@article{ART002330728},
author={You, Seungdong},
title={Appraisal of Lands Using Their Availability},
journal={Korea Real Estate Review},
issn={2092-5395},
year={2018},
volume={28},
number={1},
pages={53-63},
doi={10.35136/krer.28.1.4}
TY - JOUR
AU - You, Seungdong
TI - Appraisal of Lands Using Their Availability
JO - Korea Real Estate Review
PY - 2018
VL - 28
IS - 1
PB - korea real estate research institute
SP - 53
EP - 63
SN - 2092-5395
AB - This paper shows that the value of land can vary based on the future availability of the land. According to the Korean principles of land appraisal by the Ministry of Land, Infrastructure, and Transport (MOLIT), the value of a piece of land is derived mainly from the latter’s fertility level or local environment. In practice, however, the values of lands may vary even though their fertility level is invariant. This paper investigates a fundamental question for many professional appraisers who argue that appraisal practices are different from the principles of appraisal. It highlights the appraisal practices for agricultural and forestry lands, which have similar agricultural productivity levels or environmental conditions. It is shown in this paper that even though the fertility level of lands is invariant, the values of lands may vary based on their locations. Therefore, this can complement the principles of land appraisal. In this paper, real cases in local areas in Gapyeong County, Kyounggi province are investigated. It can be seen from the cases in the local areas that two agricultural lands may have different values based on their locations even though they have almost similar fertility levels (e.g., their physical distance from each other is less than 0.5 km but their values differ by around 19%). This paper thus argues that the value of a piece of land can be determined by its availability.
KW - appraisal;land market;strategic location
DO - 10.35136/krer.28.1.4
ER -
You, Seungdong. (2018). Appraisal of Lands Using Their Availability. Korea Real Estate Review, 28(1), 53-63.
You, Seungdong. 2018, "Appraisal of Lands Using Their Availability", Korea Real Estate Review, vol.28, no.1 pp.53-63. Available from: doi:10.35136/krer.28.1.4
You, Seungdong "Appraisal of Lands Using Their Availability" Korea Real Estate Review 28.1 pp.53-63 (2018) : 53.
You, Seungdong. Appraisal of Lands Using Their Availability. 2018; 28(1), 53-63. Available from: doi:10.35136/krer.28.1.4
You, Seungdong. "Appraisal of Lands Using Their Availability" Korea Real Estate Review 28, no.1 (2018) : 53-63.doi: 10.35136/krer.28.1.4
You, Seungdong. Appraisal of Lands Using Their Availability. Korea Real Estate Review, 28(1), 53-63. doi: 10.35136/krer.28.1.4
You, Seungdong. Appraisal of Lands Using Their Availability. Korea Real Estate Review. 2018; 28(1) 53-63. doi: 10.35136/krer.28.1.4
You, Seungdong. Appraisal of Lands Using Their Availability. 2018; 28(1), 53-63. Available from: doi:10.35136/krer.28.1.4
You, Seungdong. "Appraisal of Lands Using Their Availability" Korea Real Estate Review 28, no.1 (2018) : 53-63.doi: 10.35136/krer.28.1.4
