@article{ART001547264},
author={신우진},
title={Estimation of the Value of Floor Area Ratio of Retail and Office Sub-Markets to Promote the Transfer System of Floor Area Ratio},
journal={Korea Real Estate Review},
issn={2092-5395},
year={2011},
volume={21},
number={1},
pages={7-29}
TY - JOUR
AU - 신우진
TI - Estimation of the Value of Floor Area Ratio of Retail and Office Sub-Markets to Promote the Transfer System of Floor Area Ratio
JO - Korea Real Estate Review
PY - 2011
VL - 21
IS - 1
PB - korea real estate research institute
SP - 7
EP - 29
SN - 2092-5395
AB - Recently, the transfer system of FAR(Floor-Area-Ratio), as one way of the disordered development control and land market stabilization, has actively been discussed. As the value of residential real estate has been decreased after financial crisis, it become more important to estimate the value of office and retail FAR correctly. The value of office and retail FAR should be estimated with considering the diminishing marginal utility of the value of office and retail. Moreover, the value of office and retail FAR per non-residential sub-market should be estimated, for the average value of office and retail of each sub-markets differs. In this research, a hedonic price model was developed with the determinants of the value of office and retail using 290 offices and 548 retail buildings in Seoul, Korea. Next, the value of 1% FAR of office and retail in Seoul, Korea. This study shows two helpful outcomes. First, the increase of the FAR by 1% decreases 1,600 won/㎡ of appraisal value per unit in office and 9,900 won/㎡ of appraisal value per unit in retail. Next, the value of 1% FAR is equivalent to about 0.15%∼0.25% of land value for office and about 0.35∼0.62% of land value of retail. The results of this study can be helpful to calculate the transaction price of the FAR of office and retail more correctly.
KW - transfer system of FAR (Floor-Area-Ratio);transaction price of far;diminishing marginal utility;office;retail
DO -
UR -
ER -
신우진. (2011). Estimation of the Value of Floor Area Ratio of Retail and Office Sub-Markets to Promote the Transfer System of Floor Area Ratio. Korea Real Estate Review, 21(1), 7-29.
신우진. 2011, "Estimation of the Value of Floor Area Ratio of Retail and Office Sub-Markets to Promote the Transfer System of Floor Area Ratio", Korea Real Estate Review, vol.21, no.1 pp.7-29.
신우진 "Estimation of the Value of Floor Area Ratio of Retail and Office Sub-Markets to Promote the Transfer System of Floor Area Ratio" Korea Real Estate Review 21.1 pp.7-29 (2011) : 7.
신우진. Estimation of the Value of Floor Area Ratio of Retail and Office Sub-Markets to Promote the Transfer System of Floor Area Ratio. 2011; 21(1), 7-29.
신우진. "Estimation of the Value of Floor Area Ratio of Retail and Office Sub-Markets to Promote the Transfer System of Floor Area Ratio" Korea Real Estate Review 21, no.1 (2011) : 7-29.
신우진. Estimation of the Value of Floor Area Ratio of Retail and Office Sub-Markets to Promote the Transfer System of Floor Area Ratio. Korea Real Estate Review, 21(1), 7-29.
신우진. Estimation of the Value of Floor Area Ratio of Retail and Office Sub-Markets to Promote the Transfer System of Floor Area Ratio. Korea Real Estate Review. 2011; 21(1) 7-29.
신우진. Estimation of the Value of Floor Area Ratio of Retail and Office Sub-Markets to Promote the Transfer System of Floor Area Ratio. 2011; 21(1), 7-29.
신우진. "Estimation of the Value of Floor Area Ratio of Retail and Office Sub-Markets to Promote the Transfer System of Floor Area Ratio" Korea Real Estate Review 21, no.1 (2011) : 7-29.
