KJCKorea
Journal Central

This study conducted in-depth interviews with users and providers of the nationally accredited Commercial Real Estate Lease Trends Survey to identify the reasons for its limited utility and to examine its possible improvements. Interview transcripts were analyzed using Grounded Theory. The analysis showed that the main phenomenon of “lack of data standardization” stems from the causal and contextual conditions of “market heterogeneity” and “insufficient government involvement,” which lead to negative outcomes such as “reduced data usefulness” and “lack of market transparency.” To address these problems, three strategies were identified : “scientific improvement of sample redesign,” “development of an integrated data platform,” and “enhanced active cooperation between users and providers.” Concurrently, according to this scenario, users and providers of commercial real estate statistics had different perceptions. Providers identified technical limitations, such as data collection and sample redesign, as the main challenges in the production stage, whereas users focused on issues of data accessibility and cost. The government should try to improve the Commercial Real Estate Lease Trends Survey and strike a balance between these perspectives.

This study examines the factors that influence the progress of Seoul’s urban redevelopment projects. At the decision stage, a logistic regression of the cancellation of district designation shows a higher probability of cancellation when the district apartment presale prices and the Basic Livelihood Security recipients’ share are lower, older housing share is higher, and no redevelopment association exists. The duration of the association formation is shortened by larger membership and greater interest-rate fluctuations at the time of establishment of the committee, but increases with higher simultaneous economic growth, more unsold housing at the time of association’s authorization, and the introduction of new policies. In the planning phase, the duration is longer due to larger membership, higher district presale prices, higher interest-rate fluctuation at project-implementation approval, higher inflation at project approval, faster land price growth at management-plan approval, and new policies. In larger site area, more unsold housing at management-plan approval, increased inflation, and the new policy lengthen the construction phase. To increase the availability of high-quality housing, policies must be reevaluated.

This study proposes improvements to taxation policies related to vacant houses to encourage voluntary maintenance by their owners. To achieve this, a comprehensive review of domestic and foreign laws, regulations, and statistical data on vacant house maintenance and taxation was conducted. The findings indicate that the current taxation system for vacant houses faces issues at multiple stages, including real estate acquisition, ownership, and disposal, which reduces its effectiveness in motivating owners to manage their vacant houses. This study categorizes vacant houses into four types based on internal and external factors that cause vacancy, housing supply and demand issues, and associated risks. It proposes specific taxation improvements for each type. First, for Type 1 vacant houses requiring demolition, recommended measures include expanding acquisition taxes exemptions, extending the special aggregate taxation period, and providing capital gains tax relief. Second, for Type 2 vacant houses neglected despite defects, financial support for defect remediation is proposed instead of tax incentives. Third, for Type 3 vacant houses where low residential demand results from external factors, support for small-scale housing maintenance projects is recommended. Fourth, for Type 4 vacant houses kept idle in anticipation of rising housing prices, the introduction of a vacancy tax should be considered. Across all types, this study proposes excluding or reducing the long-term holding special deduction for capital gains tax. Accordingly, it examines the significance and limitations of the government's amendment bill and suggests future directions for improvement.