2022, Vol.32, 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 aims to explain the relationship between variables that were not explained in the existing machine learning methodology by interpreting the relationship between apartment prices and regional characteristic variables using the XAI methodology. Furthermore, the study's goal is to collect various regional variables (population, occupation, income/consumption) in the basic area unit (postcode unit) that could not be addressed in previous domestic studies due to data collection difficulties. In terms of the independent variable, a dataset was created for each facility, population, occupation, income/consumption, and the dependent variable. The relationship between independent and dependent variables was inferred using a random forest among XGBoost and Bagging models and SHAP models among XAI methodologies on the constructed dataset. The spatial scope of the analysis was determined by dividing Seoul Metropolitan Government into national basic zone units, the content range was apartment among houses, and the period was empirically analyzed in 2021. Results reveal that the proportion of high income, the proportion of rental income, and the number of apartments positively affect apartment prices, whereas the proportion of low income, bus stop, and the number of multi-family houses negatively affect apartment prices.

We analyzed the disparities in perceptions of the factors favoring the use of escrow services for real estate transaction safety between service users, the general public, service providers, and escrow service workers. We identified key factors that should be prioritized to promote service use. Furthermore, AHP methodology was used to determine the relative importance and priority of the upper and lower core factors, weight analysis between factors, and comparative analysis between service users and service providers. Research findings indicate that the measures to prevent transaction accidents are the most important, followed by relieve anxiety about transaction accidents, establishment of a business processing system, reduced fee, and public institutions’ participation. This study contributes to service activation by ranking the factors of preference for escrow service use in order of importance.

The role of fund managers in the real estate market with asymmetric information is critical. They connect investors to assets and set the consensus on the risk-return profile of real estate investment. This study compares real estate fund managers’ perception and behavior toward risk factors in real estate investment to investigate their rationality. An AHP based on a survey measures perception, and a regression analysis on risk premiums calculated from target returns and risk free rates estimates behavior. The AHP results show that the investment position is perceived as the most important risk factor, followed by region, sector, timing, and lease condition in that order. Other factors, such as fund size, number of properties, property area, and investment vehicle type, are not perceived as important. The regression analysis yields somewhat similar results. The most important factor raising the risk premium is the investment position, followed by region, timing, property area, and the number of properties in that order. Other factors such as lease condition, investment vehicle type, fund size, and sector are insignificant. Comparing the two results, we can determine that the perception and behavior of fund managers are consistent. The consistency is more noticeable among key risk factors.