2022, Vol.32, 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 timing of the boom and bust of bubbles in South Korea’s apartment market by region using the test developed by Phillips et al. (2015a, 2015b). The study also identifies the factors causing housing bubbles using ordinary least squares (OLS) and probit models. The sample covers the period from January 2000 to June 2022, comprising 270 monthly observations. The main results of this study are as follows. First, the generalized sup Augmented Dickey–Fuller test results indicate that housing bubbles partially existed in all five regions. Second, the bubble date stamping shows some differences across regions. Third, OLS results indicate that although housing bubbles are inversely related to the loan-to-deposit ratio (LDR), interest rate (IR), and stock index (SI), they are positively associated with the producer price index (PPI), the exchange rate of US dollar to Korean won (ER), and the total amount of interim payment in the construction sector (TIP). Fourth, probit results suggest that the probability of housing bubbles is influenced by PPI, LDR, IR, SI, ER, and TIP in order of magnitude.

Korea is rapidly entering a super-aged society, creating housing issues for the elderly. Determining the necessity to understand the continuing care retirement community (CCRC), a model that enables the realization of the value of "aging in place" (AIP), was the starting point of this study. This study aims to identify the types of facilities that most closely resemble the “Korean style of CCRC” and to analyze the factors affecting its operation because there is currently no complete CCRC type in Korea. The subjects of this study were 31 senior welfare housing and 3 paid elderly care facilities among the residential welfare facilities for the elderly registered with the Ministry of Health and Welfare as of 2020. The “Korean style of CCRC” was defined as facilities with four or more of the independent living, assisted living, nursing home, daycare center, and community center . Subsequently, logistic regression analysis was conducted. The results indicated that the probability of operating as a "Korean-style CCRC" increases when the following factors are greater: land area, total number of households, efficiency rate, number of community facilities, number of workers, and monthly living expenses. Meanwhile, the number of years elapsed and the move-in price per 3.3㎡ were analyzed to have no effect. This study is expected to identify the current status of residential welfare facilities for the elderly and suggest implications for potential consumers who wish to move into CCRCs in order to facilitate their facility selection.

As the competition among existing commercial facilities intensified, the number of complex commercial facilities around the Seoul metropolitan area increased rapidly in 2010. Moreover, the increase in shopping content, such as global SPA, category killers, and lifestyle editing stores, accelerated the opening of complex commercial facilities. The continued expansion of the online market and the recent prolonged COVID-19 pandemic have made it difficult for commercial real estate to survive while changing consumption patterns and trends. Therefore, this study attempted to present implications for developing urban commercial facilities by analyzing consumer attraction factors and preferences for detailed categories using the AHP (analytic hierarchy process) technique for urban complex commercial facilities near Hongik University Station, where the MZ generation is the main consumer. The results show that “transportation convenience” expected in previous studies, “food facilities” reflecting recent consumption patterns and behaviors, and “frequency of exposure to SNS” were important factors affecting consumer audiences. Therefore, in the future, development and operation strategies should be formulated to ensure that offline-only discriminatory factors and new communication with customers have complementary synergy effects along with existing important attraction factors.