Korea Real Estate Review 2021 KCI Impact Factor : 0.75

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pISSN : 2092-5395 / eISSN : 2733-8339

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2019, Vol.29, No.1

  • 1.

    Case Analysis on the Depreciated Compensation of the Remaining Land

    Seo, Kyung Kyu | 2019, 29(1) | pp.7~24 | number of Cited : 1
    The depreciated compensation of the remaining land is a typical indirect compensation, but it has not been actively implemented due to the absence of relevant regulations. The purpose of this study is to analyze court cases on the compensation, to grasp the current situation of the depreciated compensation of the remaining land, and to derive system improvements and implications for appraisal practice. The results of the study are as follows. Regarding the improvement of the system, it is necessary to: ① claim the depreciated compensation of the remaining land preliminarily, even if there is a demand or request for the purchase of the remaining land from the adjudication stage; ② notify the project operator of the construction completion date to strengthen the relief of right of the owner; ③ strengthen the function of the Public Works Act as a general law on compensation; ④ supplement the Public Works Act with specific legislation on the scope of a depreciated compensation; and ⑤ offset the profits from the project. Regarding the analysis of the appraisal practice, it is necessary to: ① analyze the changes in the shape and area when appraising the depreciated compensation of the remaining land; ② be careful in judging a group of lands; ③ check the drawings related to a construction project to determine the business loss; and ④ examine the land parcels to determine if some of them are depreciated when the remaining land is larger than the land parcels.
  • 2.

    A Study on the Effect of Green-Building Certification on Office Rent and Vacancy

    Jeong, Sung-Hoon , Jin, Chang Ha | 2019, 29(1) | pp.25~37 | number of Cited : 2
    The purpose of this study is to examine how the green-building certification system (G-SEED, Green Standard for Energy and Environmental Design) affects the rent level and vacancy rate, which are the main determinants of the investment return of office assets. Using the office market information for December 2017, the 2-SLS (stage least square) model is adopted as a methodology for overcoming the endogenous issue on the office rent and vacancy determinant model. The results show that the green-building certification system has a significant impact on the vacancy rate but is insignificant to the rent level. The magnitude of the estimate of the vacancy rate based on the green-building certification system is approximately -0.08, with a significant p-value. It can be assumed that the green-building certification system does not affect the rent level but clearly affects the occupancy level. This indicates that the said system provides operational efficiency to individual firms in the office market but is not reflected on the rent level. It is confirmed that the green-building certification system does affect the office market through the vacancy level, which implies that firms prefer to locate at a green building over the long term, in accordance with social responsibility, as a marketing strategy. Thus, it is important to provide a set of incentives to attract potential tenants and developers so as to offset the additional cost at the initial construction stage of a building’s life cycle.
  • 3.

    A Study on the Changes in the Number of People Availing of Reverse Mortgage According to the Difference in Price Increase by Region and Apartment Size

    Yeo, Dae Hwan , Baek SungJoon | 2019, 29(1) | pp.39~48 | number of Cited : 2
    Suggested herein is a policy proposal for minimizing the possibility of loss from reverse mortgage, supplied as a single model. In this study, the changes in the number of people availing of reverse mortgage according to the difference in price increase by region and house size, one of the factors for the calculation of the monthly payment for reverse mortgage, are analyzed. For this purpose, the changes in the number of people who rent apartments in the metropolitan area and in the five metropolitan cities where the scope of the price increase rate data is standardized according to the apartment size and the difference in the price increase rate are analyzed, and the following results are obtained. First, in Gyeonggi, Daegu, Ulsan, and Gwangju, the significance level for the differences in the apartment price increase rate factors by region is 1%. Second, the fixed-effect model for the apartment size as controlled for the regional factors is statistically significant, with a 10% significance level in excess of 85㎡. In the previous studies, cross-sectional analysis is mainly used, but in this study, panel analysis is used to examine the differences in the changes in the number of housing pension subscribers according to the difference in the price increase rate by region and apartment size.
  • 4.

    The Effect of Housing Welfare Policies on the Dwelling Satisfaction of Leaseholders

    KIM DAEHWAN , Kim, Choon Deuk | 2019, 29(1) | pp.49~62 | number of Cited : 1
    The government’s housing welfare policies have been increasing in quantity, but there is a dearth of qualitative research thereon. This study analyzes the difference in residential satisfaction by residence type, residence welfare benefit, and type of residence welfare, using the Korea Welfare Panel 2005-2016 data. The empirical results of the study show that the residential satisfaction is high in the order of the people who live in their own house, who live in a leased house on a deposit basis, and who live in a leased house paid for monthly. Regardless of the type of housing, the satisfaction of the beneficiaries of the housing welfare policies has greatly improved. Especially, when residents living in a rented house receive housing welfare, the degree of improvement of their satisfaction is the greatest. For the results of the analysis of the degree of improvement in residential satisfaction by type of housing welfare, all the policies improve the satisfaction of the residents. In particular, it is determined that the residential satisfaction is improved in the order of public leasing, permanent leasing, deposit support, and monthly payment support and other policies. Therefore, policies that provide stable residences in the long-term, such as public or permanent leases, should be given priority for the homeless people’s housing welfare. The more the policy provides stable residences, however, the bigger the financing for it should be. Thus, cost-benefit analysis is required for each residential welfare policy.
  • 5.

    Vietnamese Land System and Land Appraisal Practice

    Kim, Jung Sun | 2019, 29(1) | pp.63~69 | number of Cited : 1
    This study aims to examine the land system of Vietnam, regarded as the most suitable investment place at present, in the situation where the interest is increasing due to the soaring overseas expansion of its real estate industry, and to improve the practical understanding of such system by examining examples of land appraisal. Vietnam is opening much of its economy, but it is also endeavoring to maintain its foundations as a socialist country. The Vietnam Constitution and Civil Law declare that all the lands in the country belong to or are owned by the state and all the Vietnamese people, and they only grant individuals the right to use a piece of land in Vietnam when they have satisfied certain requirements. This notwithstanding, it is widely recognized that such right of use of a piece of land in Vietnam is effectively exercised as a property right in the market. In addition, in terms of the land system, land is managed based on land design, planning, and individual land development plans instead of the zoning system, which is different from the actual situation in South Korea. With regard to the issues related to land assessment, there has been no case of direct application of fundamental land prices to land valuation in Vietnam, and there is a need to pay attention to the fact that the fundamental land prices are indirectly being used for comparing individual properties. In addition, the administrative factors must be corrected by examining the use permission details of individual lots, and the regional urban planning drawings must be reviewed based on the roadsides of the relevant regions