@article{ART001402461},
author={신동준 and Jeong Keun Ahn},
title={A Study on the Effectiveness of the Right-to-Request a Sale for the Housing Construction Project},
journal={Korea Real Estate Review},
issn={2092-5395},
year={2009},
volume={19},
number={2},
pages={115-132}
TY - JOUR
AU - 신동준
AU - Jeong Keun Ahn
TI - A Study on the Effectiveness of the Right-to-Request a Sale for the Housing Construction Project
JO - Korea Real Estate Review
PY - 2009
VL - 19
IS - 2
PB - korea real estate research institute
SP - 115
EP - 132
SN - 2092-5395
AB - A new procedure was adopted in 2005, which gives ‘the right-to-request a sale’ to developers, with the aim of stabilizing land prices, putting a break on the rampantly rising housing and land prices in and around new housing development projects, and stopping the speculative and fraudulent practice, called ‘Albakki’ in Korea, of purchasing one or more parcels of land on a project site just before the project getting underway and selling them back to the developer at much higher prices.
The analysis to find out how much effective this right=to-request a sale has been, using data gathered from private housing developers who have exercised their rights since the procedure took effect, shows that it did prevent the practice to a great degree. However, this device, in current form, fell short in curbing rampant land prices of newly-built housing units despite of the adoption of new procedure.
This kind of device, good in intent, but ineffective in practice, needs major revision. With no incentive in place for landowners to back down from asking unreasonably high prices, land compensation process goes up and negotiations tend to drag on putting pressure on developers to choose to forgo exercising their rights altogether.
KW - right-to-request a sale;Albakki;land price;housing price
DO -
UR -
ER -
신동준 and Jeong Keun Ahn. (2009). A Study on the Effectiveness of the Right-to-Request a Sale for the Housing Construction Project. Korea Real Estate Review, 19(2), 115-132.
신동준 and Jeong Keun Ahn. 2009, "A Study on the Effectiveness of the Right-to-Request a Sale for the Housing Construction Project", Korea Real Estate Review, vol.19, no.2 pp.115-132.
신동준, Jeong Keun Ahn "A Study on the Effectiveness of the Right-to-Request a Sale for the Housing Construction Project" Korea Real Estate Review 19.2 pp.115-132 (2009) : 115.
신동준, Jeong Keun Ahn. A Study on the Effectiveness of the Right-to-Request a Sale for the Housing Construction Project. 2009; 19(2), 115-132.
신동준 and Jeong Keun Ahn. "A Study on the Effectiveness of the Right-to-Request a Sale for the Housing Construction Project" Korea Real Estate Review 19, no.2 (2009) : 115-132.
신동준; Jeong Keun Ahn. A Study on the Effectiveness of the Right-to-Request a Sale for the Housing Construction Project. Korea Real Estate Review, 19(2), 115-132.
신동준; Jeong Keun Ahn. A Study on the Effectiveness of the Right-to-Request a Sale for the Housing Construction Project. Korea Real Estate Review. 2009; 19(2) 115-132.
신동준, Jeong Keun Ahn. A Study on the Effectiveness of the Right-to-Request a Sale for the Housing Construction Project. 2009; 19(2), 115-132.
신동준 and Jeong Keun Ahn. "A Study on the Effectiveness of the Right-to-Request a Sale for the Housing Construction Project" Korea Real Estate Review 19, no.2 (2009) : 115-132.
