@article{ART002506668},
author={Ko, Hyunrim and Song, Seon Ju and Jong-chil Shin},
title={Do the Characteristics of Individual Apartment Units Affect Saleability?},
journal={Korea Real Estate Review},
issn={2092-5395},
year={2019},
volume={29},
number={3},
pages={27-46},
doi={10.35136/krer.29.3.2}
TY - JOUR
AU - Ko, Hyunrim
AU - Song, Seon Ju
AU - Jong-chil Shin
TI - Do the Characteristics of Individual Apartment Units Affect Saleability?
JO - Korea Real Estate Review
PY - 2019
VL - 29
IS - 3
PB - korea real estate research institute
SP - 27
EP - 46
SN - 2092-5395
AB - Under the apartment pre-sales system, the initial apartment sales performance has a huge impact on the profitability of apartment development projects. This study aims to analyze the factors affecting the success or failure of contracts within the contract term stipulated in the law on apartment initial sales. Using the binary logit model, this study analyzes the data from new apartment units supplied nationwide by a private construction company. Especially, this study focuses on the impact of apartment unit characteristics and subdivides such characteristics into three categories: exclusive use area characteristics, amenity characteristics, and other characteristics.
As a result, the proportion of the exclusive use area, the number of bays, and the balcony area relative to the exclusive area among the exclusive use area characteristics are found to have positive effects on the success of apartment contracts. As for the amenity characteristics, the ceiling height, southern orientation, and floors have significant impact on whether an apartment is contracted. Regarding other characteristics, an analysis of a representative unit type revealed a positive effect on the contract status. Also, the larger the complex and the farther the distance between the nearest buildings in the complex is, the higher the saleability. This study also confirms that the real estate market and location characteristics influence an apartments prospects of being contracted.
KW - apartment pre-sales system;success or failure of a contract;apartment unit characteristics;binary logit model
DO - 10.35136/krer.29.3.2
ER -
Ko, Hyunrim, Song, Seon Ju and Jong-chil Shin. (2019). Do the Characteristics of Individual Apartment Units Affect Saleability?. Korea Real Estate Review, 29(3), 27-46.
Ko, Hyunrim, Song, Seon Ju and Jong-chil Shin. 2019, "Do the Characteristics of Individual Apartment Units Affect Saleability?", Korea Real Estate Review, vol.29, no.3 pp.27-46. Available from: doi:10.35136/krer.29.3.2
Ko, Hyunrim, Song, Seon Ju, Jong-chil Shin "Do the Characteristics of Individual Apartment Units Affect Saleability?" Korea Real Estate Review 29.3 pp.27-46 (2019) : 27.
Ko, Hyunrim, Song, Seon Ju, Jong-chil Shin. Do the Characteristics of Individual Apartment Units Affect Saleability?. 2019; 29(3), 27-46. Available from: doi:10.35136/krer.29.3.2
Ko, Hyunrim, Song, Seon Ju and Jong-chil Shin. "Do the Characteristics of Individual Apartment Units Affect Saleability?" Korea Real Estate Review 29, no.3 (2019) : 27-46.doi: 10.35136/krer.29.3.2
Ko, Hyunrim; Song, Seon Ju; Jong-chil Shin. Do the Characteristics of Individual Apartment Units Affect Saleability?. Korea Real Estate Review, 29(3), 27-46. doi: 10.35136/krer.29.3.2
Ko, Hyunrim; Song, Seon Ju; Jong-chil Shin. Do the Characteristics of Individual Apartment Units Affect Saleability?. Korea Real Estate Review. 2019; 29(3) 27-46. doi: 10.35136/krer.29.3.2
Ko, Hyunrim, Song, Seon Ju, Jong-chil Shin. Do the Characteristics of Individual Apartment Units Affect Saleability?. 2019; 29(3), 27-46. Available from: doi:10.35136/krer.29.3.2
Ko, Hyunrim, Song, Seon Ju and Jong-chil Shin. "Do the Characteristics of Individual Apartment Units Affect Saleability?" Korea Real Estate Review 29, no.3 (2019) : 27-46.doi: 10.35136/krer.29.3.2
