2021, Vol.31, 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 analyzed the factors that affect the occurrence of unsold apartments after completion of construction in Busan Metropolitan City, which has the highest rate of unsold apartments nationwide from 2017 to 2019. Logistic regression analysis showed that the probability of unsold apartments after completion was reduced when the following factors are higher: total number of households, terraced porch structure, the adoption of district heating, construction by high-rank corporation, residential and commercial complexes, proximity to urban railways, entrance rate of special-purpose and autonomous private high schools, and net entry rate of high schools. However, the number of parking spaces per generation, proximity to elementary schools, and existence of representative equilibrium have no significant effects. This study is expected to provide implications for the decision-making of operators considering new supply and consumers for investment and residential purposes.

National Statistical Office released the “2019 National Balance Sheet Results (Estimation)” on July 21, 2020, which showed that residential real estate assets amounted to 5,000 trillion won and real estate agents are at the center of the transaction. However, most real estate agents have been accused of lack of reliability, personal ethics, immorality, and dereliction of duty if problems arise. Advance research has revealed that reliability is influenced by job satisfaction. To enhance the reliability of real estate agents in Korea, Canada’s real estate system is introduced. In addition, job satisfaction is measured in three ways under the working, management, and educational environment, with four major factors each to determine which environment and what factors affect job satisfaction. The findings of this study reveal that the higher the satisfaction level of the practical and the educational environment, the higher is the agent job satisfaction. In the long term, a practical supervising organization, not a law, must be established by a separate authorized brokerage management and supervision organization, such as in Canada and USA.

This study provides a theoretical basis and implications for the optimal location selection of flagship stores, considering the various professional perspectives, which can be utilized as a useful index for market analysis in real estate industries. Moreover, this study examines the location determinants for the flagship stores based on AHP and Fuzzy methodologies. The determinants are categorized into 20 factors with 5 upper categories. To develop the importance weight of factors, AHP and Fuzzy methodologies are implemented based on the analysis of a survey conducted with experts, namely, global brand's store expansion managers and commercial real estate brokers, who have experiences in flagship store expansions. Research findings indicate the following five upper categories: environment, commerciality, location, consumer, and space. Meanwhile, based on the analysis, the following factors are arranged in the order of importance: market size, foot traffic, profitability, store location, fixed cost, and so on. Notably, store expansion managers deemed profitability, fixed costs, investment size, and marketing as the more important factors, whereas commercial real estate brokers consider the purchasing power, visibility, total size, and façade to be the essential factors. This study’s findings may help in the decision-making for the optimal location selection of flagship stores.