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Estimation of Building Age Effect on Condominium Price based on the APC Model

  • Korea Real Estate Review
  • 2022, 32(1), pp.25-39
  • DOI : 10.35136/krer.32.1.2
  • Publisher : korea real estate research institute
  • Research Area : Social Science > Law > Law of Special Parts > Law of Real Estate
  • Received : January 6, 2022
  • Accepted : March 18, 2022
  • Published : March 31, 2022

Jin Yu 1,  Chang-Moo Lee ORD ID 1,  Jung-Uk Jung 1

1한양대학교

Accredited

ABSTRACT

Redevelopment and reconstruction have been restrained despite the construction of new condominiums with improved quality in developed urban area. Due to limitations on the building age, its increases in the reconstruction requirements have affected condominium prices. By using the APC(Age- Period-Cohort) model, this study estimated the effect of building age on condominium prices when the quality of housing was controlled. An empirical analysis was conducted by dividing Seoul into two, north and south of the Han river. Results revealed that the construction year cohort effect exists, and that price increases have occurred corresponding to the quality standard requirements increasing around the 2000s. This is thought to have resulted from an imbalance in the supply and demand of high-quality housing. Therefore, this can be solved by supplying better quality housing through the reconstruction project. Also, Because of different patterns of building age effect by region, building age limitations should be flexible in different regions.

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