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.2

  • 1.

    A Study on the Determinants of REITs IPO : Focusing on Financial Factors, Unique Characteristics, and Governance

    박병태 , Jin, Chang Ha | 2019, 29(2) | pp.7~25 | number of Cited : 1
    The purpose of this study is to examine the determinants of listed and unlisted REITs. Thus, we conduct an empirical analysis by using the Linear Probability Model (LPM) and establishing variables related to investment factors, external factors, and governance, the inherent characteristics of REITs, along with the legal and statistical analysis of financial statements and financial quantitative analysis. The results of the analysis are as follows. First, in the quantitative analysis of financial factors, the financial indicators of listed REITs perform better than those of unlisted REITs, indicating that most REITs with excellent financial status are listed. Then among 27 variables, 16 items are statistically significant in the results of the empirical analysis on investment factors, external factors, and governance. As the three null hypotheses are rejected, financial factors, investment factors, external factors, and dominant variables are deemed to have an influence on the listing decision. This study aims to prove that REITs have been thoroughly verified after their introduction, as well as the quantitative analysis of financial factors, and the analysis of investment factors and external factors.
  • 2.

    An Analysis of Vital Factors on Rental Price of the Logistics Center : Focusing on the Seoul Metropolitan Area

    Chun, Jae Won , Chang Gyu Choi | 2019, 29(2) | pp.27~38 | number of Cited : 4
    In this study, other than the approach that is mainly accessed in previous studies as a main factor in determining the value of the logistics center, 251 logistics centers in the metropolitan area have been examined after categorizing them into the characteristics of logistics center buildings and facilities and management characteristics, such as economic considerations in terms of operations management. The main results of the analysis are as follows: First, it is confirmed that the logistics center has significant influence on the rent decision in addition to the municipal characteristics of the logistics center, logistics facilities, and logistics facility characteristics. Second, only the building area and the floor area ratio have a significant effect on the rent variable, which is a dependent variable. The above-mentioned results show that the complex and the multifunctional center change in the capital region, and in the logistics real estate. The value of the logistics center, which has been developed and invested, is simply approached in the past by expanding the viewpoint from the point of view of the warehouse to the building property, facility property, and property management characteristics. We expect to present the possibility of access from a more comprehensive viewpoint.
  • 3.

    Price Determinants of the Knowledge Industry Center in a Metropolitan Industrial Complex

    Jo Byung Ouk , Yoo, Joo Yeon | 2019, 29(2) | pp.39~51 | number of Cited : 2
    The purpose of this study is to analyze the price determinants of Knowledge Industrial Centers according to locational characteristics and building characteristics. Regarding the price determination of centers that are new, industrial complex buildings, we proceed with our study by focusing on Seoul and neighboring areas (Gyeonggi-do). This study analyzes a total of 1,123 sales transactions of business units for seven years from 2011 to 2017, using the data on real transaction prices as provided by the Korea Appraisal Board. The results can be summarized as follows. According to the multiple regression analysis, the closer the center is to major facilities, such as trains, subway stations, shopping centers, etc. in the downtown, the higher is the value of the unit in Seoul. Also, a unit has a higher value in Seoul when it is relatively new, smaller, and located on a higher floor. In Gyeonggi-do, with regards to locational characteristics, the closer the unit is to the highway IC, railway or subway station, and downtown, the higher its value. When it comes to building characteristics, the higher the ratio of the gross floor area and supporting facilities, the higher is the value of the unit. Also, the lower the age of the building, the smaller the supply area, and the lower the living floor, the higher is the value of the business unit.
  • 4.

    Determinants of Farmland Prices in Korea

    Sungkyu Park | 2019, 29(2) | pp.53~68 | number of Cited : 4
    Theoretically, the feasibility and expected profits of land development have a great effect on land value. The possibility and timing of development are closely related to the location of the land. Farmland prices are significantly influenced by non-agricultural factors in Korea, where farmland development has occurred for several decades. Non-agricultural factors include location, land use regulations, physical characteristics, and neighborhood conditions. This study is an empirical analysis of the farmland pricing model using the large-scale appraisal data. Distance from metropolitan cities, zoning, and distance from main roads are established as proxy variables for location. All of them are found to have a significant impact. Furthermore, depending on the location, a wide gap exists between the use value of farmland and market value. The proportion of non-agricultural value can be roughly obtained from the difference in the two values. The proportion in urbanized areas is about 90 percent. Therefore, the property tax assessment system based on the only market value must be reviewed.
  • 5.

    Effects of Railway Construction Stages and Distance to Railway Station on Apartment Prices in the Surrounding Areas : Case of the Second Phase of the Sinbundang-Line

    Hwang, Hyun Ju , Eui-Chul Chung | 2019, 29(2) | pp.69~83 | number of Cited : 3
    This study examines the effects of a railway construction project on apartment prices in the surrounding areas. By focusing on the second phase (Jeongja-Gwanggyo) of the Sinbungdang-Line railway construction, the effects of railway construction stages on apartment prices in the surrounding areas are empirically analyzed. Furthermore, the effect of the distance to the nearest subway station on apartment prices is also examined at each period of the construction stages. Empirical results show that apartment price increases occur as construction stages progress. Compared to the period of the construction project proposal stage, apartment price is estimated to be about 15% higher after the railway construction is completed and begins operations. The effect of distance is more differentiated as construction stages get underway. Within the period of the construction project proposal stage, apartment price decreases by 1% per 100m from the station, which is strengthened to 2.4% during the opening and operation stage. Preference for apartments close to the subway station becomes higher as improvement of commuting accessibility is more convinced.