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2014, Vol.24, No.2

  • 1.

    A Study on the Contaminated Land Valuation in Korea

    권현진 | 2014, 24(2) | pp.7~22 | number of Cited : 2
    Recently, there has been a growing interest in the valuation of contaminated properties and discussion of the promotion for soil environment assessments in real estate transactions. However, there has been little research about adaptation of contaminated land valuation in Korea. The purpose of this study is to review contaminated land valuation approaches and standards in other countries to be applied in Korea. As a result, this study proposes that preconditions need to be met in order for us to set up the requirements of contaminated land valuation. First, it will be required to develop standard calculation of clean-up costs. Second, this study makes a proposition that real estate appraisers need to cooperate with environmental pollution experts. Finally it will be required to improve the legal system related to soil environment assessment and real estate valuation.
  • 2.

    A Study on the Impact of the Demographic Changes to Housing Prices: Focusing on Seoul and Six Metropolitan Cities in Korea

    Park, Heonsoo | 김민정 | 2014, 24(2) | pp.23~32 | number of Cited : 11
    We analysed the impact of demographic changes, such as the sharp increase of aged population and the sooner retirement of baby boomers to housing market, by using panel data of Seoul and six metropolitan cities in Korea from 2003 to 2012. We used several variables related demographic, socio-economic, and housing supply changes we found that some of the demographic and socioeconomic variables are statistically significant effects on the housing price changes, but all of the housing supply variables are not statistically significant. One important result is that the 1% increase of old dependency rate is associated with a decline of 0.12% in house prices. Anticipating the consequences of an aging baby boom generation should prepare planners to manage the supply of new construction to meet future housing needs and help the ageing baby boomers to stay in the cities.
  • 3.

    Wealth Effects of Home-owning Baby-boomers on Consumer Spending

    LEE Hyunjeong | 윤정득 | 2014, 24(2) | pp.33~46 | number of Cited : 13
    Abstract PDF
    As Korean baby boomers started to retire, the age cohort’s retirement is expected to have extensive impacts on both housing and wealth markets. With transforming socioeconomic fabric and changing asset allocation, this research is to assess wealth effects of home-owning baby-boomers on consumer spending. Using the Korean Labor and Income Panel Study, this study identifies 970 households nationwide and seeks to their housing wealth effects on non-durable consumption by age, housing structure type, and debt ratio. The results show that the baby-boomers have high aggregate wealth with high amount of debt, and their consumption elasticity is affected by aggregate wealth value, financial asset, housing property, non-residential property, net wealth and capital gains. Housing wealth effects on the consumption are as equal as those of financial assets, but are twice as high as those of non-residential property. Also, it’s found that the baby-boomers tend to reduce the debt ratio and to raise liquidity in order to afford an adequate standard of living since personal consumption expenditure rises, retirement declines income and alternative income sources are insufficient. The research implies that personal consumption of baby-boomers can’t be simply met by home equity extraction and realized capital gains on housing, so that housing wealth effects won’t produce much impacts on long-run consumption, particularly in times of economic slowdown.
  • 4.

    A Study on the Estimation of Project Cost by the Redevelopment and Reconstruction Project

    이진규 | 2014, 24(2) | pp.47~58 | number of Cited : 3
    At the initial stage of a construction project, estimated project cost is very important as it significantly influences the owner's decision making. Accurate cost estimating, in the initial stage of the redevelopment and reconstruction project, serves as a critical factor because initial decision making effects the final cost of the project. However in the cases of the redevelopment and reconstruction project, excluding a few of the public owners, there is a problem in properly estimating project cost due to the lack of project cost estimating system. Therefore, in this study, the redevelopment and reconstruction project at a reasonable and estimated project cost, the redevelopment and reconstruction project so that you can influence project cost and the cost of the material factors, 50 are gathered and entered into the regression analysis. The cost of the project was to build predictive models using the regression formula. The model developed in this study can estimate project cost, present the range of project cost, and judge the appropriateness of the estimated cost. The results can be used as an objective basis in the initial stage, therefore can be effectively used by the customer for budget related decisions.
  • 5.

    A Study on Each Type of Issues for Urban Renewal Appraisal and Systematic Improvements : Focused on the Issues Related to the Feasibility

    정주희 | Taehoon Kim | 2014, 24(2) | pp.59~73 | number of Cited : 1
    This study aims at drawing each type of issues for urban renewal appraisal focusing those related to the feasibility of urban renewal project, and suggesting the measures to enhance systems related to urban renewal appraisal. The main results are as follows:First, appraisal of pre-renewal (pre-redevelopment) property requires re-establishment of valuation date. Second, appraisal of post-renewal (post-redevelopment) property in housing redevelopment project requires consideration of appraisal methods other than cost approach method. Third, purchasing of state-owned/public lands call for clear and precise regulations regarding appraisal methods, greater range of lands for gratuitous transference, and simultaneous application of gratuitous transference of state-owned lands and floor area ratio incentive. Fourth, changes must be made concerning the agreement of the range for the cash settlement eligibility, the agreement of the standards to calculate the amount of cash settlement and clarifying the deduction limit of the business expenses for the cash settlement eligibility.
  • 6.

    A Study of the Impacts of Pedestrian Environments on Land Price in Seoul, Korea

    Chang-Deok Kang | 이현주 | 2014, 24(2) | pp.75~86 | number of Cited : 1
    This study aims to isolate the impacts of pedestrian environments on land price in Seoul. After setting the variables indicating pedestrian environments, this study attempts to analyse the effects of diverse environments on land price in 2010. The models confirm that higher land use density tends to increase the land price while the proportion of office development has a positive association with land price. The proportion of industrial development, however, is negatively associated with the price. Among walkability indices, shopping floor area index and connectivity density index generated higher premium in land price while household density index has the opposite effects. Also, the greater accessibility to open space tends to enhance the land price including residential, non-residential, and mixed land use. Among the three variables on street configuration from Space Syntax measurements, local integration and connectivity are positively associated with land price while control has negative relationship with the land price. From the outputs of this study, urban planners, designers, and real estate developers will obtain the insight on how to build pedestrian environments for more sustainable city and successful real estate development.
  • 7.

    A Study on the Spatial Structure of Row-House and Multi-Family House and Its Policy Implications in Seoul

    JANG, MYUNG JUN | Chang-Deok Kang | 2014, 24(2) | pp.75~86 | number of Cited : 6
    The Row Houses and Multi-Family Houses play important roles in housing structure because of their inexpensive price and the second largest number of housing units in Seoul. This study aims to provide policy implications for a strategic housing plan by analyzing Row Houses and Multi-Family houses. The result from spatiotemporal analysis shows that the stock of row-houses and multi-family houses were first concentrated in inner city area in 1970s, then the concentration pattern has been spreading out toward urban outskirt until 2007. The result depicts three policy implications. First, the regeneration of the aged inner-city row house and multi-family house stocks should be utilized for an urban restructuring. Because of inexpensive cost of these housing stock, it may provide a large opportunity to expand housing welfare for the urban low and middle classes. Second, the result provides a policy frame for target- oriented programs. Especially, these houses can be well suited for a program which is targeted at housing for college students, transit-oriented development, urban regeneration and etc. Lastly, this study suggests that using the result amalgamated with local data be beneficial to create typologies for substantially customized programs for each case.
  • 8.

    A Study on Determinants of Golf-Course Construction Period

    Sungkyu Park | Sung Won Lee | 2014, 24(2) | pp.97~111 | number of Cited : 2
    The purpose of this paper is to provide the direction of the efficient construction through the empirical analysis concerning socioeconomic factors, influencing on the Golf-Course construction period. First, examining the brief outline of the Golf-Course construction related-laws, this paper looks at the things that construction regulation has been dramatically released in the mid 2000s due to the market factors (i.e., increase of golf population) and the policy factors (i.e., growth of the regional economy). In the trend of deregulation, the paper sets hypothesis that developers with low expertise and small business groups caused the major problems in business such as ‘not yet start’ and ‘delay of project’ that is occurred after the financial crisis in 2009. In order to verify it, we set the several experimental variables on the Golf-Course construction period (i.e., provisional seizure or attachment and use of eminent domain). These variables were statistically significant. This result implies that an effort to ensure the efficient Golf-Course construction is needed.
  • 9.

    Estimation of Long-Term Golf Membership Price Indices

    Yoo, Daejong | Sang Kyeong Lee | 2014, 24(2) | pp.113~123 | number of Cited : 1
    Golf membership price indices have been serviced by small private exchanges in Korea but they have problems for showing price changes in long-term periods. To overcome these problems, we establish database from standard market prices of the National Tax Service and local governments and estimate golf membership price indices from 1983 to 2013 by applying two repeat sale models. One is the Baily index which uses a normal repeat sales model and the other is a membership-weighted index which uses a modified model that is weighted by the number of members of a golf club. We find the membership-weighted index is more precise than the Baily index by using standard errors and the signal-to-noise ratio (S/N). However, the difference of two indices is relatively small and thus the Baily index which is simpler than the membership-weighted index has a merit in business. We find business cycle and three peaks in golf membership market by analyzing price indices; the first peak was in the next year of the 1988 Seoul Olympic Games, the second was just before the foreign exchange crisis of 1997 and the last peak was just before the global financial crisis of 2008. Golf membership price index had a tendency to follow the Korea composite stock price index (KOSPI) before the crisis of 2008. However, it does not follow the KOPSPI after the crisis. The KOSPI recovered fully, while it does not recover and shows downward trend.
  • 10.

    A Dynamic Relationship Between Internet Search Activity, Housing Price, and Trading Volume

    김대원 | Jung-Suk Yu | 2014, 24(2) | pp.125~140 | number of Cited : 18
    Abstract PDF
    In the housing market, the internet searching activity trail means collective thinking and represents purchase intent. Therefore, if we can capture the meaningful relationship between the internet searching activity, the housing price, and the housing trading volume, it would mean we can predict the future using the internet searching activity data as a index for the housing market. In this context, we conducted the empirical research to examine the dynamic relationship between the internet searching activity and the housing price and trading volume. Using the “NAVER Trend" data as a proxy for the internet searching activity, the apartment sale price index as a proxy for the housing price, and the apartment trading volume index as a proxy for the housing trading volume, we set up the panel data of 23 autonomous districts in Seoul form Jan. 2007 to Feb. 2014. In results from the Arellano-Bond dynamic panel model, we found that the internet searching activity had an positive(+) effect on the housing price and trading volume with some time lags. From the results of IRFs and FEVDs derived from the panel VAR model analysis, we also found that the internet searching activity had the strongest effect on housing market at the first order lag and influences much more on the housing price rather than the trading volume. In addition, panel Granger causality test results showed that the internet searching activity and the housing price, the housing price and trading volume had mutual cyclic causalities each other.