@article{ART002265062},
author={Song, Seon Ju and Jong-chil Shin},
title={A Study on the Elapsed Time to Resale of Pre-Completion Apartment Ownership},
journal={Korea Real Estate Review},
issn={2092-5395},
year={2017},
volume={27},
number={3},
pages={103-118}
TY - JOUR
AU - Song, Seon Ju
AU - Jong-chil Shin
TI - A Study on the Elapsed Time to Resale of Pre-Completion Apartment Ownership
JO - Korea Real Estate Review
PY - 2017
VL - 27
IS - 3
PB - korea real estate research institute
SP - 103
EP - 118
SN - 2092-5395
AB - Under the ownership pre-sale system in the South Korean apartment market, developers can sell apartment ownerships as soon as they start to construct an apartment complex. In the South Korean apartment market, people call this kind of ownership “Bun-yang right.” There is a time difference between ownership sale and apartment completion under the ownership pre-sale system. The pre-completion apartment ownerships can be resold to third parties until the apartment complexes are completed, which is called “Geon-mae” of the Bun-yang right. Using survival analysis, this research analyzed the elapsed time between ownership purchase and resale to a third party using 48,316 apartment units nationwide in the 192 complexes supplied from 2000 to 2016. Specifically, this study analyzed the influence of the real estate policy, contract term, location, apartment complex, and unit characteristics on the elapsed time between ownership purchase and resale to a third party.
The empirical analysis revealed that the real estate policy and contract term characteristics have a significant effect on the elapsed time between ownership purchase and resale to a third party. Also, this study confirmed that the product characteristics, such as the location and apartment complex and unit characteristics, have an influence on the elapsed time between ownership purchase and resale to a third party.
KW - pre-sale system of apartment ownership;pre-completion apartment ownership;resale of pre-completion apartment ownership;elapsed time between ownership purchase and resale to a third party;survival analysis;Cox proportional hazard model
DO -
UR -
ER -
Song, Seon Ju and Jong-chil Shin. (2017). A Study on the Elapsed Time to Resale of Pre-Completion Apartment Ownership. Korea Real Estate Review, 27(3), 103-118.
Song, Seon Ju and Jong-chil Shin. 2017, "A Study on the Elapsed Time to Resale of Pre-Completion Apartment Ownership", Korea Real Estate Review, vol.27, no.3 pp.103-118.
Song, Seon Ju, Jong-chil Shin "A Study on the Elapsed Time to Resale of Pre-Completion Apartment Ownership" Korea Real Estate Review 27.3 pp.103-118 (2017) : 103.
Song, Seon Ju, Jong-chil Shin. A Study on the Elapsed Time to Resale of Pre-Completion Apartment Ownership. 2017; 27(3), 103-118.
Song, Seon Ju and Jong-chil Shin. "A Study on the Elapsed Time to Resale of Pre-Completion Apartment Ownership" Korea Real Estate Review 27, no.3 (2017) : 103-118.
Song, Seon Ju; Jong-chil Shin. A Study on the Elapsed Time to Resale of Pre-Completion Apartment Ownership. Korea Real Estate Review, 27(3), 103-118.
Song, Seon Ju; Jong-chil Shin. A Study on the Elapsed Time to Resale of Pre-Completion Apartment Ownership. Korea Real Estate Review. 2017; 27(3) 103-118.
Song, Seon Ju, Jong-chil Shin. A Study on the Elapsed Time to Resale of Pre-Completion Apartment Ownership. 2017; 27(3), 103-118.
Song, Seon Ju and Jong-chil Shin. "A Study on the Elapsed Time to Resale of Pre-Completion Apartment Ownership" Korea Real Estate Review 27, no.3 (2017) : 103-118.
