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A Study on the Price Determinants of Officially Announced Land Price in 2012

  • Korea Real Estate Review
  • 2013, 23(1), pp.171-196
  • Publisher : korea real estate research institute
  • Research Area : Social Science > Law > Law of Special Parts > Law of Real Estate

Seon-Jong Yoo 1,  김정은 1

1건국대학교

Accredited

ABSTRACT

Introduced in 1989, announcement system of land price has played a central axis in the nation’s real estate market, been used as standard of most of real estate–related fields including real estate evaluation, taxation, administration and systems. Different researches on announcement system of land price including characterization research, system improvement, appraisal level(the ratio of appraised value over actual sales price) have been conducted and many of them attained remarkable results. Study on the determinants of officially announced land price however, is insufficient and thus there is a need to look into what factors of officially announced land price in its price determination have effected. For this research, analysis of price determinants in cases of 499,384 lots in the nation was conducted through most applied sales comparison approach. In this research, descriptive statistics quantity by national and city sizes, zoning, land use, land classifications and squares of land was analyzed, and how each price determinants has effected the officially announced land price also analyzed on hedonic pricing model. This study has purposes of analyzing price determination factors in process of evaluation of officially announced land price, and their impact on actual officially announced land price. What we expect more is that a model analysis which allows more explanation on impacts of factors and more precision of relationships of factors can be done.

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