Korea Real Estate Review 2021 KCI Impact Factor : 0.75

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pISSN : 2092-5395 / eISSN : 2733-8339

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2018, Vol.28, No.2

  • 1.

    An Analysis on Determinants that Affect the Sale Price of an Office Building in Seoul after Focusing on Strata Property Sales

    Myeong-Han Yu , Chang-Moo Lee | 2018, 28(2) | pp.7~20 | number of Cited : 4
    Abstract
    This paper has statistically analyzed the determining factors that affect office building sale prices by focusing on strata property sales through the hedonic price function. In this study, 1,171 office building transaction cases were analyzed in Seoul from 2000 to 2017. To determine the influence of various factors on office building sale prices, independent variables included factors that represented macroeconomic characteristics, locational characteristics, physical characteristics, and deal characteristics. The analysis of the strata property sales, which is a major concern in this study, showed that strata property sales enjoyed a discount of about 1.56 million won per pyeong out of the entire sales. In terms of the discount rate, strata property sales were at a 12.6% discount compared to entire property sales, so it was found that strata property sales significantly influenced office building selling price. This is due to the fact that the owner of the strata property encounters more difficulties in distributing cost than the sole proprietor in terms of property rights and the exercise of management rights. The results of this study are expected to contribute in securing transparency in transactions and risk management strategies in the future.
  • 2.

    Investigation on the Correlation between the Housing and Stock Markets

    Kim Sangbae | 2018, 28(2) | pp.21~34 | number of Cited : 5
    Abstract
    The purpose of this study is to investigate the effect of macro-finance variables on the correlation between the housing and stock markets because understanding the nature of time-varying correlations between different assets has important implications on portfolio allocation and risk management. Thus, we adopted the AG-DCC GARCH model to obtain time-varying, conditional correlations. Our sample ranged from January 2004 to November 2017. Our empirical result showed that the coefficients on asymmetric correlation were significantly positive, implying that correlations between the housing and stock markets were significantly higher when changes in the housing price and stock returns were negative. This finding suggested that the housing market has less hedging potential during a stock market downturn, when such a hedging strategy might be necessary. Based on the regression analysis, we found that the term spread had a significantly negative effect on correlations, while the credit spread had a significantly positive effect. This result could be interpreted by the risk premium effect.
  • 3.

    An Exploratory Research on the Relationship between Commuters’ Residential and Traffic Characteristics and the Intention to Move : A Case Study on Residents in Suwon

    Son, Woongbee , Jaemin Jang | 2018, 28(2) | pp.35~47 | number of Cited : 5
    Abstract
    Securing a stable residential location is one of the most important decisions that must be made in the modern society. On this matter, both individuals and their families must decide on where to live after taking into consideration various analyses. Contributing attributes in the selection of our dwelling place are crucial. In this research, influencing variables were derived from the intention to move by focusing on the characteristics of the household and traffic conditions, while implications were suggested through a comparison of urban characteristics. Suwon was selected as the case study. The result of the analysis showed the city of Suwon has longer communal satisfaction, relies on self-sufficiency, and is conscious of parking regulation. Preferences for rental housing, having infants and elementary school kids, high savings, and commuter convenience in Suwon and Gyeonggi-do ranked higher in the hierarchy of the intention to move. Compared to Gyeonggi-do, Suwon was influenced by commuters in the city and parking regulation-related variables. Meanwhile, Gyeonggi-do was affected by the lack of public transportation facilities and traffic congestion. Suwon, on the other hand, has a high share of passenger car ownership, so it seems that the psychological stability of parking space is significant. This research will contribute in the policy-making of Suwon, especially on the subject of migration prediction of citizens and real estate location selection, through analyses of variables related to the intention to move to a new residence.
  • 4.

    The Effect of Eco-friendly Characteristics on the Price of Office Buildings

    So, Soung-Kue , Joo Hyun Cho | 2018, 28(2) | pp.49~64 | number of Cited : 4
    Abstract
    The purpose of this study is to analyze the effect of eco-friendly building certification grade on the price and cost of office in Seoul office building. For this purpose, multiple regression analysis is used to examine the prices of buildings. In order to identify the effect of environmental cost reduction of buildings with high eco-friendly certification, we also performed LCC (Life Cycle Cost) + LCA (Life Cycle Assessment) analysis. Results of our analysis show that office buildings with a higher level of eco-friendly certification are priced significantly higher. Through LCC analysis, it was also found that buildings with high levels of eco-friendly certification cost less than those with lower-level certification. Furthermore, it was confirmed that office buildings with higher-level environmental certification have total lower environmental load costs (TCA = LCC+LCA) than buildings without certification. According to the TCA analysis, buildings with a high level eco-certification generated lower social costs than buildings with lower-level or no certification.