• Journal of the Korea Academia-Industrial cooperation Society
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• v.17 no.3
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• pp.518-527
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• 2016

The housing market is changing continuously according to the place and time and these changes have a ripple effect across various fields. On the other hand, the amount of housing that is consumed in the region also acts as a central cause of price movement. Moreover, the cause of variations in the housing market can be separated according to the characteristics of the housing consumer. In addition, the individual characteristics of the consumer varies according to the region. As a result, a study on the regional causal relationship of the housing market is underway. Although significant research has been done on the domestic home sales market, there has been limited research on the housing charter market. Therefore, in this paper, regional causal relationship of the housing market in the Gangnam and Gangbuk area in Seoul and Gyeonggi Province was analyzed using the vector error correction model, and is segmented by housing sale market and housing jeonse market. In addition, housing sale and housing jeonse of Gangam, Ganbuk and Gyeonggi province are defined as analysis variables, and time series data is the monthly material of June 2003 to November 2015. The results of the analysis, in the case of the housing sale market, showed that fluctuations in house prices in Gangnam area have a major influence on the fluctuations in house prices in the surrounding region. Similarly, in the case of the housing jeonse market, it was found that the jeonse price of Gangnam area has a significant impact on the jeonse price of housing in the surrounding area.

• Journal of Cadastre & Land InformatiX
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• v.49 no.1
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• pp.123-144
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• 2019

The purpose of this study is to grasp factors the increasing population growth rate of the region through the regional and housing market characteristics. This paper has used multiple regression as the dependent variable (average of the population growth rate of 85cities during the last five years) and the independent variables analyzed the regional and housing market characteristics on the average. The results of the analysis, The regional and housing market variables that have had a significant impact on the regional population growth rate over the last five years are birth rate, employment rate, production available population growth rate, apartment rate, resale rights rate, and apartment turnover rate and the number of businesses per thousand and has decreased. In other words, The regions where the population increased by region for the last five years were the ones with the transfer of public institutions (innovation cities) and land development among the Seoul metropolitan area and non-Seoul metropolitan area excluding Seoul and metropolitan cities. The results of this study is intentional to suggest Policy point of view for the balanced regional development presented at the government level for other the metropolitan area, such as the small and medium cities that are undergoing population decline.

• Journal of the Korean Geographical Society
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• v.32 no.2
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• pp.245-263
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• 1997

Housing market is segmented through 1) housing supply classified by housing characteristics and 2) housing demand classified by different housing opportunity of household. Moreover, neighborhood plays a role in intensifying housing market segmentation as a factor affecting on decision making relevant to housing supply and demand. while segmented housing markets have different mechanism, existing studies on residential differentiation and housing market have overlooked the characteristic differences among housing submarkets as the studies presume metropolitan housing market to be a single housing market. while the concept of 'residential differentiation' pays much attention on spatial pattern after the ecological approach appeared, the concept of ‘housing submarkets' is explanatory of the process of urban space structure formation. Analysis on housing submarkets makes up for the weak points of the behavioral approach inquiring into socio-economic constraint and different housing opportunity of household.

• Journal of the Korean Geographical Society
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• v.45 no.2
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• pp.240-255
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• 2010

This empirical study researched the three major phenomena of differentiation of housing market under the large scale of new town construction in the metropolitan area, the spatial differentiation pattern of housing market due to the urban growth, and the relationship with the distribution of housing submarket and suburbanization. Yongin City, one of the most active growth cities among the metropolitan areas, is optimal place to investigate the spatial differentiation pattern of the housing submarket on the microscopic scale. Furthermore, Yongin City has not only the geographical benefit but also the strong influences from institutional, social, and environmental changes. This city is divided into four housing submarkets, where to Gangnam and Boondang, Gyeongbu and Youngdong expressway has significant effects. In addition, the housing tenure and size, household structure, educational background and income levels and so on also resulted in the differentiation of the housing submarket.

• Environmental and Resource Economics Review
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• v.5 no.2
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• pp.291-302
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• 1996

환경질 개선의 편익추정에 사용되는 헤도닉 가격모형에서 제1단계 헤도닉 함수 추정시 그 함수형태에 따라 결과가 편의를 가질 수 있다. 본 논문에서는 13가지의 각기 다른 비선형 및 선형 헤도닉 함수 등을 한국 주택시장에 적용하여 그 적합성을 이론 및 실증적 방법을 병행하여 검증하였다. 그 결과, 고전적으로 종속변수만을 변환시키는 Box-Cox 함수형태나 Box-Cox 변형계수가 사전적으로 0과 1사이에 있음을 가정하는 오목한(concave) 한 함수형태가 기존 연구와는 달리 한국시장에는 적합한 함수형태가 아니라는 결과를 이끌어 냈다. 나아가 서울 주택시장에 가장 적합한 함수형태는 종속 및 독립변수를 각각 다르게 변환시키는 헤도닉 함수형태임을 보여 주었다. 아울러 본 연구는 간접적으로 헤도닉 가격모형 적용시 그 지역의 주택시장 특성에 관한 연구가 선행되어야 함을 시사하고 있다.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.17 no.10
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• pp.635-646
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• 2016

This paper proposes a housing business model, where the presale and Chonsei housing are supplied under a presale system at the same time based on the characteristic correlation between the housing presale market and Chonsei market in Korea. Markowitz portfolio theory was used to review the risk diversification effects from the changes in the ratio between the presale housing supply and the Chonsei housing supply. The housing sale price indicator was used as a proxy variable to determine the presale housing supply. The housing Chonsei price indicator was used as a proxy variable to determine the Chonsei housing supply. The proposed housing business model was applied to major areas in Korea to examine the risk diversification effect. Comparisons of the regional portfolio analyses showed that the flexibility of the proposed housing business model can be quite effective because each regional housing market exhibits different characteristics. Market participants, such as developers, construction companies, consumers, and government, can expect various effects through the proposed housing business model. Nevertheless, policy support is necessary for practical applications of the proposed housing business model. In particular, public funds from the government need to be introduced.

• Journal of the Korean Association of Geographic Information Studies
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• v.11 no.1
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• pp.68-79
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• 2008

Because local cities are different from large cities, they need to reflect their own characteristics of housing market. Thus in order to obtain useful implications for the establishing sound housing market in Jinju City, this paper investigated the characteristics of spatial distribution and determinant factors that affect apartment price in Jinju City. GIS representation of the apartments showed that most of old and small apartments were built in 'land readjustment project' areas executed in 1970s. On the contrary, new and large scale apartment complexes were built quite recently and distributed in the western and southern parts of the city. Next, in order to examine the factors which affect apartment price, this paper subtracted firstly several variables from the related studies. However in order to avoid multi-colinearity, variables were summarized by means of factor analysis. Then, setting apartment price as a dependant variable, 12 hedonic price models were established with 33 independent variables. As results, building age, floor area, accessibility to university and hospital, accessibility to arterial road, and stair-type building were turned out to be significant. These results will be used in making the supply and allocation plan of urban facilities and housing. Finally as conclusions this paper emphasized the need of periodic analysis of local housing market and establishing detailed housing information systems.

• Journal of Cadastre & Land InformatiX
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• v.47 no.2
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• pp.91-105
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• 2017

It is important to identify new apartment buyers with the object of investment and owner-occupation because it may determine the scope of marketing and marketing strategies. Establishing an more effective marketing scope and strategies should result in maximizing profits and reducing expenses. In this study, we split the participants in the new apartment market depending on the buyers' intent - investment and owner-occupation - and then examine their characteristics. We employ condominium buyers' information from 2011 to 2016, which is provided by the one of the largest construction companies in South Korea. The sites of the condominium samples locate in Gyeongnam and Busan areas and the number of household sample is 5,549. The results show that investors are approaching at a greater distance than actual buyers. The higher the age and the lower the price, the higher the probability of participation of investors. We also find that the samples of Busan have different results from the others, which may imply that the area has more demand due to its attractiveness.

• Land and Housing Review
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• v.3 no.4
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• pp.379-387
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• 2012

This paper analyzes characteristics and changing phenomenon of Chonsei & monthly rental real estate market based on a survey of participants. The frequency analysis, mean analysis, and cross-table analysis was utilized for this study, and a survey for 2,000 rental market participants was accomplished. The survey result of tenants and land-owners regarding the Chonsei market stability indicates the expansion of public housing supply is needed together with lowering of mortgage related restrictions. The major conclusions include that the expansion of public housing and rental supports for low-income families are needed, due to the population structural change and an aging society. In addition, survey result suggests the tenants require the expansion of public housing supply for the residence stability.

• Journal of the Korean association of regional geographers
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• v.11 no.6
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• pp.620-639
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• 2005

In terms of loan transactions, mortgage volume secured by housing in Korea is the most important market share. Hitherto housing finance policies are treated as a kind of property pricing policy. So it is time to import financial systems on behalf of the mortgage loan consumers like a mortgage broker. A mortgage broker is an intermediary that brings a borrower and a creditor together to obtain a mortgage loan. The broker takes the application, performs a financial and credit evaluation, produces documents, and closes the loan. Especially mortgage brokers present themselves as specifically acting in the interest of the consumer by shopping on behalf of the consumer for the best product that meets the consumer's needs and financial circumstances. The paper investigates the economic role of mortgage broker, foreign systems focused on USA, UK, Japan, and characteristics of Korean housing finance markets. Finally the paper provides policy recommendations about Korean mortgage broker system composed of licensing type, uniform professional practice standard, educational requirements.