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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2022, Vol.32, No.3

  • 1.

    Analysis of the Relationship between Housing Prices and Regional Characteristics Using Machine Learning and XAI

    Yang, Geon Pil , Chun Haejung | 2022, 32(3) | pp.7~24 | number of Cited : 0
    Abstract
    This study aims to explain the relationship between variables that were not explained in the existing machine learning methodology by interpreting the relationship between apartment prices and regional characteristic variables using the XAI methodology. Furthermore, the study's goal is to collect various regional variables (population, occupation, income/consumption) in the basic area unit (postcode unit) that could not be addressed in previous domestic studies due to data collection difficulties. In terms of the independent variable, a dataset was created for each facility, population, occupation, income/consumption, and the dependent variable. The relationship between independent and dependent variables was inferred using a random forest among XGBoost and Bagging models and SHAP models among XAI methodologies on the constructed dataset. The spatial scope of the analysis was determined by dividing Seoul Metropolitan Government into national basic zone units, the content range was apartment among houses, and the period was empirically analyzed in 2021. Results reveal that the proportion of high income, the proportion of rental income, and the number of apartments positively affect apartment prices, whereas the proportion of low income, bus stop, and the number of multi-family houses negatively affect apartment prices.
  • 2.

    Preference Factors for Escrow Service in Real Estate Transactions

    Seol, Jung Hee , Sangyoub Lee | 2022, 32(3) | pp.25~37 | number of Cited : 0
    Abstract
    We analyzed the disparities in perceptions of the factors favoring the use of escrow services for real estate transaction safety between service users, the general public, service providers, and escrow service workers. We identified key factors that should be prioritized to promote service use. Furthermore, AHP methodology was used to determine the relative importance and priority of the upper and lower core factors, weight analysis between factors, and comparative analysis between service users and service providers. Research findings indicate that the measures to prevent transaction accidents are the most important, followed by relieve anxiety about transaction accidents, establishment of a business processing system, reduced fee, and public institutions’ participation. This study contributes to service activation by ranking the factors of preference for escrow service use in order of importance.
  • 3.

    Comparison of Fund Managers’ Perception and Behavior toward Real Estate Investment Risk Factors

    Seonghun Min | 2022, 32(3) | pp.39~51 | number of Cited : 0
    Abstract
    The role of fund managers in the real estate market with asymmetric information is critical. They connect investors to assets and set the consensus on the risk-return profile of real estate investment. This study compares real estate fund managers’ perception and behavior toward risk factors in real estate investment to investigate their rationality. An AHP based on a survey measures perception, and a regression analysis on risk premiums calculated from target returns and risk free rates estimates behavior. The AHP results show that the investment position is perceived as the most important risk factor, followed by region, sector, timing, and lease condition in that order. Other factors, such as fund size, number of properties, property area, and investment vehicle type, are not perceived as important. The regression analysis yields somewhat similar results. The most important factor raising the risk premium is the investment position, followed by region, timing, property area, and the number of properties in that order. Other factors such as lease condition, investment vehicle type, fund size, and sector are insignificant. Comparing the two results, we can determine that the perception and behavior of fund managers are consistent. The consistency is more noticeable among key risk factors.
  • 4.

    Effect of Redevelopment Project District Characteristics on Neighboring Housing Prices

    Lee, Jae Won , Bae, Sang Young , Sangyoub Lee | 2022, 32(3) | pp.53~76 | number of Cited : 0
    Abstract
    This study analyzed the impact of nearby redevelopment project characteristics on the apartment and single/multi-family house prices in all areas of Seoul. The impact of the distance to the redevelopment project area, the number of supply households, and the number of project areas were analyzed using the housing sale transaction price from 2006 to 2020, and all housing types show the same direction. Findings reveal that the closer the supply of households, the higher the transaction price. Moreover the number of project areas has a positive effect after a certain distance. This indicates a positive effect on factors such as price synchronization when new houses are supplied from nearby project areas, expectations as project candidates, and shares in the benefits of improving the residential environment. Redevelopment projects are likely to be used as large-scale housing supply assurance measures in the future. When designing an area, one must consider planning and progress by region so that the size, number of union members, and maintenance infrastructure ratio do not significantly impact the housing market. This study obtained general results for all regions in Seoul, yielding important policy implications and providing useful basic data to investors, public policymakers, and practitioners.
  • 5.

    Major Concerns and Improvement Measures for Land Appraisal Method based on the Official Land Price

    Sung Won Lee | 2022, 32(3) | pp.77~91 | number of Cited : 0
    Abstract
    본 연구의 목적은 우리나라 토지 감정평가기준과 공시지가기준법 토지평가의 개선방향을 제시하는 것이다. 본 연구의 주요 결과는 다음과 같다. 첫째, 토지를 비롯한 우리나라의 감정평가기준은 가급적이면 3방식을 병용하는 체계로 전환해야 할 필요가 있다. 둘째, 토지 감정평가에서 정형화 된 형태로 간략하게 작성되고 있는 ‘시산가액 조정’의 내용을 구체화할 필요가 있다. 셋째, 표준지 공시지가 현실화 제고가 조속히 이루어져야 하고, 표준지 공시지가와 개별공시지가의 개념을 재정립하여야 한다. 넷째, 그 밖의 요인보정이 필요한 상황을 명확화하여야 한다. 다섯째, 원칙적 평가방법이었던 공시지가기준법의 역할을 적용가능한 여러 평가방법 중 하나로 조정할 필요가 있다. 여섯째, 그 밖의 요인 보정치를 산정할 때 복수의 자료를 이용하여 산정하는 방안이 타당할 수 있다. 일곱째, ‘그 밖의 요인 보정’ 항목을 ‘시가 격차 보정’ 항목과 ‘그 밖의 요인 보정’ 항목으로 분리할 필요가 있다.