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.3

  • 1.

    Regional Economic Impact Analysis on the Operation of an Old Industrial Complex

    Choi, Myoungsub , Seungil Jang , Park, Hwan-Yong | 2019, 29(3) | pp.7~26 | number of Cited : 5
    In this study, as a basic research to drive the economic prioritization of operating old industrial complexes, the induced coefficients are estimated and the effect of the regional economic growth are analyzed considering the local characteristics of the location areas and the industrial type composition. The economic impact is analyzed focusing on the operation of old industrial complexes rather than on their development. The Ritz-Spaulding multiplier is used rather than the final-demand multiplier, both commonly used methods for analyzing economic impact. The induced coefficients and economic impact of each of 94 old industrial complexes as of 2017 are analyzed. The estimated induced coefficients of the old industrial complexes varied by composition, location (capital/non-capital area), industrial complex type (national industrial complex/general industrial complex), and estimated-induced-coefficient type (national/regional or production/value-added/employment). These results imply that the analysis of the economic impact of an old industrial complex using only one indicator has limitations. Therefore, the economic impact of an old industrial complex should be analyzed considering not only the production scale but also the potential productivity (induced coefficient).
  • 2.

    Do the Characteristics of Individual Apartment Units Affect Saleability?

    Ko, Hyunrim , Seon-Ju Song , Jong-chil Shin | 2019, 29(3) | pp.27~46 | number of Cited : 1
    Under the apartment pre-sales system, the initial apartment sales performance has a huge impact on the profitability of apartment development projects. This study aims to analyze the factors affecting the success or failure of contracts within the contract term stipulated in the law on apartment initial sales. Using the binary logit model, this study analyzes the data from new apartment units supplied nationwide by a private construction company. Especially, this study focuses on the impact of apartment unit characteristics and subdivides such characteristics into three categories: exclusive use area characteristics, amenity characteristics, and other characteristics. As a result, the proportion of the exclusive use area, the number of bays, and the balcony area relative to the exclusive area among the exclusive use area characteristics are found to have positive effects on the success of apartment contracts. As for the amenity characteristics, the ceiling height, southern orientation, and floors have significant impact on whether an apartment is contracted. Regarding other characteristics, an analysis of a representative unit type revealed a positive effect on the contract status. Also, the larger the complex and the farther the distance between the nearest buildings in the complex is, the higher the saleability. This study also confirms that the real estate market and location characteristics influence an apartments prospects of being contracted.
  • 3.

    A Study on the Relationship between Investment Sentiment and Total Return in the Office Market

    Hye-Jin Won , Jin, Chang Ha | 2019, 29(3) | pp.47~61 | number of Cited : 0
    In this study, we examines the relationship between office total return and investor sentiment. Utilizing the Bank of Korea's Consumer Sentiment Index (CSI) as proxy for investor sentiment, we analyzes the relationship between total return and investor sentiment. We control macro economic variables, such as risk free rate, exchange rate, KOSPI, and default risk premium, to isolate the fundamental economic effect, rational sentiment and idiosyncratic effect, and irrational sentiment. Using the VAR (Vector Auto Regressive) model, we investigate the lead and lag relationship among our key variables; sentiment variables and return proxy; income return and capital return, as well as total return. As a result, we find a significant coefficient on macro economic variables, such as employment rate, KOSPI, risk free rate, default risk premium, and inflation rate. Furthermore, irrational sentiment does not affect total return, while rational sentiment affects total return and income return.
  • 4.

    Different Factors Affecting Resident Satisfaction with the Physical Mixture of For-rent and For-sale Apartment Units

    AHN, YONGJIN | 2019, 29(3) | pp.63~75 | number of Cited : 4
    There is a large volume of literature that shed light on the factors affecting resident satisfaction with public for-rent apartment housings whereas little is known about the subjective evaluation of the residential environment in mixed-tenure housings. This study aims to suggest policy strategies for the improvement of the quality of life of the residents of mixed-tenure apartment housings by identifying the differences in the factors associated with their satisfaction with such housings. Using factor analysis of the data obtained from the survey questionnaire targeting 567 residents (284 persons in private sale units; 283 persons in public rental units), four explanatory variables reflecting the site characteristics subjectively evaluated by the residents are identified. The results of the use of the ordered logit model reveal that both the physical layout types and the site characteristics are positively associated with the resident satisfaction at a statistically significant level. Notably, however, the influences of the explanatory variables in two stratified models by tenure type are different. While the “adjacency” type is negatively related to the resident satisfaction in a public rental model, such impact is positive but not statistically significant in a private sale model. The study findings suggest that “site mixture” and “building mixture” can more effectively improve the resident satisfaction in mixed-tenure apartment housings.
  • 5.

    Analysis of the Causes of the Land Compensation Disputes in Vietnam Using AHP

    Kim, Jung Sun , Park, Sang Bong , Man, Quang Huy and 2 other persons | 2019, 29(3) | pp.77~91 | number of Cited : 0
    This study is conducted to analyze the causes of the land compensation disputes in Vietnam as well as their relative importance, and to review the relevant suggestions. For the analysis (AHP analysis), a multidimensional decision-making model is applied to specialists in the administration, policy, and practice fields. For the results of the study, in the first primary-level element analysis, compensation expertise appears to have the highest relative importance (0.443), and compensation participation, the lowest. This is inconsistent with the result of the preceding study that compensation inappropriateness is the only cause of land compensation disputes. Second, in the analysis of the relative importance of the causes of land compensation disputes based on the secondary-level elements, the relative importance of the rights protection plan (0.281), a small compensation (0.397), the presence of detailed compensation provisions (0.448), and the recovery procedure participation method (0.261) appear high. Third, in the comprehensive analysis of the secondary-level elements, the relative importance of the presence of detailed compensation provisions (0.198) appears the highest. It is expected that if the procedure/technique of the land compensation system of South Korea is introduced in Vietnam for the institutional establishment of detailed compensation provisions and compensation methods therein, it can serve as a guideline for solving the problem of land compensation disputes in Vietnam. It seems that further studies are required to investigate the causes of land compensation disputes involving those who do not receive compensation for their land, and to compare the results of such studies with the views of expert groups.
  • 6.

    A Comparison of the Long-Term Housing Demands by Region

    Hong Jengei , Choi, Han Jae , Song, Min Jae and 1 other persons | 2019, 29(3) | pp.93~103 | number of Cited : 1
    This study estimates the long-term changes in the regional housing demands caused by the changes in the population structure, and compared the estimation results. Based on the household finance and welfare survey and the population projection of Statistics Korea, the modified M-W model is examined. The results show an increase in housing demand with an increase in age. The long-term housing demand forecast shows that the housing demand l continues to increase by 2045. It is expected that the housing demand increases steadily in the meantime due to the high growth rate of the housing demand in the Sejong, Jeju, and Chungcheong provinces. The growth rate of the housing demand in Seoul, Busan, Daegu, Ulsan, and Gwangju, however, slows down faster than in the other regions, leading to a decline in housing demand. The study shows that the differences in population structure changes by region are significant.
  • 7.

    A Study on the Impact of the Traffic Location Factors on Apartment Prices : With Focus on the Transit Station Area in Seoul

    Kim, Yong Rae , Baek SungJoon | 2019, 29(3) | pp.105~123 | number of Cited : 6
    This study analyzes the location factors affecting the prices of apartments within 500m of the transit station area in Seoul, with focus on the transportation transfer factors. The results of the study are as follows. First, in terms of price competitiveness, the prices of the residence-only apartments are 16.5% higher than those of the mixed residential-commercial apartments. Second, the number of subway gates, the number of transfer lines, and the transfer centers have positive effects on the apartment price, but the number of transfer bus stops and the presence of a parking lot in the transit areas have negative effects on it. Third, among the apartment structural factors, the number of elapsed years has a negative effect on the apartment price, the square of the elapsed years and the presence of parking spaces have positive effects, and the heating method has a positive effect (district heating, central heating, and individual heating, in the descending order). Fourth, for the accessibility factors, the closer to the subway station an apartment is, the higher its price, but the apartment road name indicating the road accessibility does not show a significant effect on the apartment price. Fifth, among the location characteristics, the accessibility to schools, parks, and Han River shows a positive effect. Sixth, as a result of the examination of apartment complexes by dividing them into the five living zones in Seoul, the influence sizes are found to be as follows (in descending order): the southeast area (including the three districts in Gangnam), downtown, northwest, southwest, and northeast. It is thus suggested that a policy be formulated and implemented to expand the benefits of urban railways and to solve the living zone imbalance between Gangnam and Gangbuk.