KJC Korea
Journal Central

This paper reviews grounds for just compensation and the market value standard in compulsory land acquisition, and then identifies limitations in the Korea’s practices on compensation appraisal. In addition, the actual compensation level in Korea is empirically examined using available data. Results show that the appraisal of land compensation tend to fall short of the level of market-value-based compensation. The main reasons in terms of methods are two-fold. First, compensation is calculated on the basis of Officially Assessed Land Prices (OALP), which is estimated to be 40~50% of observed market price. Second, the compensation amount is set at the ‘past’ and not the ‘current’ market value by excessively excluding development surplus arising from the project to be promoted. As an ultimate remedy, this paper discusses a change in land compensation appraisal method, that utilizes market transaction prices more directly rather than relying on the OALP. As a supplementary measure in the transition period, an institutional framework is recommended to allow active adjustments to the primary compensation appraisal according to circumstances of the target land.

Given the rising inflation at home and abroad, this study analyzes the effects of inflation hedges based on Seoul apartment assets to represent domestic economic entities. Unlike previous literature, the present study particularly carries out an empirical analysis by using the SVAR model with five variables, assuming that the inflation hedge effects of real estate assets may vary depending on the causes of inflation. The demand-pull inflation analysis shows that prices and Seoul apartment prices move in the same direction for the rising interest rates, and that Seoul apartment assets have effects of inflation hedges. However, cost-push inflation shows that prices and Seoul apartment prices move in opposite directions, and Seoul apartment assets have no effects of inflation hedges. These findings result from the causes of inflation because, in terms of cost-push inflation, prices may show downward rigidity or even increase if the structural problem of aggregate supply is not resolved, apart from the aggregate demand policy following the base rate hike. This scenario is regarded to reduce the effects of an inflation hedge on real estate assets.

In Korea, the housing market is undergoing a period of rapid price increases, and a policy to prevent false price reporting is implemented as a stabilization strategy. However, research on the relationship between false price reporting and market distortions in the real estate industry remains lacking. This study aims to empirically estimate whether false reporting of real estate price cause market distortions. Specifically, the prices of canceled trade suspected of false reporting and of normal trade are compared by using the data of Real Estate Trade Management System (RTMS) apartment sales in Seoul, Korea from Feb. 2020 to Dec. 2021. Double-adjustment in Propensity Score Matching is combined with Coarsened Exact Matching to obtain an accurate comparison. For the two groups of prices, pairs with similar attributes such as transaction time, location, apartment area, floor, and building age are matched. Results show no significant price difference between the two groups. False reporting of housing prices may have occurred in the specific period and region with high transaction cancelations, but its effects are negligible and cannot be concluded as a cause of market distortions.

4차 산업혁명으로 인한 기술혁신 등은 모든 산업에 직간접적으로 영향을 미치고 있다. 감정평가업계에서도 프롭테크로 인한 산업구조 변화가 예상된다. 특히 부동산정보공개가 확대됨에 따라 수요자가 부동산정보를 직접 수집할 수 있는 채널이 다양화되고 있다. 앞으로 감정평가 의뢰인들은 대량의 부동산정보를 직접 확인할 수 있고, 더욱 정밀한 감정평가 서비스를 요구하게 될 것이다. 이러한 서비스 요구 변화에 맞춰 감정평가업계에서도 프롭테크 기술 동향 등을 파악하고 산업변화에 대응할 필요가 있다. 감정평가에 프롭테크를 적정하게 활용한다면 감정평가사의 전문성을 보완할 수 있고 새로운 감정평가 서비스 수요를 창출할 수 있지만 이를 위해서는 기술활용의 현실성, 부동산정보 활용에 관한 법적 과제 등 다양한 시각에서 프롭테크를 진단하고 연구할 필요가 있다. 프롭테크를 선도하는 미국과 빠르게 프롭테크 산업을 확장하고 있는 일본의 프롭테크 동향조사는 국내 감정평가업계에 큰 시사를 줄 것으로 기대된다. 본 연구는 프롭테크로 인한 부동산업 구조변화를 진단하고 감정평가업계에서 프롭테크 도입의 필요성을 주창했다. 프롭테크 활용사례 및 제문제를 살펴보기 위해 미국과 일본에서 감정평가와 관련이 있는 프롭테크 동향을 조사했다. 감정평가와 관련된 미국의 프롭테크 기업은 크게 가격조사 지원형, 현장조사 지원형, 의사결정 지원형으로 분류할 수 있다. 일본의 경우는 물건정보·미디어, 부동산정보, 가격사정 등으로 분류할 수 있다. 감정평가 업무에 있어서 각 단계별로 미국과 일본의 사례를 적용한다면, 보다 적확한 평가업무를 수행할 수 있을 것으로 기대된다. 이러한 해외사례를 통해 국내 감정평가업계에서 프롭테크 도입을 위한 주요쟁점과 선결과제 등을 정리할 필요가 있으며, 지속적으로 문제점을 개선해 나가야 한다.