Korea Real Estate Review 2022 KCI Impact Factor : 0.65

Korean | English

pISSN : 2092-5395 / eISSN : 2733-8339

Home > Explore Content > All Issues > Article List

2022, Vol.32, No.4

  • 1.

    Bubbles in the Apartment Market by Region and Their Causes Based on PSY Test

    Won-Cheol Yun | 2022, 32(4) | pp.7~20 | number of Cited : 0
    This study examines the timing of the boom and bust of bubbles in South Korea’s apartment market by region using the test developed by Phillips et al. (2015a, 2015b). The study also identifies the factors causing housing bubbles using ordinary least squares (OLS) and probit models. The sample covers the period from January 2000 to June 2022, comprising 270 monthly observations. The main results of this study are as follows. First, the generalized sup Augmented Dickey–Fuller test results indicate that housing bubbles partially existed in all five regions. Second, the bubble date stamping shows some differences across regions. Third, OLS results indicate that although housing bubbles are inversely related to the loan-to-deposit ratio (LDR), interest rate (IR), and stock index (SI), they are positively associated with the producer price index (PPI), the exchange rate of US dollar to Korean won (ER), and the total amount of interim payment in the construction sector (TIP). Fourth, probit results suggest that the probability of housing bubbles is influenced by PPI, LDR, IR, SI, ER, and TIP in order of magnitude.
  • 2.

    A Study on the Operating Factors of Continuing Care Retirement Community(CCRC) in Korea

    Kim, Se-Yul , Jung, Yu Na , Seon-Jong Yoo | 2022, 32(4) | pp.21~32 | number of Cited : 0
    Korea is rapidly entering a super-aged society, creating housing issues for the elderly. Determining the necessity to understand the continuing care retirement community (CCRC), a model that enables the realization of the value of "aging in place" (AIP), was the starting point of this study. This study aims to identify the types of facilities that most closely resemble the “Korean style of CCRC” and to analyze the factors affecting its operation because there is currently no complete CCRC type in Korea. The subjects of this study were 31 senior welfare housing and 3 paid elderly care facilities among the residential welfare facilities for the elderly registered with the Ministry of Health and Welfare as of 2020. The “Korean style of CCRC” was defined as facilities with four or more of the independent living, assisted living, nursing home, daycare center, and community center . Subsequently, logistic regression analysis was conducted. The results indicated that the probability of operating as a "Korean-style CCRC" increases when the following factors are greater: land area, total number of households, efficiency rate, number of community facilities, number of workers, and monthly living expenses. Meanwhile, the number of years elapsed and the move-in price per 3.3㎡ were analyzed to have no effect. This study is expected to identify the current status of residential welfare facilities for the elderly and suggest implications for potential consumers who wish to move into CCRCs in order to facilitate their facility selection.
  • 3.

    Factors Affecting Consumer Attractions in Urban Complex Commercial Facilities at Hongik University Station

    Choi, Nam Seok , Sangyoub Lee | 2022, 32(4) | pp.33~46 | number of Cited : 0
    As the competition among existing commercial facilities intensified, the number of complex commercial facilities around the Seoul metropolitan area increased rapidly in 2010. Moreover, the increase in shopping content, such as global SPA, category killers, and lifestyle editing stores, accelerated the opening of complex commercial facilities. The continued expansion of the online market and the recent prolonged COVID-19 pandemic have made it difficult for commercial real estate to survive while changing consumption patterns and trends. Therefore, this study attempted to present implications for developing urban commercial facilities by analyzing consumer attraction factors and preferences for detailed categories using the AHP (analytic hierarchy process) technique for urban complex commercial facilities near Hongik University Station, where the MZ generation is the main consumer. The results show that “transportation convenience” expected in previous studies, “food facilities” reflecting recent consumption patterns and behaviors, and “frequency of exposure to SNS” were important factors affecting consumer audiences. Therefore, in the future, development and operation strategies should be formulated to ensure that offline-only discriminatory factors and new communication with customers have complementary synergy effects along with existing important attraction factors.
  • 4.

    Willingness-to-pay Estimation of Real Estate Brokerage Service Using Contingent Valuation Method

    Jung, Sung Chul , SHIN WOOJIN | 2022, 32(4) | pp.47~61 | number of Cited : 0
    Consumers, real estate agents, and real estate platforms are in conflict as the burden of brokerage fees increases due to the increase in housing costs and the expansion of proptech services. This study focuses on resolving conflicts among parties of real estate transactions, and especially analyzes how consumers evaluate the value of brokerage fees incurred when using brokerage services and direct brokerage services, a core field of prop-tech. The research method employed the virtual valuation method, which is commonly used to measure the value of non-market goods such as difficult-to-measure goods and services. As an empirical measurement technique, the double bounded dichotomous choice question model was utilized in this case. A survey was used to collect analysis data and divided into five types to increase the validity of the research results. In addition, the secured sample was able to estimate the willingness to pay for real estate brokerage services using the logit model, a quantitative analysis model to measure the value and acceptability of such services. The analysis results revealed that the estimated willingness to pay for brokerage fees was 2,581,370 won for sales and 970,185 won for lease transactions.
  • 5.

    Study on the Housing Status and Satisfaction Analysis of Single-person Households by 2030 Generations in Gwangju Metropolitan City

    Hong, Hee Sook , MyeongGyooLee , Kim Hangjib and 1 other persons | 2022, 32(4) | pp.63~79 | number of Cited : 0
    Recently, as a result of the surge in single-person households caused by changes in the demographic structure, responses to improve economic and social characteristics and living conditions are actively underway. In particular, as people's education levels have increased along with the Fourth Industrial Revolution’s advanced socialization, various changes in society as a whole have occurred due to an increase in women's participation in economic activities, increase in the age of first marriage, and decrease in the birth rate, resulting in changes in household types. The goal of this study is to examine the current state of the housing environment and housing satisfaction of the 2030 generations in Gwangju Metropolitan City, one of the regional base cities, and to present implications for improving the quality of life and the living environment for single-person households as the 2030 generation increases. To this end, theories about single-person households and theories about satisfaction with the housing environment were investigated. Furthermore, the housing status and satisfaction with the housing environment of single-person households in Gwangju Metropolitan City were examined by 2030 generations. As a result, 1) a systematic housing management system for single-person households in 2030 generations was established, and methods for implementation, 2) discriminatory policies and support for 2030 generations were developed, and 3) the need for customized housing type support centered on consumers to increase housing satisfaction were identified.
  • 6.

    Vertical Equity of the Assessed Value in Multi-owned Commercial Properties

    Yoo, Ki Yong , Lee Jae Woo | 2022, 32(4) | pp.81~97 | number of Cited : 0
    This study focuses on analyzing the vertical equity of the assessed value for multi-owned commercial properties in Seoul through various methods after understanding the level of the assessment. The gap in the assessment level among properties within one building is widely spread, showing the severe inequity in the assessed value. Neighborhood facilities and shopping malls show regressivity for nearly all of the analysis models except for the Kochin and Parks model in the shopping mall, which tends to show progressivity. Regressivity is observed for the entire model from the first basement level to the eighth floor, whereas for the second basement level, consistent progressivity is found across the entire model, except for the Gini model. In addition to progressivity in the Gini model for the elevator, escalator, and basic-style store, the entire property characteristics of the commercial properties show regressivity all the way through. This research has implications in improving the current estimation system of the assessed value for multi-owned commercial properties by considering horizontal property characteristics or adjusting the factor of floor to be the actual level of price between floors.
  • 7.

    Determining the Discount Rate for the DCF Method in Enterprise Value Evaluation

    Kim, Tae Hoon | 2022, 32(4) | pp.99~108 | number of Cited : 0
    본 연구는 DCF법을 적용한 기업가치평가 실무상 할인율 추정요소별 결정 기준 등과 관련한 이론적 기초 제공 및 할인율 결정을 위한 합리적 적용 방향을 제시하는 것에 목적이 있다. 본 연구에서 제시한 내용은 기업가치평가 시 감정평가 결과의 객관성 확보를 위해 할인율 추정요소에 대한 충분한 근거를 설득력 있게 제시할 수 있다는 점에서 실무 활용 측면에서 의의가 있을 것으로 보인다. 본 연구에서는 DCF법을 적용한 할인율 결정 관련 고려사항을 바탕으로 기업가치평가 시 DCF법에 따른 할인율 결정의 합리적 적용 방향을 다음과 같이 제언하였다. 첫째, 실무상 타인자본비용은 대상기업의 규모, 자본구조 및 재정상태, 부채비율을 고려하고, 시중은행의 기업대출금리, 동종 유사기업의 차입금의존도 등을 고려하여 결정하는 것이 바람직하다고 제언하였다. 둘째, CAPM을 이용한 자기자본비용 추정요소 적용과 관련하여 무위험수익률() 추정, 시장위험프리미엄[()-] 추정, 베타계수() 추정, 추가 위험프리미엄(SRP) 추정으로 구분하여 합리적 적용 방향을 제언하였다. 셋째, 자본구조 결정과 관련하여 자본구성비율 적용, 목표자본구조 결정 시 합리적 적용 방향으로 구분하여 제언하였다. 아울러 본 연구에서는 실무관행상 DCF법에 따른 할인율 결정 시 활용 빈도가 높은 것으로 파악되는 주요 참고자료 및 지표 등의 실무상 활용 시 유의사항을 제시하였다.