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.4

  • 1.

    A Study on the Effect of Intergenerational Transfer on Geographical Proximity and Gender Effect from the Perspective of Older Households

    Jung Bo Seon , Sangyoub Lee | 2019, 29(4) | pp.7~24 | number of Cited : 2
    This study examines the effects of the characteristics of parent household and child household, as well as intergenerational transfer on geographical proximity, and gender effect. The behavior of residential mobility in older households is compared according to the data from the KLoSA (2008 to 2016). Research findings indicate that the behavior of geographical proximity between generations appears when the need for support increases due to physical and economic constraints of old age. Intergenerational transfer of time affects the geographical proximity between generations in both directions via face-to-face contact. The transfer of money from children to parents affects the geographical proximity. In the case of gender effect, the female household shows a difference in the geographical proximity regarding housing stability, gender of the child, and transfer of money from the children. Therefore, the behavior of residential proximity between the generations of older households is similar to the behavior of residential migration of the older households according to life cycle needs.
  • 2.

    A Study on the Relative Importance of Real Estate Investment Style Factors

    Seonghun Min | 2019, 29(4) | pp.25~41 | number of Cited : 1
    This study investigates the relative importance of real estate investment style factors through the perception survey of the experts. The survey consists of two stages, an AHP according to the pairwise comparisons of factors that are in the previous literature and an FGI on the result of the AHP. The result is as follows. Korean experts regard location, occupancy, and proportion of the income yield to the total return as the three most important style factors. This is quite different from foreign practice, which regards use of property, LTV and proportion of the development projects in the total investment as the main style factors. Experts point out the investment behavior focusing on the office sector, the practice in the commercial mortgage market, which allows 50~60% LTV regardless of investment strategy, and the absence of the portfolio investment, which includes development projects as the reasons of the outcome. However, the importance of the three minor factors seems to increase due to the expansion of investment sectors and the trend of style investment using various LTV and aiming development projects.
  • 3.

    Determinants of Transaction Volumes by Type of Chonsei and Monthly Rent

    Lee, Da Young , Lee, Sang Kyeong | 2019, 29(4) | pp.43~54 | number of Cited : 0
    The aim of this study is to identify the determinants of transaction volume according to housing rent type using spatial regression models. Housing rent is classified into four types: monthly rent, semi-monthly rent, semi-chonsei and chonsei. The area targeted is Seoul city and data collected for analysis are built up in terms of an administrative unit, dong. The spatial error model turns out to be the best spatial regression model. The result of the analysis is as follows. Monthly rent and semi-monthly rent have similar determinants: the number of single households and foreigner ratio have positive effects but the elderly population ratio, number of housing and employee ratio have negative effects. Chonsei and semi-chonsei have similar determinants: apartment ratio and housing price have positive effects but the number of single households, the elderly population ratio and the number of business have negative effects. In both semi-monthly rent and semi-chonsei, renters pay monthly rent but they have different characteristics. The number of single households has opposite effects. The transaction volume of semi-chonsei in all other regions is significantly lower than in the Southeast region but that of semi-monthly rent is only significant lower in the Southwest region. Consequently, semi-monthly rent is similar to monthly rent, while semi-chonsei is similar to chonsei. This study is meaningful in that it identifies the structural characteristics of housing rent markets by analyzing the determinants of transaction volume according to housing rent type.
  • 4.

    An Analysis of the Impact of Social Abuse Crimes and Five Violent Crimes on Housing Prices : The Case of Busan Metropolitan City

    Jeong, Myung Si , Chu, Joon Suk | 2019, 29(4) | pp.55~67 | number of Cited : 1
    This study is the first to analyze the effects of various types of crime, including social abuse crimes and improvement of crime environment on the apartment prices in Busan. The dependent variable is the real transaction price of the apartments, which include the transactions in January 2017. A total of 1,906 cases are analyzed by gu·gun. As for the independent variables, the variables of crime characteristics include the total crime rate, five major violent crimes, social abuse crime, and crime by foreigners. The variables of other characteristics include the number of foreigners, concentration area of foreigners, North Korean defectors, number of CCTV, and environmental improvement. Under the assumption that the past crimes have an effect on the current apartment price, the study obtain various pieces of statistics in regard to the crimes during three years (2014~2016). The analysis use the hedonic price model. Five major violent crimes, social abuse crimes (e.g., sexual, domestic, and school violence), crime by foreigners, number of foreigners, North Korean defectors, and number of CCTV have the right sign with statistical significance. In particular, school violence has a significant negative impact on the apartment price of the areas of concern because the parents have sensitive reactions to school violence.
  • 5.

    A Methodology for the Estimation of the Quantity of Apartments Ready for Move-In via the Concept of Survival Analysis

    Kyu-hyun Ji , Kwak Ha Young , Chang-Moo Lee and 1 other persons | 2019, 29(4) | pp.69~83 | number of Cited : 0
    Although supply and demand determine the changes in housing prices, housing supply is relatively inelastic relative to the housing demand, which results in the volatility of the housing prices. The increase in the housing price volatility is a factor that impedes the smooth supply of housing to the market through the delay in the timing of the housing developers' investment, which may also cause the housing price to soar. One of the main reasons for this uncertainty in the real estate market is the uncertainty of information about housing supply. In order to stabilize the real estate prices and reduce uncertainty in the future, it is necessary to confirm the information on housing supply to the market. Private real estate information company provides information about the specific amount of moving into the apartment; however, there is no official statistics by the public. Threfore, this study attempts to estimate the long-term residential volume from the approval to the completion of the apartment via the raw data of the Housing Supply System (HIS), which the Ministry of Land, Infrastructure, and Transport manages and produces. As a result of the decrease in the uncertainty of the housing supply statistics, the statistics on the volume of apartment reduces the housing market uncertainty. This allows the housing suppliers to have control on the housing supply.