2021, Vol.31, No.3

Korea Real Estate Review 2023 KCI Impact Factor : 0.56

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

This study empirically examines the effect of satisfaction with neighbor relationships on residential satisfaction of Korean households. To control for endogeneity of satisfaction with neighbor relationships to residential satisfaction and to identify factors to influence satisfaction with neighbor relationships, this study recursively estimates an ordered probit model for residential satisfaction with a probit model for satisfaction with neighbor relationships, using the data of Housing Survey in 2019. Estimation results show that the satisfaction with neighbor relationships is endogenous to residential satisfaction. If endogeneity is not considered, estimation results underestimate the effect of satisfaction with neighbor relationships on residential satisfaction. When estimated using a full sample of households of all ages, households who have satisfactory relationships with neighbors have 8 percentage points higher probability of being satisfied with their residence than those who have unsatisfactory neighborhood relationships. The marginal effect is relatively higher for the young group of households whose heads are younger than 38 years. The results also hold for the old group of households, whose heads are older than 75 years. Although homeownership is the most important determinant of satisfied relationships with neighbors, the number of children under 18 years of age appears to be a critical factor to have satisfied neighbor ties in the earlier stages of the life cycle.

As academic interest in the determinants of political orientation increases, attempts to reveal the relationship between real estate assets and political orientation are increasing. In particular, the study of political tendencies in connection with real estate will have important implications, considering the peculiarity of Korea, where most household assets are composed of real estates. The empirical results obtained from the National Survey of Tax and Benefit (2016–2019 waves) reveal that homeowners are 1.15 times more conservative in their political orientation. In addition, the political conservative tendency strengthened as the number and the price of houses owned increased. Considering the recent increase in the home ownership rate and housing prices, this study suggests that the political orientation of the people becomes more conservative. However, our study is the first attempt to address this topic; therefore, further research is needed to provide more in depth implications for real estate-related political orientation.

The land resources inside the city are limited; therefore, high-density and vertical property development is necessary for the sustainable development of the city. In the already-fragmented urban land, the development of medium-scale mixed-use property with high density and revitalization of urban land is feasible only by land assembly. This study uses 175 out of 3,618 real estate development projects conducted in Gwangjin-gu, Seoul, from 2010 to 2020. Moreover, this study focuses on property development projects relating to land assembly. After dividing the property development period into periods of construction start and occupancy permit, we investigated the differences in the influencing factors according to the characteristics of these two sequential development activities. The analysis results confirmed that the variables related to the pre-sale plan, architectural design, and financial structure of construction loan statistically and significantly influence the period of construction start, whereas the variables related to the quantity of construction significantly affect the period of occupancy permit. Moreover, the direction of the coefficients for the primary research variable and land assembly before construction is statistically significant. This study also determines that among the variables of locally specialized developers, both the “local architect” and the “joint work” variables in the construction start and occupancy permit models, respectively, shorten the property development duration statistically and significantly.