Korea Real Estate Review 2021 KCI Impact Factor : 0.75

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pISSN : 2092-5395 / eISSN : 2733-8339

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2014, Vol.24, No.1

  • 1.

    An Empirical Study on the Estimation of Housing Sales Price using Spatiotemporal Autoregressive Model

    Chun Haejung , Park, Heonsoo | 2014, 24(1) | pp.7~14 | number of Cited : 10
    Abstract
    This study, as the temporal and spatial data for the real price apartment in Seoul from January 2006 to June 2013, empirically compared and analyzed the estimation result of apartment price using OLS by hedonic price model for the problem of space-time correlation, temporal autoregressive model (TAR) considering temporal effect, spatial autoregressive model (SAR) spatial effect and spatiotemporal autoregressive model (STAR) spatiotemporal effect. As a result, the adjusted R-square of STAR model was increased by 10% compared that of OLS model while the root mean squares error (RMSE) was decreased by 18%. Considering temporal and spatial effect, it is observed that the estimation of apartment price is more correct than the existing model. As the result of analyzing STAR model, the apartment price is affected as follows; area for apartment(-), years of apartment(-), dummy of low-rise(-), individual heating (-), city gas(-), dummy of reconstruction(+), stairs(+), size of complex(+). The results of other analysis method were the same. When estimating the price of real estate using STAR model, the government officials can improve policy efficiency and make reasonable investment based on the objective information by grasping trend of real estate market accurately.
  • 2.

    A Study on the Dynamic Correlations between Korean Housing Markets

    Shin Jong Hyup , Daigyo Seo | 2014, 24(1) | pp.15~26 | number of Cited : 3
    Abstract
    Using multivariate GARCH model, we estimate the relationship between the housing sale prices and lease prices in the Korean housing market. In the analysis of relationship between the rate of changes in sale and lease prices, the correlation coefficient of the apartment and detached house is higher than that of the townhouse. By housing type, the correlation coefficient between detached house and townhouse is higher than between apartment and detached house or apartment and townhouse. By housing size, there are no significant different results between the sales price and the rental price. The correlation coefficient between medium and small size is the highest in the apartment housing market, whereas the correlation coefficient between large and medium size is the highest in the detached housing market, resulting from the fact that people may be more interested in medium- and small-sized apartment and large- and medium-sized detached house. In the detached housing market, the correlation coefficient between large-medium size and medium-small size in the rental price is higher than that of sales price. This result implies that the process of the decision making between purchasing and leasing a house might be different.
  • 3.

    An Analysis of Housing Demand in Shrinking Cities

    Mihwa Lim , Chang-Moo Lee | 2014, 24(1) | pp.27~37 | number of Cited : 2
    Abstract PDF
    Recently increasing the supply of housing policy has not been able to reflect social phenomena as like decreasing birth rate, aging of the population and increasing 1 or 2 person households. This study analyze the housing demand in the city with the point of population growth rate and economic character changes. Growing cities have positive population growth rate and economic character, but shrinking cities have the opposite. By comparing housing demand of growing cities and shrinking cities, we want to find out housing policy implications. In this study, results suggest that the peak age of housing demand of shrinking cities is the late 60’s. But the growing cities’s age peak is the mid-80’s. But further analysis of the economic variables and 1 or 2 person old and young household dummies, the result is that the peak age of housing demand is reduced. These results suggest that housing demand should be differentiated the cities's population structure and economic characteristics of the household. In short, housing demand will vary depending on the condition of individual cities.
  • 4.

    A Study on the Global Co-movement & Spillover Effect of Housing Price

    장영길 | 2014, 24(1) | pp.39~52 | number of Cited : 1
    Abstract
    This study examines the degree of global co-movement & spillover effect among the housing price of ten major countries of OECD including Korea, based on the 3 hypothesis. The data used in this study is quarterly house price index of OECD countries from 1975 to 2012. VAR model is used to analyze the co-movement, and Granger causality methodology is used for the analysis of Spillover Effect. It is found that entire period of study is that the global house prices showed the co-movement, but the coefficient was weak. Since 2008 global financial crisis, the co-movement increased significantly and the adjusted R-square of this model increased 78% compared to the entire period (1975-2012). In general, all hypotheses in this study were significant, and the common shock hypothesis were most significant. In case of Korea, the degree of co-movement was weak compared to the other countries and spillover effect was independent since 2008.
  • 5.

    A Study on the Style Factors of Office Investment -An Analysis using Appraisal-based Returns-

    Seonghun Min , Lee, Youngho | 2014, 24(1) | pp.53~62 | number of Cited : 1
    Abstract PDF
    A test on the significance of style factors which were revealed to be significant in U.S. and U.K. literature is conducted in this study using appraisal-based returns of offices in Korea. Region, size (appraisal value), value-growth propensity (yield gain gap) and leasing conditions (the number of tenants, the length of average leased period and the proportion of key tenant) are included in the analysis model as style factors. The empirical result suggests that firstly core region and large size are significant but they increase risk as well as return contrary to general belief, secondly value propensity significantly decreases risk as well as return as it does in U.S. and U.K., finally the number of tenants among leasing conditions decreases risk as well as return but the length of average leased period and the proportion of key tenant are not significant.
  • 6.

    Research into the Effect of Jeju Olle Tails on Nearby Land Prices using Feasirable Generalized Least Squares

    이동원 , Su Yeon Jung | 2014, 24(1) | pp.63~76 | number of Cited : 15
    Abstract
    This study utilizes FGLS (Feasible Generalized Least Squares) to determine the impact of Jeju Olle trekking courses on nearby land prices. Official 2010 land price data for 7 areas surrounding different Jeju Olle Trails was examined with a GIS program to determine the exact distance of land parcels from nearby trekking courses. Distance and various other pricing factors were used as explanatory variables for increases in land prices. The dependent variable was the rate of change in land prices from 2002 to 2010. Unlike existing studies which have examined the effect of highways, subways and other transportation facilities on land prices, this paper examines the effect of Korea's first-ever trekking courses on nearby land prices. This study concludes that 7 different Olle Trails exert a significant influence on nearby land prices and that land prices decrease by 0.03% per meter as plots get further and further from Olle Trails. This result shows that not only transport infrastructure (highways, subways, etc.) but also non-traffic infrastructure such as Jeju Olle Trails and trekking courses can have positive effects on local real estate markets.
  • 7.

    Land Law Meaning of the Land Development Permission System

    Lee, Sun Young , Kim, Sang-Jin | 2014, 24(1) | pp.77~90 | number of Cited : 3
    Abstract
    With the purpose of preventing improper development on the national land, the land development permission system which is performed from 2002 has meaning as a type of limiting the property right, but modification on the details of traditionally understood land ownership is inevitable. Also, releasing the development prohibit on the land not only stop in recovering the freedom for land development, but also can be interpretated as a cause of forming the land development right, therefore the purpose of this study is to develop this into a real right. When we look at the development activity permission as a form of limiting the property right, constitutional problems of basis for that limit and compensation demand can occur. However, that limit can be recovered or relieved through permitting the development activity, therefore the compensation problem can be solved. Due to the development activity permission system, the land development right was separated from the land ownership to be communalized, and now, the land ownership only has condition use right left and don't have the future condition change right in principle, therefore modifying the traditional concept of land ownership is inevitable. By the virtue of the land ownership authority, the land development permission system must have the property to separate the development right as the independent right to be authorized of its legitimacy. Without these properties, the land development permission system cannot satisfy the social necessity of the land development right and its discussion under the category of the land ownership limit theory can't be deviated. In the existing 「Civil Law」 or in the Land Regulation Law system, there are many difficulties and limits in generalizing the land development right as a real right. Therefore, it is considered that by establishing a social law idea of Framework Act on the Land to characterize the land right theory in the real right theory, the land development permission system or the development right theory should be studied and developed independently and systematically.
  • 8.

    A Study on the Time-sharing Condominium use Behavior by Demographic Characterristics

    김종원 , 반승주 , Kim, JaeTae | 2014, 24(1) | pp.91~104 | number of Cited : 1
    Abstract
    This paper studied condo selection attributes that affected satisfaction, recommendation and revisitation, in particular, investigated gender and age differences. Research target is the group who revisited time-sharing condominium within one year. The paper seeks to understand factors that affect and contribute to customer satisfaction and intentions for reuse. This study model was analyzed by the basic statistical analysis, factor analysis, reliability analysis and multiple analysis, using SPSS 18.0 and AMOS 18.0. We found that 5 condo selection attributes that have significant affect on user satisfaction: facility, service, product, accessibility and expense. Furthermore it was evident that user satisfaction has a significant effect on condo recommendation and intentions of reuse. With regard to sex, for male users expense, accessibility and service had a significant effect on their satisfaction level, while for female users, product was most important. User satisfaction both have a significant effect on recommendation and intentions of reuse but for females this was more evident. Regarding the age, for 20~30 age band, service and product factor had a significant effect on user satisfaction in order, whereas, for the age band of over 40s, expense, product and facility factors were important. User satisfaction of both have a significant effect on recommendation and intentions of reuse. In the meantime user satisfaction of 20~30 age band had a bigger positive significant effect on recommendation and intentions of reuse than the age band over 40s.
  • 9.

    The Global Financial Crisis and Its Impacts on the Housing Systems of Western European Welfare States

    LEE Hyunjeong , Lee Jong Kwon | 2014, 24(1) | pp.105~120 | number of Cited : 2
    Abstract PDF
    This research is to examine the impacts of the on-going global financial crisis on the housing systems of welfare states. Four developed economies in the Western Europe were selected for the analysis, and the qualitative research employed in-depth interviews with scholars in the fields of housing market and social policy in order to meet the research goal. The major findings indicate that the global economic crisis embedded into the liberalization of housing finance and the inadequacy of regulatory measures caused the vicissitude of housing markets, and its scale and magnitude could be determined by the resilience of each state’s housing system. While the globalization of housing finance markets rendered easy borrowing for homeownership, intensive competition for excessive lending among financial institutions backed by heavy reliance on inter-bank and overall bank triggered market volatility, and further worsened household and public debts. It’s clearly evident that a housing system with varied safety nets becomes a greater cushion to bear the risks of the financial crisis and to weather the economic storm.