2014, Vol.24, 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, as the temporal and spatial data for the real price apartment in Seoul from January 2006 to June 2013, empirically compared and analyzed the estimation result of apartment price using OLS by hedonic price model for the problem of space-time correlation, temporal autoregressive model (TAR) considering temporal effect, spatial autoregressive model (SAR) spatial effect and spatiotemporal autoregressive model (STAR) spatiotemporal effect. As a result, the adjusted R-square of STAR model was increased by 10% compared that of OLS model while the root mean squares error (RMSE) was decreased by 18%. Considering temporal and spatial effect, it is observed that the estimation of apartment price is more correct than the existing model. As the result of analyzing STAR model, the apartment price is affected as follows; area for apartment(-), years of apartment(-), dummy of low-rise(-), individual heating (-), city gas(-), dummy of reconstruction(+), stairs(+), size of complex(+). The results of other analysis method were the same. When estimating the price of real estate using STAR model, the government officials can improve policy efficiency and make reasonable investment based on the objective information by grasping trend of real estate market accurately.

Using multivariate GARCH model, we estimate the relationship between the housing sale prices and lease prices in the Korean housing market. In the analysis of relationship between the rate of changes in sale and lease prices, the correlation coefficient of the apartment and detached house is higher than that of the townhouse. By housing type, the correlation coefficient between detached house and townhouse is higher than between apartment and detached house or apartment and townhouse. By housing size, there are no significant different results between the sales price and the rental price. The correlation coefficient between medium and small size is the highest in the apartment housing market, whereas the correlation coefficient between large and medium size is the highest in the detached housing market, resulting from the fact that people may be more interested in medium- and small-sized apartment and large- and medium-sized detached house. In the detached housing market, the correlation coefficient between large-medium size and medium-small size in the rental price is higher than that of sales price. This result implies that the process of the decision making between purchasing and leasing a house might be different.

Recently increasing the supply of housing policy has not been able to reflect social phenomena as like decreasing birth rate, aging of the population and increasing 1 or 2 person households. This study analyze the housing demand in the city with the point of population growth rate and economic character changes. Growing cities have positive population growth rate and economic character, but shrinking cities have the opposite. By comparing housing demand of growing cities and shrinking cities, we want to find out housing policy implications. In this study, results suggest that the peak age of housing demand of shrinking cities is the late 60’s. But the growing cities’s age peak is the mid-80’s. But further analysis of the economic variables and 1 or 2 person old and young household dummies, the result is that the peak age of housing demand is reduced. These results suggest that housing demand should be differentiated the cities's population structure and economic characteristics of the household. In short, housing demand will vary depending on the condition of individual cities.