2015, Vol.25, No.2

Korea Real Estate Review 2023 KCI Impact Factor : 0.56

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

In this study, we aim to clarify the theoretical definitions of ‘underlying price’ and ‘expected interest rate’ in question, and calculate the expected interest rates of both 'lease on a deposit basis' and 'monthly rent' depending on use values in 25 autonomous Gus in Seoul and then verify whether accurate when market rents are considered. First, the expected interest rate depending on use value is found to vary by autonomous Gus and smaller areas, and for accurate calculation of estimation-method rent, it seems to be necessary to set detailed standards for calculating the expected interest rate currently classified only by the measures of metropolitan cities and by the property types. Second, the current expected interest rate when market value is applied to underlying price depending on the type of apartment in Seoul is 5.4%∼6.0%, whereas the expected interest rate when use value is applied is calculated at 4.23%∼4.75%. This suggests that expected interest rate varies according to the definition of the concept of underlying price. Third, estimation-method rent and market rent based on the currently presented expected interest rate are overestimated 2.584∼2.118 times on average, but when based on use value those are underestimated 0.922∼1.033 times.

This research analyzed the portfolio effect of corporate real estate based on 488 KSE-Listed manufacturing companies for the period from 1995 to 2011 with the purpose of expanding domestic research related to corporate real estate while also providing methodological tools related to efficient asset management for corporate real estate asset managers. This research directly extracted the beta and alpha for each company, which are representative of systematic risk and excessive performance, respectively. The relationship between the corporate real estate holding ratio and the extracted beta (alpha), set as dependent variables, was then investigated. The main research result can be summarized as follows. First, corporate real estate holding ratio identified a significant 1% negative (-) effect in beta, which represents systematic risk, whereas a 10% positive (+) influence was identified in alpha, which represents excessive return, when the portfolio effect of corporate real estate was verified. This means that corporate real estate has a positive influence on corporate value, indicating the necessity for active asset management of corporate real estate. Second, possession real estate holding ratio had a significant 1% negative (-) effect on beta and a significant 10% positive (+) effect on alpha. In contrast, investment real estate holding ratio had a negative (-) effect on beta and a positive (+) effect on alpha, but neither was significant. This means that possession real estate has a portfolio effect, while investment real estate does not.

The study has empirically analyzed the effects of children's ages on household’s residential mobility for educational reasons. Households were divided into two categories: those with 1 child and the ones with 2 or more children. In the households with 2 or more children, the ages of first child and the youngest one were used as independent variables. Also, children's ages were divided into a preschooler age group, an elementary school age group, and a middle or high school age group to analyze when the likelihood of residential mobility for educational reasons was high. The probit model analysis results are as follow. First, when the children were younger, the possibility of the moving for educational reasons was higher. Second, the possibility of the moving for education was the highest in the elementary school age of the child in households with 1 child, and in the preschooler age of the child in ones with 2 children and more. Third, in households with 2 or more children, the age of the first child had a bigger influence on residential mobility for educational reasons than the age of the youngest. Fourth, the absolute value of the coefficient value of the age of children in households with 2 or more children was bigger than that of the child in the 1-child household, which meant that households with 2 or more children were more active in moving for educational reasons than their counterpart.