2019, Vol.29, No.4

Korea Real Estate Review 2023 KCI Impact Factor : 0.56

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

This study examines the effects of the characteristics of parent household and child household, as well as intergenerational transfer on geographical proximity, and gender effect. The behavior of residential mobility in older households is compared according to the data from the KLoSA (2008 to 2016). Research findings indicate that the behavior of geographical proximity between generations appears when the need for support increases due to physical and economic constraints of old age. Intergenerational transfer of time affects the geographical proximity between generations in both directions via face-to-face contact. The transfer of money from children to parents affects the geographical proximity. In the case of gender effect, the female household shows a difference in the geographical proximity regarding housing stability, gender of the child, and transfer of money from the children. Therefore, the behavior of residential proximity between the generations of older households is similar to the behavior of residential migration of the older households according to life cycle needs.

This study investigates the relative importance of real estate investment style factors through the perception survey of the experts. The survey consists of two stages, an AHP according to the pairwise comparisons of factors that are in the previous literature and an FGI on the result of the AHP. The result is as follows. Korean experts regard location, occupancy, and proportion of the income yield to the total return as the three most important style factors. This is quite different from foreign practice, which regards use of property, LTV and proportion of the development projects in the total investment as the main style factors. Experts point out the investment behavior focusing on the office sector, the practice in the commercial mortgage market, which allows 50~60% LTV regardless of investment strategy, and the absence of the portfolio investment, which includes development projects as the reasons of the outcome. However, the importance of the three minor factors seems to increase due to the expansion of investment sectors and the trend of style investment using various LTV and aiming development projects.

The aim of this study is to identify the determinants of transaction volume according to housing rent type using spatial regression models. Housing rent is classified into four types: monthly rent, semi-monthly rent, semi-chonsei and chonsei. The area targeted is Seoul city and data collected for analysis are built up in terms of an administrative unit, dong. The spatial error model turns out to be the best spatial regression model. The result of the analysis is as follows. Monthly rent and semi-monthly rent have similar determinants: the number of single households and foreigner ratio have positive effects but the elderly population ratio, number of housing and employee ratio have negative effects. Chonsei and semi-chonsei have similar determinants: apartment ratio and housing price have positive effects but the number of single households, the elderly population ratio and the number of business have negative effects. In both semi-monthly rent and semi-chonsei, renters pay monthly rent but they have different characteristics. The number of single households has opposite effects. The transaction volume of semi-chonsei in all other regions is significantly lower than in the Southeast region but that of semi-monthly rent is only significant lower in the Southwest region. Consequently, semi-monthly rent is similar to monthly rent, while semi-chonsei is similar to chonsei. This study is meaningful in that it identifies the structural characteristics of housing rent markets by analyzing the determinants of transaction volume according to housing rent type.