Korea Real Estate Review 2021 KCI Impact Factor : 0.75

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pISSN : 2092-5395 / eISSN : 2733-8339

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2016, Vol.26, No.1

  • 1.

    A study on the Impact of Property Consumer Sentiment on Apartment Transaction

    Ji-hyun Kim , Youn-young Choi | 2016, 26(1) | pp.7~17 | number of Cited : 12
    The purpose of this study investigates the influence of consumer sentiment on apartment transaction through Hierarchical Linear Modeling (HLM). Consumers’ perceived current housing prices and future expectations toward their housing prices were used as a consumer sentiment factor in order to explain the apartment transaction volume. Two-levels HLM was conducted in terms of cities and counties level (1-level) and metropolitan and megalopolis level (2-level). The results showed that 61.4% of apartment transaction volume was explained on 1-level. At the 1-level, the variables of consumers’ current perceived housing prices and future expectations toward their housing prices were significantly negatively associated with the apartment transaction volume. However, consumer’ perceived current housing price had a negative association with apartment transaction volume at the 2-level. In addition, future expectation toward their housing prices and consumer sentiment index had a positive association with apartment transaction volume. Therefore, this study suggests that consumer sentiment variables including consumers’ perceived current housing prices and future expectations are likely to be important factors to explain apartment transaction volume as well as an economic variable such as Consumer Price Index.
  • 2.

    The Effect of Real Estate Characteristic and Service of Outdoor Golf Driving Rangeon the Customer Satisfaction by Customer Groups

    김종원 , Cha, Konghun , Kim, JaeTae | 2016, 26(1) | pp.19~29 | number of Cited : 0
    This study analyzes the effects of real estate-related factors and service-related factors on customer satisfaction with outdoor golf driving ranges, in line with customer patterns based on sex and age. It utilizes the results of a questionnaire submitted to users of the outdoor driving range located. To attain the goal of this study, we select as independent variables locational characteristics (accessibility and visibility), facility characteristics (spatiality and convenience) and service characteristics (responsiveness, reliability, empathy and speciality), with customer satisfaction as our dependent variable. We find that, in the group of customers as a whole, all factors have statistically significant influences, with responsiveness and spatiality showing relatively big influences. Across the two gender groups (men and women) and the three age groups (thirties, forties, fifties), the statistically significant factors differ. Among all groups, including customers as a whole, responsiveness has a statistically significant high influence in five groups, and spatiality in four groups. According to the results of this paper, for more efficient customer marketing the outdoor driving range may focus first on the responsiveness and the spatiality factors for all kinds of customer groups, and may focus on the other factors depending upon the various customer group patterns.
  • 3.

    The Residual Land Depreciation in terms of Just Compensation

    강선호 , Jung-Suk Yu | 2016, 26(1) | pp.31~46 | number of Cited : 5
    This study dealt with the residual land depreciation by current land compensation law in terms of just compensation. First, I recognize the requirements of the residual land compensation by the current land compensation law. I suggest ‘the same land owner’ should be judged in terms of practical use and ‘usage’ should be judged in terms of the highest and best use. In addition, ‘the scope of depreciation’ must include not only direct loss but also indirect loss. I show the two appraisal method of residual land depreciation called ‘Before-after comparison method’ and ‘Individual summation method'. The analytical results present that there is no difference between two methods. The main controversial matters of residual land depreciation 'the value basis point' is more appropriate consultation time than the time of land taken. In addition, depreciation loss claims procedure is independent with expanding rewards and cost of construction compensation. In the situation of discussed inactive for residual land depreciation, this study presents the real examples it leads to more active discussion.
  • 4.

    Corporate Real Estate Asset and Credit Rating

    LEE JI HYE , Byun, Hee Sub | 2016, 26(1) | pp.47~62 | number of Cited : 5
    This paper examines the effect of corporate real estate ownership on the credit rating which is based on the financial distress risk. Empirically, we find that larger ownership of investment real estate downgrades the credit rating. In the sample firms with investment grade credit rating, the ownership of investment real estate is negatively related to the credit rating, while in those with speculative grade credit rating, the ownership of possession real estate is positively related to the credit rating. Considering firm characteristics, those with large free cash flow have low credit rating as their possession of investment real estate increases. For firms with low growth opportunity, large ownership of possession real estate raises the credit rating. As the interest of corporate real estate ownership has been increased in the recent capital market, we provide strategic implications of benefits and costs of it based on the credit rating. In addition, our results could offer a basis of policies and regulations related to it.
  • 5.

    Appraisal Evaluation on Larger Land Parcels based on Real Land Use:Focused on Gwangju-city

    SHIN WOOJIN , 문소연 | 2016, 26(1) | pp.63~72 | number of Cited : 3
    The purpose of this study is to analyze the value of larger land parcels with real land use. Most people, including appraisers, can be thought that the larger land parcels, the lower its unit value; however, some cases show that it’s wrong. Especially, in KEPCO’s headquarter site case, we can find that the larger land parcels could be higher value than we expected; that is, the value of larger land parcels can be increased. However, the related research is not sufficient. In addition, the ‘A land price comparative table’ is not enough to apply those effects to comparable lands for it is not directly related to real land use. In this research, to identify the appraisal evaluation on larger land parcels, multiple regression analysis was applied. 2015 Gwangju-city’s officially assessed reference land unit price based on the real land use such as a single house, commercial, mixed-use premises and farm⋅rice paddy was used. As a results, while a single house and mixed-use parcels show that land value is decreasing up to 826㎡ and 576㎡ respectively; however after that, the land value is increasing. On the other hand, commercial, farm and rice paddy do not show the larger land parcel effect. This study result could be useful source to modify the ‘A land price comparative table’ and to analyze appraisal value and land exchange pattern.