Korea Real Estate Review 2021 KCI Impact Factor : 0.75

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pISSN : 2092-5395 / eISSN : 2733-8339

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2013, Vol.23, No.1

  • 1.

    Tenants’Opposing Power and the Right or Preference of Repayment in the Continuous Action

    민선찬 | 2013, 23(1) | pp.7~23 | number of Cited : 6
    According to the five clause of Article 3 in the housing lease protection law and the Article 8 in the Commercial Store Lease Protection Act, in case of auctioned rental houses and buildings, the right of lease of house or commercial store is lapsed but only the right of lease of house or commercial store having the opposing power and not full repayment is not lapsed. Precedents related to this admit coexistence of the opposing power and the right of preference of repayment and the Right of preference of repayment is lapsed when tenants having both exercise the right of preference of repayment at the first proceedings of official auction and don’t get full refund and only successful bidders can continue to exist the relationship of lease. But the purpose to reinforce the protection of the tenants’ right of deposit withdrawal is retrogressed because these precedents consider that the right of lease having opposing power and not full repayment of deposit exists until the balance is paid. Among the houses for auction in Seoul, Gyeonggy and Incheon, four out of ten tenants didn’t get full repayment of their deposit in 2012, Korea and this seems to constitute a serious social problem. These precedents are called for change of attitudes and considering to the character of social law and the purpose of legislation, the revision of the five clause of Article 3 in the housing lease protection law and the Article 8 in the Commercial Store Lease Protection Act is suggested so that the tenants having the opposing power and the right of preference of repayment can still exercise the right of preference of repayment at the second proceedings of official auction when they exercised the right of preference of repayment at the first proceedings of official auction but didn’t get full repayment of deposit. It is expected to protect tenants in poor social and economic position.
  • 2.

    A Study on Selection of Importance Factors for Improvement of Public-private Partnership PF Projects

    서민석 , Woo, Chul-Min , Shim, Gyo Eon and 1 other persons | 2013, 23(1) | pp.25~40 | number of Cited : 5
    The present study is concerned with an importance analysis for improvement of public- private partnership PF projects, notably based on quantitative assessment of improvement programs. Specifically, this study focused on problems of public-private partnership PF projects raised by previous studies. Next, with some hands-on staff experienced in the field of public-private partnership PF projects, FGI (Focus Group Interview) was conducted. Then, based on the results from the interview, question items were written for a survey. For quantitative analysis, AHP (Analytic Hierarchy Process) was used to analyze the importance of improvement programs. According to the findings here, CIs, FIs and SIs unequivocally sympathized with the necessity of improvement in regard of excessive land cost and risk sharing structure raised as the overarching issues of higher priorities. Other issues of lower priorities were mostly related to self-interests, indicating each respondent’s interest was reflected in the survey.
  • 3.

    A Study of Seoul Apartment Markets Response on Housing Policy

    Kim Moon Sung , Bae, Hyung | 2013, 23(1) | pp.41~65 | number of Cited : 15
    This study examined how the housing policies have effect on the apartment markets by dividing periods such as regulation and deregulation periods in Seoul. To do this, the housing policies were clearly organized since 2003, and regulatory index was defined. An empirical test is performed using monthly panel data from January 2003 to December 2011. During the data period, government’s policies on apartment trade has switched to the deregulation policies from regulation policies in August 2008. According to panel VAR analysis, apartment markets in Seoul reacted against housing policy during regulation period. But apartment markets responded housing policy and did not react the direction of policy during deregulation period. Panel Logit analysis shows generally similar results of panel VAR analysis. The paper finds that the housing policies were efficiency better deregulation policies than regulation policies.
  • 4.

    An Empirical Analysis on the Establishment of Real Estate Trade Closing Services and Alternative Brokerage Firm Systems

    유은길 | 2013, 23(1) | pp.67~96 | number of Cited : 1
    The main subjects of this study, which is based on positive institutionalism approach, are brokerage firm systems (independent contractor, franchise) and trade closing services (inspection, title insurance, escrow). This study analyzed the necessity of establishing theses systems and the priority of system establishment. This study is based on methods of survey targeting domestic brokers, customers and real estate experts, AHP(analytic hierachy process) interviews with domestic experts. This study tried to find a way to improve Korean brokerage market and system through these research methods. Survey results indicate that all of brokers’, customers’ and experts’ group agree that it is necessary to improve institutions because brokerage market has many problems and it is possible to improve it through institutional reform. And they supported the introduction necessity of closing service including inspection, title insurance and escrow. More than 70% of brokers and experts, and up to 60% of customers agreed to the rise of service fee which resulted from the introduction of closing service. Therefore, this survey shows that additional cost caused by the establishment of closing service can be accepted in Korean brokerage market. In connection with brokerage firm system, customers and experts appeared the positive cognition of comparatively high level about independent contractor and franchise, whereas brokers appeared the relatively negative cognition about those. The results of AHP interview method for the priority analysis of institution introduction indicated that the establishment of trade closing service ranked No. 1, followed by the building of brokerage firm system and the improvement of brokers’ professionalism. In relative importance analysis among 8 detailed brokerage institutions, escrow ranked first, followed by franchise, inspection, title insurance, independent contractor, broker education, broker qualification and broker’s license test. In conclusion, It is necessary to make a law related to the institution of trade closing service including inspection, title insurance and escrow. The construction of brokerage firm which operation system such as franchise with function for this very purpose and independent contractor works properly is also required. But, brokers’ relatively negative cognition about franchise and independent contractor is a problem which should be solved.
  • 5.

    The Householder’s Preference for Housing Type in Redevelopment and Reconstruction Area of Seoul

    Lee Jin kyung | 2013, 23(1) | pp.97~112 | number of Cited : 4
    To investigate whether the redevelopment and reconstruction projects are blocking accessibility of an affordable housing, this paper analyzed dwelling characteristics of households and effect factors with two house type selection models using multiple discriminant analysis. There are 4 findings. The first thing is that the present house type of households living in an redevelopment and reconstruction area is almost a non-apartment type consisted of dasyedae, dagagu, row house, detached house to 90%. The second thing is that owner-occupiers and renters have different pattern when they select their house types. A half of owners live in a detached house, but jeonse renters live similarly in apartment, dasyedae, and detached house by 20~30%. The third thing is that effect factors of house type selection are an owned house, a householder’s age, a household’s income, a dwelling environment satisfaction variable, and these variables differ in degree among 5 large life zones and between owner-occupiers and renters. The final thing is that the largest effect factor of owner-occupiers is a household’s asset variable, on the other hand, that of renters is an owned house variable. The results support that householders selected house types based on their dwelling characteristics before the redevelopment and reconstruction projects, but they can not select their house type after the projects, because the preset houses are demolished and only middle and large size apartments will replace all existing. Also, their accessibility to affordable housing based on their conditions may be blocked by the projects.
  • 6.

    Effects of High-voltage Overhead Transmission Lines on Land Value

    Seo, Kyung Kyu | 2013, 23(1) | pp.113~132 | number of Cited : 5
    The objective of this study is to analyze the effects of high-voltage overhead transmission lines(HVOTLs) on land value. The results of this research will be used; as a reference for appraisal of land in neighborhoods, to determine the coverage of indirect compensation. Even though there are conflicts related to the construction of HVOTLs, there is a lack of research concerning this matter. The results are as follows:1. When the voltage is high, decreasing value rates of the land neighboring HVOLTs are high. 2. The value was affected by distance from lines at the same voltage. 3.According to land use, decreasing value rate was different. Decreasing value rate of residential use was higher than farmland. 4. Other factors that influence decreasing value rate were area, zoning, pylon view, etc. This study shows that voltage, the distance from the lines, and land usages are factors for consideration when determining the coverage of indirect compensation.
  • 7.

    A Study on the Physical Properties and Classification of Housing Redevelopment Project and Housing Rebuilding Project

    권순형 , Baek SungJoon , 이종훈 | 2013, 23(1) | pp.133~150 | number of Cited : 1
    This study attempted to compare and test the contents of the renewal plan of the housing redevelopment district, the apartment housing rebuilding, and detached housing rebuilding district of Seoul designated as the renewal district since 2005. It was found that there had not been a significant difference in the physical condition between the housing redevelopment project and the detached housing rebuilding project in relation to the items related to the existing renewal infrastructure. And the detached housing rebuilding project is classified as a type of the housing rebuilding project but its physical properties had the condition different from those of the apartment housing rebuilding project. In conclusion, the current method of dividing the housing redevelopment project and the housing rebuilding project according to the conditions of the renewal infrastructure is not significant. Therefore it is necessary to apply the physical judgement criterion for judging the presence or absence of defects of the renewal infrastructure of the housing redevelopment project. And it is necessary to operate the detached housing rebuilding project in linkage with the housing redevelopment project.
  • 8.

    A Study on the Equilibrium Between Seoul Residential Property Market and the Capital Market

    Chun Haejung | 2013, 23(1) | pp.151~169 | number of Cited : 2
    The following study utilizes DiPasquale & Wheaton quadrant model to analyze the property ․capital market in Seoul. The study selects monthly apartment sales price, apartment Chonsei price, apartment rental price, interest rates in terms of corporate bond yields, economic growth indicators in terms of industrial production figures, and construction performance (residential) data from September, 2002 to February, 2012 as input variables to conduct an empirical analysis on the equilibrium between the property market and the capital market for the housing sector in Seoul. The results of impulse response analysis showed that apartment Chonsei price and rental price have positive impacts on the sales price, and sales price had a positive influence on the construction area. Industrial production figures have shown positive effects on rental prices and corporate bond yields have shown negative impact towards sales prices. When the results of the empirical analysis are summarized, the theoretical models and empirical results do coincide with each other to have an effect in the Seoul residential property․capital market. With the domestic residential property market functioning in the stages of increasing rental rates, leading to an increase in asset prices, resulting in an increased supply and eventually a decline in rental rates, it is important to implement not just a temporary measure but a comprehensive and systematic policy in order to stabilize the housing market.
  • 9.

    A Study on the Price Determinants of Officially Announced Land Price in 2012

    Seon-Jong Yoo , 김정은 | 2013, 23(1) | pp.171~196 | number of Cited : 10
    Introduced in 1989, announcement system of land price has played a central axis in the nation’s real estate market, been used as standard of most of real estate–related fields including real estate evaluation, taxation, administration and systems. Different researches on announcement system of land price including characterization research, system improvement, appraisal level(the ratio of appraised value over actual sales price) have been conducted and many of them attained remarkable results. Study on the determinants of officially announced land price however, is insufficient and thus there is a need to look into what factors of officially announced land price in its price determination have effected. For this research, analysis of price determinants in cases of 499,384 lots in the nation was conducted through most applied sales comparison approach. In this research, descriptive statistics quantity by national and city sizes, zoning, land use, land classifications and squares of land was analyzed, and how each price determinants has effected the officially announced land price also analyzed on hedonic pricing model. This study has purposes of analyzing price determination factors in process of evaluation of officially announced land price, and their impact on actual officially announced land price. What we expect more is that a model analysis which allows more explanation on impacts of factors and more precision of relationships of factors can be done.
  • 10.

    A Study of the Bank Branches Selection Attribute Analysis using Analytic Hierarchy Process

    김선철 , Byeongjun Rhim , Baek SungJoon | 2013, 23(1) | pp.197~221 | number of Cited : 12
    Store selection factors of bank customers using the AHP Study The purpose of this study, the importance of each factor between and prioritize the importance affecting the selection of existing bank branches, and what priority says new bank branches with the first store opening strategy, considering the characteristics of a rank according to the presence of the importance of choice of customers when opening bank branches used as basic materials for that purpose. Significant factors of the customer’s bank branches factors were divided into stores, store external and internal factors. Stores internal factors banker comfort, store marketing, employee relations, affinity, and separated by an internal bank accessibility stores, external factors, external convenience, bank profitability, image, efficiency. Assessment items in order to analyze the customer’s bank branches factors analysis was weighted by importance and complex priorities. The first one is the distance of the store. The second is the largest store. The third is a low-interest loan products, And the fourth is a high-yield savings products. The fifth is hysterical transportation. Sixth is store distribution. Seventh is floor convenience. Eighth is interior. Ninth is salary bank transfer. Tenth is the workplace business ties.
  • 11.

    A Economic Feasibility Analysis of Building Energy Efficiency Rating System

    김태윤 , Cho, Yongkyung , Sangyoub Lee | 2013, 23(1) | pp.223~243 | number of Cited : 3
    The building energy efficiency rating(BEER) system is established for saving the energy in 2001. However, stakeholder who is the demander and supplier of construction works for supplying new housing has not participated this Institution. Therefore it is necessary to analysis the economic feasibility of BEER system. This study aims to figure the stakeholder’s NPV and IRR in order to suggest how to increase their participation. The result shows that supplier(construction company) gets more feasible cash flow than demander(residents). Besides, supplier can take several incentives additionally from government. Considering the future market situations of housing, BEER system should be changed to increase the demander’s participation.