Korean Journal of Construction Engineering and Management (한국건설관리학회논문집)

Korea Institute of Construction Engineering and Management (한국건설관리학회)
권호 표지
DOI QR코드

DOI QR Code

Factors Determining the Price of Remodeled Multi-family Housing

리모델링 공동주택의 가격결정요인에 관한 연구

  • Kim, JaeSung (Department of Architectural Engineering, Chosun University) ;
  • Cho, Kyuman (Department of Architectural Engineering, Chosun University) ;
  • Kim, Taehoon (Department of Architectural Engineering, Chosun University)
  • Received : 2016.01.15
  • Accepted : 2016.03.15
  • Published : 2016.05.31
Download PDF
⟨ Previous Next ⟩

Abstract

Remodeling of multi-family house (MFH) has emerged as a major issue in the construction industry. Many decision-makers are struggling to determine whether to conduct a remodeling because of insufficient information including standard or method for projecting the price of their facilities after remodeling works. In this context, this research has conducted for analyzing how the price of the MFH is shifted by remodeling works. To achieve this research goal, (i) fourteen MFH remodeling cases were collected and (ii) price variation for the collected cases was analyzed in order to figure out how remodeling work affects the price of MFH cases. Finally, this research suggested the factors determining price of the MFH, wherein remodeling work has been conducted. From the results of this research, it is expected that the decision-makers can understand what is the crucial factors for determining the price of their MFH when they plans remodeling, and further this research can be a corner stone for developing a model for predicting the price of MFH if remodeling would be performed.

건설 산업에서 공동주택의 리모델링은 최근 큰 이슈로 떠오르고 있다. 그러나 리모델링이 이루어진 공동주택의 가치평가나 가격변화에 관한 연구가 매우 부족하고, 정확한 가치나 가격에 대한 기준이 없기 때문에, 많은 의사결정자들이 리모델링 사업에 대한 수행여부를 결정하는데 어려움을 겪고 있다. 따라서 본 연구에서는 (i) 실제 리모델링이 이루어진 14개의 공동주택 사례를 수집하고, (ii) 리모델링 공사로 인해 변화된 다양한 특성들이 리모델링된 이후의 공동주택의 가격에 미치는 영향을 살펴보았으며, 이를 중심으로 리모델링 공동주택의 가격결정에 영향을 미치는 요인을 제시하였다. 본 열구의 결과를 활용하면, 공동주택 리모델링에 대한 중요 요소들을 파악하고 리모델링 된 공동주택의 가격에 대한 객관적인 근거를 제시 할 수 있을 것이며, 더 나아가 공동주택 리모델링 사업 수행 전에 가격을 예측하기 위한 기초연구가 될 수 있을 것으로 기대된다.

Keywords

References

  1. Cheon, I. H. (2007). "A Study on Features and Price Determinants of Apartment in Changwon", Journal of the Korea Real Estate Review , KRERI, 17(1), pp. 49-70.
  2. Cho, J., Lee, K., Yoo, H., and Kim, Y. (2012). "A Study on Vitalizing Plans of Extension Remodeling for Apartment Housings", Korean Journal of Construction Engineering and management, KICEM, 13(4), pp. 33-47.
  3. Choi, J. D. (2007). "An Empirical Analysis of Price Differentiation Among Multi-Family Housing Types", MS thesis, Hanyang Univ., Seoul, Korea.
  4. Choi, Y., Kim, H., and Park, M. (2008). "Differences between Sale Prices and Lotting Prices in New Multi-family Housing Considering Housing Submarket", Journal of The Korean Society of Civil Engineers D, Korean Society of Civil Engineers, 28(4D), pp. 523-531.
  5. Choi, Y. A., and Song, B. H. (2006). "A Study on Evaluating The Importance of the Residential Environment Factors Influencing the Price of Apartment House", Journal of Architectural Institute of Korea Planning & Design, AIK, 22(11), pp. 115-124.
  6. Hwang, H., Lee, C., and Kim, M. (2008). "Effect of Visibility of the Han River on Housing Price", Journal of The Housing Studies Review, KAHPS, 16(2), pp. 51-72.
  7. Heo, S. R., and Gwak, S. J. (1994). "An Analysis of the Implicit Price of Housing Characteristics in Seoul Apartment Market", Journal of The Housing Studies Review, KAHPS, 2(2), pp. 27-42.
  8. Jang, H. S., and Shin, D. H. (2004). "A Study on the Pricing Determinants of Apartment Houses in Medium and Small Sized Cities", Journal of the Korea Real Estate Academy, KREA, 23, pp. 206-215.
  9. Jeong, S. H., and Kang, J. M. (2002). "A Factor Impact to Leasing Price of A.P.T", Journal of The Korean Regional Development Association, KRDA, 14(2), pp. 57-75.
  10. Jung, S. Y. (2005). "A Study on Determinants of Apartment Price in JeJudo", Journal of the Korea Real Estate Analysis Association, KREAA, 11(2), pp. 143-155.
  11. Jung, S., Kim, T., and Park, H. (2009). "A Study on Influencing Apartment Price with the Top 10 Apartmnet Brands in Seoul, Korea", Journal of the Korean Urban Management Association, KUMA, 22(3), pp. 133-156.
  12. Kang, C. G., and Jung, C. M. (2001). "A Static. Dynamic Study on the Economic Value Change of Housing Price Determinants", Journal of the Korea Planning Association, KPA, 36(6), pp. 217-224.
  13. Kang, H. J., and Oh, D. H. (2009). "An Analysis on the Characteristics of Office Building Invested by Indirected Real Estate Fund and Its Correlation with Investment Return Rate", Journal of The Housing Studies Review, KAHPS, 17(1), pp. 95-118.
  14. Kim, D., Choi, Y., and Kim, G. (2010). "A Study on the Agreement Rate Encouraging Restriction Factor of Multi-family Housing Remodeling", Korean Journal of Construction Engineering and management, KICEM, 11(1), pp. 122-129. https://doi.org/10.6106/KJCEM.2010.11.1.122
  15. Kim, H. C. (2010). "A Study on the Limit of Effective Construction Which Considers Economic Value for Remodeling Project at High-rise Apartment Complex", MS thesis, Seoul National University of Technology, Seoul, Korea.
  16. Kim, H. J. (2003). "Analysis on the Determining Factors of Apartment Sales Prices and Chonsei Prices in Seoul", Journal of the Korea Real Estate Academy, KREA, 22, pp. 98-121.
  17. Kim, J. Y., and Lee, C. M. (2005). "Dynamics of Amenity Effects on Housing Price", Journal of the Korea Planning Association, KPA, 40(1), pp. 59-74.
  18. Kim, K. C. (2011). "Improve Directionality of Multifamily Housing Remodeling Policy", The Journal of Korean Policy Studies, The Kyong-In Society for Public Administration, 11(2), pp. 27-52.
  19. Kim, W., Cha, H., Shin, D., and Kim, K. (2013). "Profit/Cost Prediction Model for E conomic Feasibility Assessment on Aged-Housing Remodeling Projects", Journal of The Architectural Institute of Korea Structure & Construction, AIK, 29(4), pp. 85-92. https://doi.org/10.5659/JAIK_SC.2013.29.4.85
  20. Ko, H., Cho, G., Lee, Y., and Kim, J. (2007). "Estimating the Value of Eco-Friendly Factors within an Apartment Housing Price", Journal of Architectural Institute of Korea Structure & Construction, AIK, 23(12), pp. 173-180.
  21. Koo, B. C. (2002). "Hedonic Study of Apartment Prices : A Case Study of Bundang New Town", Journal of the Korea Spatial Planning Review, KRIHS, 34, pp. 113-127.
  22. Lee, J. S., and Cho, J. H. (2010). "A Sutdy on the Evaluation of Real Estate Consulting in Korea", Journal of the Korea Real Estate Academy, KREA, 40, pp. 5-13.
  23. Moon, T. H., and Jeong, Y. Y. (2008). "Analysis of Determinant Factors of Apartment Price Considering the Spatial Distribution and Housing attributes", Journal of Geographic information studies, KAGIS, 11(1), pp. 68-79.
  24. Park, W. S., and Rhim, B. J. (2012). "A Study on the Determinant Factors of the Apartment Price", Journal of The Residential Environment Institute of Korea, REIK, 10(1), pp. 91-113.
  25. Song, J. C. (2011). "Dynamic Analysis on the Influence of Price Determining Factors on Apartment Price", MS thesis, Jeju National Univ., Jeju, Korea.
  26. Woo, K., and Jeong, S. Y. (2009). "The Study on Determinating the Factors Affecting Apartment Prices in Yeosu Using Factor Analysis", Journal of the Korea Real Estate Academy, KREA, 37, pp. 237-246.
  27. Yoo, I., Kim, C., Yoon, Y., and Yang, K. (2004). "A Feasibility Study Method for Apartment Remodeling by Hedonic Model", Journal of The Korea Institute of Building Construction, KIBC, 4(3), pp. 117-124. https://doi.org/10.5345/JKIC.2004.4.3.117
  28. Yoon, J. J., and Yu, W. (2001). "The Influence of Landscape Outlook Characteristics", Journal of the Korea Planning Association, KPA, 36(7), pp. 67-83.

Cited by

  1. Real Estate Appraisal Method for the Remodeled Office Building - Focusing of Income Capitalization Method - vol.32, pp.7, 2016, https://doi.org/10.5659/JAIK_SC.2016.32.7.57