Korea Real Estate Review 2021 KCI Impact Factor : 0.75

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pISSN : 2092-5395 / eISSN : 2733-8339

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2020, Vol.30, No.2

  • 1.

    A Structural Model of the Jeonse Monthly Rent Conversion Rate with the No-Arbitrage Condition of Lessors

    Ahn Seryoong , Young-Sang Choi , Byung-Chul Min | 2020, 30(2) | pp.7~19 | number of Cited : 1
    In this work, we study how the risk of jeonse deposit losses and the late payments of the monthly rents affect the jeonse-monthly rent conversion rate. Understanding jeonse-monthly rent conversion rates is critical in analyzing the South Korean rental housing market due to the multi-layered contract types of jeonse-monthly rent with security deposit-monthly rent present in the market. Our model of jeonse-monthly rent conversion rate contributes to the literature on balance between the jeonse and monthly rent markets by explicitly modeling such risks and combining it with the previous theoretical framework. The results show that the conversion rate increases along with the jeonse-price ratio, and that the value of the lessors’ put option increases along with the market interest rate.
  • 2.

    Determinants of the Population Migration of Gangwon Province : With Focus on Interregional Migration

    Kim Ju Young | 2020, 30(2) | pp.21~32 | number of Cited : 1
    Population growth and decline have been major topics in the social science field, such as urban and regional planning and housing policy. The purpose of this study was to determine the direction and magnitude of population movement and the factors that would have a deciding role in population movement between regions. According to the existing population theories, the push-and-pull factor between regions and the threshold model can be used for estimating population movement. In this study, the net financial benefit model was adopted to find out the determinants between Gangwon Province and other areas. The results of the empirical study are as follows. First, most of the variables were effective in household migration, especially population density, income level, housing cost, and medical institutions. Second, contrary to the expectations, urban density was not a meaningful factor in selecting migration areas for the old generations. The empirical results showed that Gangwon Province needs to set up a more business-friendly environment, and to control the housing cost.
  • 3.

    Inter-Temporal Change in the Building Age Effect on the Condominium Price Due to the Reconstruction Expectations

    Kim, Yea Ji , Chang-Moo Lee , Kook, Yoon Kwon | 2020, 30(2) | pp.33~42 | number of Cited : 0
    In general, apartment prices tend to fall over time due to aging. In the case of Gangnam, Seoul, however, where the demand is still high, the prices rise again after a certain period of time due to the reconstruction expectations. In this regard, this study aims to determine the time period for reaching the lowest apartment price in a time series, whether apartment prices fall as the age after construction completion increases and rebound from a few years due to the expected effect of reconstruction. Towards this end, 11 districts south of Han River were analyzed for the correlations among housing, location, and reconstruction-related characteristics and apartment prices. As expected, the estimation results confirmed that the apartment prices gradually fell and then rose again as the age after construction completion increased. The older the house is, the older the building age, the lower the quality of the housing service, and the lower the price becomes accordingly, but as the reconstruction time nears, the uncertainty about the acquisition of the house, which can be acquired after reconstruction, can be reduced, indicating that the price becomes higher. In addition, the inflection point was not accelerating in the market even though the standard period required before reconstruction was changed to 30 years. It is believed that the reason for this is that the current housing market in Seoul is being lifted, and as such, the sales ceiling and regulations on the maintenance business are reducing the possibility that the reconstruction project will be carried out.
  • 4.

    An Explorative Study on a Desirable Guarantee Examination System for Mutual Benefit Organizations in the Construction Business Sector

    Kim, Jeong Ju | 2020, 30(2) | pp.43~56 | number of Cited : 0
    The purpose of this study is to explore a desirable guarantee examination system for mutual benefit organizations in the construction business sector by developing new examination items and evaluating their relevance. With the market volatility and the policy environment expanding, the role of mutual benefit organizations in the South Korean construction industry to supplement the financial market and system needs to be emphasized. Guarantee is an important form of finance service provided by mutual benefit organizations, and this study explores the desirable form of examination system for them. AHP (analytical hierarchical process) was used to derive weights for the newly constructed examination items through survey data collected from the skilled inspectors in a mutual benefit organization. The calculated weights were applied to 500 companies to which guarantee issuances had already been made. Two examination points from the current and new examination systems were compared and evaluated by misclassification ratio. In this study, the new examination system was found to be more effective in discriminating between guarantees with a high default probability and guarantees without. This study confirms the possibility of enhancing the examination system in mutual benefit organizations by developing new examination items and applying a more scientific evaluation method to them.
  • 5.

    Effect of the Unit Floor Plan Characteristics on the Prices of Small Officetels

    Jang, Ho Kwan , Lee Jaewon , Sangyoub Lee | 2020, 30(2) | pp.57~67 | number of Cited : 0
    This study analyzed the relationship between the floor plan characteristics and the prices of officetels to determine the effect of the floor plan of small officetels on their prices. The study was based on 1,826 officetels completed in the last 8 years in three main districts (Gangnam, Seocho, and Songpa) in Seoul. The results of the study revealed that the one-room type, the typical floor plan of small officetels, did not have a significant impact on the price, but the long-range type, the floor plan of most small officetels, had a negative effect on the price. Additionally, the floor plan types with a separate shower room showed negative effects on the price, but those with a double-decker and a terrace showed a positive effect. This study is significant in that it analyzed the effect of the floor plan characteristics on the prices of small officetels, unlike the previous studies on the spatial composition, which mostly ended up with just case analyses. Finally, the research findings are expected to provide meaningful implications for the future floor plans and pricing of small officetels, and to assist prospective buyers in their decision-making regarding purchase.