Korea Real Estate Review 2021 KCI Impact Factor : 0.75

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pISSN : 2092-5395 / eISSN : 2733-8339

http://journal.kci.go.kr/krer
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2020, Vol.30, No.1

  • 1.

    An Analysis of the Efficiency of the Apartment Market in the Housing Speculative Zones

    Sejin Hwang , Son, Jae-young | 2020, 30(1) | pp.7~21 | number of Cited : 1
    Abstract
    This study investigated the efficiency of the apartment market in the Housing Speculative Zones by testing whether the market follows stochastic processes like white noise, martingale, or random walk. Market efficiency is commonly tested with the martingale process, but this study employed more test methods to obtain robust results. For the study data, the KB monthly apartment price indices from April 2013 to July 2019 and the Korea Appraisal Board transaction-based quarterly apartment price indices from the first quarter of 2006 to the third quarter of 2019 were used. The Ljung-Box (LB) test, generalized spectral test, and variance ratio test were adopted for analyzing the white noise, the martingale differential sequence, and the random walk process, respectively. The results show that the apartment market is generally inefficient except for the four districts in Seoul (Gangnam, Seocho, Songpa, and Gangdong), where most people are very attentive to the movements of the market. This study is significant in that it revealed that some submarkets in the overall inefficient housing market can become efficient.
  • 2.

    Effect of Demographic Structure on the Rate Increase of Housing Rent

    Seiwan Kim , Kim, Young-Min , Gyung-Rok Kim | 2020, 30(1) | pp.23~36 | number of Cited : 1
    Abstract PDF
    This study investigates the effect of demographic structure change on the rate increase of apartment rent, which indicates a consumption demand. For this reason, we use premium return rate, yield rate of a 3-year treasury bond, manufacturing production index, unemployment rate, and population increase rate. In particular, we classify the unemployment rate and population increase rate into young, middle, and old generations. The data are from 2008 to 2018 for 16 regions, including metropolitan cities and Do. The results are as follows. First, the growth in the population rate of the young generation has a positive effect on the rental rate. Second, the unemployment rate of the middle generation has a negative effect on the rental rate. Third, the population increase rate and unemployment rate of the old generation does not have any significant effect on the rental rate. This study suggests that each generation has a different effect on the rental rate according to big cities and regional cities.
  • 3.

    A Study on the Determinants of the Apartment Management Method

    Kyu-Tai Lee , Kwak, Dong Kyu , Jong-chil Shin | 2020, 30(1) | pp.37~51 | number of Cited : 2
    Abstract
    The apartment management market has been expanding as apartments have become a representative type of housing in South Korea. Recently, the government has been trying to construct and disseminate the management system through the discussion about efficient apartment management. In the paradigm shift in apartment management, the management method has an important effect on management efficiency. This study analyzed the factors affecting the management method of 1,595 apartment complexes located in Seoul as of 2015. The main results of this study are summarized as follows. First, it was found that the apartment complex characteristics, such as the type of apartment complex (residential only vs. multi-use apartment complex), the size of the apartment complex, the proportion of the exclusive area to the total complex area, the number of parking spaces per dwelling unit, the size of the exclusive area per dwelling unit, the age of the building, and the brand of apartment complex, directly affect the decision of the management method. Second, it was confirmed that there are significant differences in the facility and equipment characteristics, such as community service facilities, the number of elevators per dwelling unit, the number of CCTVs per dwelling unit, and the home network systems, in determining the management method. Third, the results of this study show that management characteristics like the comprehensive contract type of the electricity charges have different impacts on the management method.
  • 4.

    An Analysis of Consumers’ Sentiments about the House Buying Time

    Moon, Ji Hee , Eui-Chul Chung | 2020, 30(1) | pp.53~67 | number of Cited : 1
    Abstract
    This study analyzed the determinants of consumers’ sentiments about the house buying time. Using the KRIHS consumer housing market sentiment survey data, consumers’ perceptions of the appropriate house buying time were measured, and the financial cost of house purchase, the price-to-income ratio, and the expected housing price appreciation rate were considered to influence consumers’ sentiments about the house buying time, along with the government housing policy directions. The autoregressive distributed lag model was used to explore the long-run relationship among the variables and the short-run adjustments of the consumers’ sentiments about the house buying time to the changes in the influential variables. The estimation results showed that when the housing price appreciation rate was expected to become higher, more consumers responded by considering it a good time to buy a house. At the time that the financial cost of house purchase and the price-to-income ratio were higher, consumers were less likely to respond by considering it a good time to buy a house. The government’s housing policy directed towards lessening house purchase constraints was also found to be influential. The coefficient of error correction term was estimated to be high, indicating that consumers adjust their sentiments about the house buying time to its long-run level at a fast rate.
  • 5.

    Closing Services in Real Estate Transactions : With Focus on the Canadian Examples in Ontario State

    Bang, Jin Won , Baek SungJoon | 2020, 30(1) | pp.69~84 | number of Cited : 0
    Abstract
    Real estate transactions can be largely divided into two stages: (1) the process of identifying, marketing, searching, etc. by the real estate agents; and (2) the closing stage. At the closing stage in the South Korean system, the tax and registration services are completed by the cooperative experts, but in Ontario State, Canada (including the eastern part of the U.S.), the real estate lawyers are the ones who complete the closing stage. Most of the preceding researches were on the introduction of the Escrow system. This system is used in the western part of the U.S., including the state of California, where more than one million Korean residents live, and it makes access to information and data easier. In South Korea, real estate can be divided into “land” and “building,” separately. Thus, the real estate owners may be different from the real estate occupiers. Further, the transaction amount passes directly to the sellers without trust until the end of the “closing stage.” In this paper, the Ontario State, Canada (or eastern part of the U.S.) real estate transaction closing system is introduced, and the real estate lawyers benefit from taking over the closing stage, such as by expanding their public confidence in registering, preventing document forgery, preventing double contracts, securing the safety of the transaction amount, disclosure of and fairness in tax payment, and securing the stability of buyers on the listed debt obligations.