2012, Vol.22, No.1

Korea Real Estate Review 2023 KCI Impact Factor : 0.56

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

This study investigates both housing market and residential mortgage market in an integrated manner. We argue that real housing prices can be influenced by mortgage choices between adjustable rate mortgage and fixed rate mortgage in the housing market. In an imperfect housing finance market, an exogenous shock can have different impacts on real housing prices depending on the relative share of two different types of mortgages. In this theoretical work, we add fixed and variable housing costs assumptions to the model proposed in Stein (1995). We show in a theoretical fashion that house price dynamics are more volatile with an exogenous shock in the housing market in which more borrowers have variable-rate housing cost.

Recently SSM (Super-Supermarket) has been regulated with distance; however, there is no regulation about size of SSM. Moreover, related literatures have discussed that the size of SSM is simply examined as a main factor influencing on total supermarket sales. This study focuses on identifying the trends of shop-area size of SSM and investigating the effects of the size of SSM on sales increment of SSM. The study sample was composed of 395 SSM of three franchises in Korea with sales data in 2009. For analyses, a regression model was conducted with sales of SSM as the dependent variable. Results show that the size of SSM in large cities is decreased; however, the size of SSM in local area is increased. In addition, when the shop-area of SSM is increased by 1㎡, the sales of SSM is increased by 0.05%, and when the number of annual average buyers are increased by 1 person, the sales of SSM is increased by 0.1%. Finally, the sales of SSM in Seoul Metropolitan Area, Kangwon-Do, and Chungchung-Do are about 9.4%～27.4% higher than the sales of SSM in other place. Based on the results, it is suggested that the regulation for the size of SSM should be considered by local governments.

This study examines the appraiser’s professionalism for making Income Capitalization Approach Appraisal Model of the Commercial Officially Assessed Reference Land Price by using the AHP. The Commercial Officially Assessed Reference Land is appraised by Income Capitalization Approach Appraisal Model(Soojung Model). The theoretical and practical limit of the Soojung Model was summarized as follows:First, the Soojung Model is contrary to the principle of vacant land assumption appraisal because it calculates the net operating income vested in land by mirroring the condition of the building in it. Second, the Soojung Model is an appraisal model discrepant from the investment behavior of the real estate market(integrated sales of land and building) by physically distinguishing the net operating income of land from that of building and applying the net operating income. Third, the ‘income rate’ is applied to the Soojung Model though it may be different from the capitalization rate in terms of meaning and calculation process. To present an New Income Capitalization Approach Appraisal Model(New Model), the questionnaire research was conducted as the views that appraisers participating in the officially assessed reference land price had on the Soojung Model. As a questionnaire research results, New Model should have the principle of vacant land assumption appraisal, applying the net operating income of both land and building, applying cost of building and reversion value of land.