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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2021, Vol.31, No.1

  • 1.

    A Study on Factors Affecting Unsold Houses after Completion: Focused on Busan Metropolitan City

    Jang, Ho Kwan , Sangyoub Lee | 2021, 31(1) | pp.7~18 | number of Cited : 0
    Abstract
    This study analyzed the factors that affect the occurrence of unsold apartments after completion of construction in Busan Metropolitan City, which has the highest rate of unsold apartments nationwide from 2017 to 2019. Logistic regression analysis showed that the probability of unsold apartments after completion was reduced when the following factors are higher: total number of households, terraced porch structure, the adoption of district heating, construction by high-rank corporation, residential and commercial complexes, proximity to urban railways, entrance rate of special-purpose and autonomous private high schools, and net entry rate of high schools. However, the number of parking spaces per generation, proximity to elementary schools, and existence of representative equilibrium have no significant effects. This study is expected to provide implications for the decision-making of operators considering new supply and consumers for investment and residential purposes.
  • 2.

    The Satisfaction on the Work Environment for the System Evaluation of the Real Estate Agents

    Bang, Jin Won , Baek SungJoon | 2021, 31(1) | pp.19~36 | number of Cited : 0
    Abstract
    National Statistical Office released the “2019 National Balance Sheet Results (Estimation)” on July 21, 2020, which showed that residential real estate assets amounted to 5,000 trillion won and real estate agents are at the center of the transaction. However, most real estate agents have been accused of lack of reliability, personal ethics, immorality, and dereliction of duty if problems arise. Advance research has revealed that reliability is influenced by job satisfaction. To enhance the reliability of real estate agents in Korea, Canada’s real estate system is introduced. In addition, job satisfaction is measured in three ways under the working, management, and educational environment, with four major factors each to determine which environment and what factors affect job satisfaction. The findings of this study reveal that the higher the satisfaction level of the practical and the educational environment, the higher is the agent job satisfaction. In the long term, a practical supervising organization, not a law, must be established by a separate authorized brokerage management and supervision organization, such as in Canada and USA.
  • 3.

    A Study on the Factors Affecting Location Decision for the Flagship Stores of Global Retail Brand

    Kim, Yong Woo , Sangyoub Lee | 2021, 31(1) | pp.37~49 | number of Cited : 1
    Abstract
    This study provides a theoretical basis and implications for the optimal location selection of flagship stores, considering the various professional perspectives, which can be utilized as a useful index for market analysis in real estate industries. Moreover, this study examines the location determinants for the flagship stores based on AHP and Fuzzy methodologies. The determinants are categorized into 20 factors with 5 upper categories. To develop the importance weight of factors, AHP and Fuzzy methodologies are implemented based on the analysis of a survey conducted with experts, namely, global brand's store expansion managers and commercial real estate brokers, who have experiences in flagship store expansions. Research findings indicate the following five upper categories: environment, commerciality, location, consumer, and space. Meanwhile, based on the analysis, the following factors are arranged in the order of importance: market size, foot traffic, profitability, store location, fixed cost, and so on. Notably, store expansion managers deemed profitability, fixed costs, investment size, and marketing as the more important factors, whereas commercial real estate brokers consider the purchasing power, visibility, total size, and façade to be the essential factors. This study’s findings may help in the decision-making for the optimal location selection of flagship stores.
  • 4.

    A Study on the Effect of Household and Housing Supply on House Price

    Chang, Young-Gil , Chang, Seong Dae , Mihwa Lim | 2021, 31(1) | pp.51~65 | number of Cited : 0
    Abstract
    Recently, an issue has been raised that a shortage of housing supply mainly caused the surge in housing prices in the metropolitan area. Therefore, to analyze regional differences, this study divided Korea into Seoul, metropolitan areas, and provinces. In addition, this study analyzes the number of households and housing completed as the factors of demand and supply, respectively. Moreover, economic factors that affect housing prices are determined. Dependent variables are housing prices, and the independent variables are completed housing, number of households, employees by industry, money supply (M2), and mortgage loan amount. Moreover, ARIMA, GARCH, and BREAKS are the analysis models used in this study. The findings of this study are as follows. First, ARIMA analysis showed a strong autoregressive effect in all regions. Second, BREAKS analysis showed that new construction and households are significant factors affecting the increase in housing price. Third, in the GARCH analysis, uncertainty and unexpected shock were significant in house price volatility, and the volatility of loan amount and M2 was significant depending on the region. In the case of Seoul and metropolitan areas, manufacturing workers had a negative (-) influence and ICT/finance/health workers had positive (+) influence on housing prices. Results reveal that changes in the number of households, housing supply, and employment affect the housing price. In particular, in terms of employment in Seoul and metropolitan areas, the number of workers in the manufacturing industry has a negative (-) influence on housing price, whereas the amount of information, finance, and the number of health workers has a positive (+) significant influence on the housing price.