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http://dx.doi.org/10.22669/krsa.2020.36.1.037

Estimation and Determinants on Residential Investment Profits in Seoul: A Focus on Housing Transaction Price from 2010 to 2018  

Ahn, Hye-Sung (파빌리온자산관리(주))
Kang, Chang-Deok (중앙대학교 도시계획.부동산학과)
Publication Information
Journal of the Korean Regional Science Association / v.36, no.1, 2020 , pp. 37-50 More about this Journal
Abstract
Estimating investment profits of real estate is critical to understand real estate markets and create relevant policy as real estate market and capital market combines closely. Thus, this study applied the concept of Tobin's Q to estimate investment profits for apartments as well as row-houses and multi-family homes in Seoul from 2010 to 2018. Investment profits were estimated by two approaches: subtracting the replacement cost from the transaction price and calculating ratio of the transaction price to the replacement cost, respectively. The spatio-temporal changes in investment profits were apparent in apartments compared with row-houses and multi-family homes. As a result of analyzing the spatial econometrics models, the investment profit was higher in the area with high density and new developments regardless of the housing types. The framework and key findings would be the effective reference to understand residential investment behavior, create relevant housing policy, introduce value capture of windfall, measure regional competitiveness, and estimate housing bubble.
Keywords
Investment profit; Tobin's Q; Transaction price; Seoul;
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