle and Secotr Rotation Strategies in Korean Regional Housing Market

    Chang-Rae Park | Sohn, Chul | 2012, 22(2) | pp.149~170 | number of Cited : 4
    Abstract
    Business cycle can be divided into two phases – expansion and recession. Business cycle can be further divided into five stages – early expansion[stage I], middle expansion[stage II], late expansion[stage III], early recession[stage IV], and late recession[stage V]. In this paper, we investigated the housing price returns of selected regional housing markets in Koreas across the five business cycle stages. First, we reviewed whether the house price returns differed across the five business cycle stage. Second, we analyzed the risk and return relationship based on single factor model across the business stages. Third, we analyzed the differences of risk adjusted performance measures (excess market return and Jensen’s alpha) across the business cycle stages. To conduct the analyses, we used the Korea Kukmin Bank’s housing purchase price composite indices for the calculating housing price returns and the KOSIS(Korean statistical information service) business phase table for defining the business cycle stages from January 1986 to December 2011. The major results from this study can be summarized as follows. First, there existed differences in returns of the regional housing markets across the different business cycle stages. Second, there are stable risk-return relationships in Korea regional housing markets. Third, the risk adjusted performance measured by market adjusted return and Jensen’s alpha differed across the business cycle stages. In sum, these results show that the housing returns in regions of Korea differed across the different business cycle stages. This implies that it’s possible to use the sector rotation strategy for real estate investment in Korea.
  • 8.

    A Comparison of Price Determinant between Residential and Commercial Properties

    박성균 | Hyun-Seok Lee | 2012, 22(2) | pp.171~191 | number of Cited : 13
    Abstract
    This study aims at comparing with residential and commercial property markets from an analysis considering the effect of dynamic macroeconomic variables by using the data about sales price and chonsei price of apartments and office rents in Seoul. Before the analysis of the effect of dynamic macroeconomic variables on the two property markets, the correlation between the two markets is analyzed by Granger causality test and Geweke causality test. There is no causality between them unlike Hong Kong. Granger causality test is performed in order to find influencing factors on the two property markets. While macroeconomic variables, such as production or income index, currency or financial index and industrial activity index, have an influence on residential property market, economic activity index and business activity index have an influence on commercial property market. There is a difference in influencing factors on each real estate market between the two markets.
  • 9.

    A Study on the Location Decision of Korean Medical Clinic -Focusing on Busan and Kyungnam Medical Clinic-

    Seungwoo Shin | You, Seungdong | Park, Dong-geun. | 2012, 22(2) | pp.193~208 | number of Cited : 3
    Abstract
    This study investigates location decision of Korean medical clinics operators, the decision of which can be influenced by the two competing factors: market factor vs. production factor. By using an Analytic Hierarchy Process method, this study empirically suggest that Korean medicine clinics consider market factors more seriously than production factors; accessibility to a clinic and a clinic’s surrounding market competition environments are the most important factors with respect to the location decisions. We conjecture that these results come from insignificance of differentiation in the quality of medical services provided by Korean medical clinic doctors.
  • 10.

    A Study on the Prediction of Civil Construction Cost on Apartment Housing Projects in the Public Lands

    이진규 | Ha, Kyu Soo | 2012, 22(2) | pp.209~231 | number of Cited : 0
    Abstract
    Apartment housing projects is the most important issue the early stage to predict the cost of the construction due to the accuracy. Therefore, in this study, apartment housing projects at a reasonable and predictable civil construction cost, apartment housing projects so that you can influence civil construction cost and the cost of the material factors, 83 are gathered and entered into the regression analysis. The cost of the construction was to build predictive models using the regression formula. In addition to the cost of the dependent variable, civil construction cost, private and public order, depending on the person who placed order separated by the enhanced accuracy of forecasting model by analysis. As a result, civil construction cost of apartment housing projects by the regression formula for the error rate estimates in national land predictive model 17.06%, private order predictive model 16.78%, public order predictive model 15.21%. Also, civil construction cost of the forecasting model in the early stages of this apartment housing project cost of the construction is useful in civil engineering work and were able to see that. You can use the results of this study of civil construction cost of apartment housing projects more efficient because you can predict in civil construction cost of apartment housing projects, which will be able to help a lot of predictions as fodder.
  • 11.

    A Study on the Policy Alternatives for the National Industrial Complex in Korea

    박영철 | 2012, 22(2) | pp.233~262 | number of Cited : 2
    Abstract
    Korean government established its foundation of industrial growth by constructing more than 900 industrial complexes across the country, beginning with Ulsan industrial center in 1962. Industrial parks, especially national industrial complexes, contributed to the growth of economy. However, it is noteworthy that paradigm shift of development of national industrial complexes is required due to the introduction of knowledge-based economy. With respect to accomplishments and issues of national industrial complexes, first, national industrial estates made great contribution to national economy growth. Considering the growing needs for promoting new industries such as knowledge-based industry, industrial complexes should maintain its main role, and furthermore development of new national industrial parks is required. Second, existing national industrial complexes declined in importance. A great breakthrough in strengthening competitiveness of existing national industrial complexes is required. Third, national industrial complexes are growing less and less, which means establishing a policy to facilitate development of small and medium-sized enterprises of knowledge-based industries. Last, the role of national industrial complexes should be maintained in order to fulfill the growing demand on industrial location for knowledge-based industries, in other words, a support for national industrial complexes is required. Policy alternatives for the national industrial complexes are as follows: first, the maintenance of industrial parks system, second, revision of conceptual model of national industrial complexes, third, assigning the roles of a strategic position for key national industries, fourth, rational development of new national industrial complexes, fifth, support expansion of development of industrial complexes, sixth, regeneration of old industrial complexes, and last, environment-friendly management and development of national industrial complexes.