2007, Vol.17, No.1

Korea Real Estate Review 2023 KCI Impact Factor : 0.56

pISSN : 2092-5395 / eISSN : 2733-8339
https://journal.kci.go.kr/krer

Official assessed land price system in which the Korea Government has valued every land parcel has given a foundation for property, windfalls, and capital gain taxes. In order to increase rationality in valuation of many land parcels, not only has the government developed elaborate mechanism and data structure, but also many researchers have proposed more sophisticated valuation technique along with realistic factors. In spite of such efforts and studies, there is no discussion regarding permissible bulk and building envelope which has been considered a decisive factor affecting land value in urban design and planning field. This study tried to increase the understanding of permissible bulk and the necessity of the concept in official assessed land price system. With literature review, simulation, and a case study, this research can clearly show the complicated building regulation has been changed and affected the value of lands in downtown, although the official valuation system has not included the concept of permissible bulk, and insists that the Government should consider the permissible bulk as a factor for official assessed land price valuation.

In recent years, people in Korea are willing to pay a premium price for condominium units located on upper floors. In the past, people preferred the middle floors rather than the top floor orthe ground floor. And people preferred the ground floor rather than the top floor. This earlier tendency was based on issues concerning security and radiant heat. But recently, people have become more conscious of environmentally related aspects such as exposure to sunlight and the view from the unit. Changes in perception have had a strong effect on appraisals. The focus of this study is to analyze condominium unit price in terms of floor location, based on the comparison of residents' floor level satisfaction with total satisfaction with the condominium. It is assumed that 'hedonic price function'is the basic model for condominium price, and least square analysis was applied as an estimation method. Basic information on 7734 condominium units in Seoul, Korea was collected from 150 real estate appraisers. Information included the units'physical characteristics and neighborhood characteristics. It was found that there was a significant difference in the pattern of floor-level price between high floor and low floor. An index coefficient of floor variables indicates the changing patterns of price by floor choice.

A Study on features and determinants of apartment price in Changwon The objective of this study is to estimate the effect on the price determination of Changwon city in Gyeong Sang Nam Do. Apartment price per pyung was used as the dependent variable in the hedonic model. Explanatory variables in the model were apartment size(pyung), floor number, door type, heating type, the number of households, brand, reconstruction, construction age and distance of primary school, middle school, high school. Environment attribute were density of SO2 and CO. This study results are as following, the plus sign variables are size, floor number, door type, the number of households, brand, reconstruction. the minus sign are construction age and distance of primary school, high school. The density of SO2 and CO were also included in the model to find their negative effects on the apartment price determination.