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2015, Vol.25, No.3

  • 1.

    An Analysis of Cycle Variation of Housing Price Index andthe Effect of Macroeconomic Variables

    Kim Moon Sung | Bae, Hyung | 2015, 25(3) | pp.7~25 | number of Cited : 16
    Abstract
    This study examined the characteristics of the cycle variation of the national housing price index since 1986 and analyzed the effects of macroeconomic variables on housing price index cycle variation for the period after 1990. Firstly, analyzed trend and cycle variation of housing price index, housing purchase price index was in the expansion phase of sixth cycle, housing jeonse price index was in the contraction phase of fifth cycle. However, reference point March 2005, these price indices showed that contraction phase was longer than the period of the expansion phase. Accordingly this result, this study separated periods by March 2005 and examined the effect of macroeconomic variables with respect to housing price index cycle variation by Bayesian VAR Model. The impulse response analysis showed that these price indices showed a generally negative reaction to the interest rate in two periods. However, impulse response function of these housing price indices were shown a change in reaction degree and direction to the other macroeconomic variables. In addition, as a result of variance decomposition, the effect of macroeconomic variables to housing purchase price index was significantly reduced. But the effect of macroeconomic variables to housing jeonse price index was increased and showed the changes in the variables that affect. Considering these results, it may take a different policy approaches with respect to the housing market.
  • 2.

    An Analysis on the Changes in Publicly Noticed Value ofReal Estate Price (PNV) on Household’s Property Tax

    Park Joon | Kim, Jae Hwan | Bae,Yu-Jin | 2015, 25(3) | pp.27~39 | number of Cited : 7
    Abstract
    The Publicly Noticed Value of Real Estate Price (PNV) is below actual sales price in Korea. The ratio of PNV to actual sales price is around 65% with some variance by region and type of property. An upward adjustment of the ratio of PNV to actual sales price would lead to an upturn of tax base and amount of property tax since the PNV is used for calculating the tax base. The purpose of this study is to figure out the current level of property tax load of households and estimate the changes of property tax from the change of PNV, which can be a base for fine tuning of policies on tax and PNV system. If the ratio of PNV to actual sales price increase to 80~100% from the current level of around 65%, it is estimated that household’s average Property Tax would increase by 27~64% and household’s average Gross Real Estate Tax would increase by 11~19%. Effective rate of property tax including Property Tax and Gross Real Estate Tax is estimated to increase to 0.23~0.31% from the current level of 0.18%.
  • 3.

    A Study on Influenced Factors on the Bidding Land in Public Land Development Project Areas-On Public Land Development Project by Gyeongsanbuk-do Development Corporation-

    윤성현 | Lee,Seong-Keun | 2015, 25(3) | pp.41~52 | number of Cited : 5
    Abstract
    This study aims to figure out factors to affect successful bids of land development project area when bidding and to seek the most significant factor among them, in order to secure minimum profits and continuity of the project. As a result of the analysis on 124 units of lands for bidding in housing development lands of 6 project areas in Gyeongbuk region supplied by Gyeongsanbuk-do Development Corporation as the project operator for 8 years from 2005 to 2013, factors to decide land were width of bordering roads, number of roads bordering to the land and building-to-land ratio, and factor for access was minimum distance to parking lot and factor for complex was total number of housing in a complex and environmental factor were area population and land transaction area, respectively. As total number of housing units were more, area per land unit was bigger, width of road was broader and number of roads was higher, it was closer to park and main roads, population in the area under the local government was bigger and land transaction areas in the local government was bigger, successful bidding rate of lands in housing development area was higher.
  • 4.

    Characteristics and Influencing Factors of Real Estate Investment Strategies in the case of Seoul Metropolitan Area Households

    Park Won Seok | 2015, 25(3) | pp.53~65 | number of Cited : 6
    Abstract
    This paper aims at analyzing the characteristics of real estate investment strategies, and examining factors influencing them in the case of Seoul metropolitan area households. Under these research purpose, questionnaire survey is done and binary logistic regression model is used as a research method. The main results of this study are as follows. Firstly, questionnaire survey results show that respondents prefer expansion of real estate strategy as total asset allocation strategy, and prefer low risk-low return strategy, expansion of Seoul metropolitan area strategy, expansion of profitable real estate strategy, and concentration strategy of regions as real estate investment strategy. Secondly, factors influencing each real estate asset management strategies are age, gender, household income, wealth and ownership of house. Thirdly, considering the results of comparative analysis between Seoul metropolitan area and Daegu-Gyeonbuk, risk-return positioning strategy and diversification strategy of regions are different between them. fourthly, low-risk driven type, opportunistic type and commingled type are derived through the results of comparative analysis.
  • 5.

    Effects on the Neighboring Land Price of Innovation City’s Development

    Kim Ju Young | Yoon, Dong gun | 2015, 25(3) | pp.67~77 | number of Cited : 17
    Abstract
    Development of innovation city will change urban real estate market and urban space structure. Innovation city have its unique characteristics compared with prior new town or land development project. Our study primarily focus on effects of Kangwon innovation city to its regional real estate markets through land price. We analysed spatial scope of innovation city using hedonic price model and did(difference-in-difference) methods. We divided independent variables by three kinds of types like land variables, location variables and distant variable and other control variables. Research results like as foillows. First, the distance of innovation city was one of the main factors in deciding surrounding land price determination and its effects are even larger as time goes on. Second, land price increase of intensive development periods was appeared somewhat higher than that of its primary development ones. Third, land price increase was not differ from neighboring area and the rest of area in statistical meaning.
  • 6.

    The Effect on Investment Diversification of Real Estate by Asset-Specific Risk-Focused on the US Real Estate Market-

    Roh Sang Youn | 2015, 25(3) | pp.79~95 | number of Cited : 2
    Abstract
    This paper describes the recent diversification plans and their backgrounds of real estate investment by global investors. It examines the presence of the portfolio effects from the diversification plans, and analyzes how the asset-specific risk of properties impact on investment diversification. The paper tries to apply and analyze the empirical models which combine CAPM and EGARCH-M model for its issues. It has four main findings. First, the investment diversification that invests in various real estate, may be useful to reduce the portfolio risk and increase the return rate of it. Second, the asset-specific risk premium is a time-variant and the level of the risk is discriminant by the asset type, its location and the characteristics of market district. Third, the portfolio effect could be reduced when the market condition is abnormal like the global financial emergency. Fourth, there are asymmetric impacts of risk on the return rate by the type of market information(shock). Finally, recent investment diversification by global investors may contribute to the quality improvement of their holding portfolio. There are the impacts of the asset-specific risk premium on its background.
  • 7.

    A Study of the Investment Behavior and Psychology of Investorsin Real Estate Market -Focused on Disposition Effect-

    jeong seong hoon | 박근우 | 2015, 25(3) | pp.97~112 | number of Cited : 8
    Abstract PDF
    The purpose of this study is to find the disposition effect in the housing market of Korea. Thorough the copy of a register book, we were able to get 1,752 data. In this study, we proposed the model to find the disposition effect which drew on models of Odean(1998) and Jeong SeongHoon(2003). In the result of this research, through the frequency model, we were able to find the disposition effect in the housing market. And we also found similarly result of Jeong SeongHoon(2011) which found the assets size effect. The suggestion point of this study is that we showed the behavioral biases of investors and the asset size effect who participate in real estate market of Korea. And given the paucity of material on the real trade data of Korea housing market, this study would be helpful to understand the behavior of investors.
  • 8.

    A Study of the Payment Criteria for Real Estate Trust ReturnsBefore the Expiration of Trusts

    김용진 | 2015, 25(3) | pp.113~130 | number of Cited : 0
    Abstract
    Land Trust is one of financial investment instruments, Trust company received land itself from land owner, and lead development projects on behalf of the truster as a trustee. In the point of managing the trust assets, Land Trust is actively engaged in the projects in comparison with the other real-estate trust. The land trust was introduced 20years ago but it‘s concept was not clearly established in the regulatory system of trust law. In this regard of this, review the background and purpose of the regulation “the payment criteria for real estate trust returns before the expiration of trusts”. In addition of this, the matters such as the scope of pre-payment, the meaning of land price, the validity of the concept of trust income, was studied during the progress of the development projects. As the result of this, land trust was understanded by one of type of business trust, and this pre-payment regulation need to switch regulation of the prohibiton unfair business practice to regulation of the project safety and soundness.
  • 9.

    A Study on Improvement Scheme of District Housing Association on the Housing Act

    홍성진 | 조명수 | 2015, 25(3) | pp.131~141 | number of Cited : 7
    Abstract
    This study aims to derive the improvement of district housing associations and institutions through the comparative implications of the 「Housing Act」 on district housing associations and similar institutions that have legal personality and 「Act on the Maintenance and Improvement of Urban and Dwelling Conditions for Residents」 on housing reconstruction scheme. Recent housing supply system has been changed to a smaller system of private housing-led, representative scheme as a 「Housing Act」 district housing association scheme, there is a 「Act on the Maintenance and Improvement of Urban and Dwelling Conditions for Residents」 housing reconstruction association scheme. These two scheme the legislative history, claim for sale and a series of procedures such provisions are similar to the side. In particular, the district housing association units nationwide have been increasing since 2011 this project, in June 2015, Seoul was present 30 district housing associations are applied. However, they have the problems as internal corruption, inability to purchase such land. At result, it leads to serious problems, approximately 53.3% did not get the authorization. In the short term, it is necessary to reduce the range of the area, district housing association system associated source using the claim for sale claims scheme of housing reconstruction association system in case of securing more than 75% of the land area in order to solve this problem. In addition, the long term it would be desirable to introduce the designated and cancellation, the promotion committee for housing reconstruction association and legal fiction of public officials in applying penal provisions in criminal act related Housing reconstruction project area.
  • 10.

    A Study on the Determinants of Auction Price for Apartments- To Busan and Ulsan Metropolitan City Focused on -

    배수헌 | Dongjoon Jeong | 2015, 25(3) | pp.143~156 | number of Cited : 0
    Abstract
    This study conducts an empirical analysis of variables that affect the decision of bid prices for apartments through Hedonic price models. Other studies restrictedly compare Seoul and provincial cities and they showed a weak connection of explanatory variables between the areas. The objective of this study is to analyze which explanatory variables affect bid prices for apartments in adjoining cities of the province. Based on the results of analysis using the same explanatory variables that may affect apartment pricing, 10 variables in each city were found to have an effect. Of these, 8 out of each of the 10 explanatory variables were identical for both cities. This study shows that the number of parking lots and urban/non-urban most affect the auction price for apartments. As Seoul differs from provincial cities in every aspect, few explanatory variables affect the auction bid prices for apartments when conducting a comparison between the two. On the other hand, in adjacent provincial cities, there are many explanatory variables that have the same effect. The adjacent provincial cities contrary to Seoul show many explanatory variables that have the same effect because of similar environments.