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A Study on the Determinants of Apartment Premiums in Korea

  • Korea Real Estate Review
  • 2011, 21(1), pp.235-254
  • Publisher : korea real estate research institute
  • Research Area : Social Science > Law > Law of Special Parts > Law of Real Estate

Choi Eunyoung 1,  Koh Sung Soo 2,  김민석 2

1메리츠증권 부동산금융연구소
2건국대학교

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ABSTRACT

Korean housing market maintains the pre-sales system in which home buyers should make an important decision two or three years before they actually owns the properties. It is believed very important for investors to forecast the price increase during the construction period. This paper studies factors affecting a market price when a home buyer move into a new house. This study established a theoretical model regarding the determinants of the difference between the initial sale price and a market price at the time when a home buyer move into a new house. It is analyzed by the regression analysis method using actual data in Seoul. The empirical findings exhibit that macro level variables, regional factors, and individual characteristics are all statistically significant. The changes in price are significantly affected by the sale price and individual characteristics of the property; a size of complex, a constructor brand, walking distance to the subway station, corridor design, a number of floors, and parking spaces.

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