• Journal of The Korean Digital Architecture Interior Association
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• v.12 no.1
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• pp.35-43
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• 2012

This study aimed to seek a method capable of hedging a rising risk of housing rent price by introducing derivatives with the target of Korean housing rent markets. The research model used in this thesis progressed a research by applying a futures contract method with the target of the rent price of major apartments in Gangnam and Gangbuk Regions of Seoul. As an analysis result, the rent price of all complexes has risen during its analysis period, so it could be confirmed that the CRB future index was also risen according to this. Finally, it was confirmed that the rising risk of the rent price can be hedged through a purchase position of futures. But, as the difference between rent price variation and CRB future index variation occurs, it appeared that 100% of hedge is difficult. However, it is judged that if considering that a method capable of hedging the rising risk of the existing rent price was nonexistent, the hedge trading effect utilizing the CRB future index on the rent price will be meaningful.

• Journal of Korean Society for Geospatial Information Science
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• v.24 no.4
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• pp.75-81
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• 2016

This study focused on exploring real transaction price of apartment and spatial and temporal heterogeneity of the variables that influence real transaction price of apartment from the spatial and temporal perspective. As independent variables that are considered to influence real transaction price of apartment, transport, local characteristics, educational conditions, population, and economic characteristics were taken into account. Accordingly, the influence of independent variables and spatial distribution pattern were analyzed from the global and local aspects. The spatial and temporal changing patterns of real transaction price of apartment which is a dependent variable were analyzed. First, to establish an analysis model, OLS analysis and GWR analysis were conducted, and thereby more efficient and proper model was selected. Secondly, to find spatial and temporal heterogeneity of independent variables with the use of the selected GWR model, Local $R^2$ was used for local analysis. Thirdly, to look into spatial distribution of independent variables, kriging analysis was carried out. Therefore, based on the results, it is considered that it is possible to carry out more microscopic housing submarket analysis and lay the foundation for establishing a policy on real property.

• Environmental and Resource Economics Review
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• v.28 no.1
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• pp.61-93
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• 2019

This study is to apply Hedonic Price Method in analyzing residents' preferences for three types of urban green space (UGS, rivers, urban parks, and forests) near the apartment complexes in Seoul. Based on hedonic price function estimation results, residents in Seoul preferred for the urban amenity that was provided by the view and accessibility (in terms of both within 10 minutes and distance) of rivers and urban parks near the apartment complexes, but not forests. The annual benefits calculated using the shadow prices are about 550~600 thousand won for the urban park views and about 800 thousand won for the accessibility, which is 2-3 times higher than river views and accessibility. On the other hand, forest views and accessibility did not have significant effects on apartment prices, except the view of Bukhan mountain for the residents of Gangbuk area. Based on the empirical results, Seoul residents' preferences for urban parks would have important implications for the urban park sunset program that will be initiated from July 2020.

• Spatial Information Research
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• v.16 no.4
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• pp.489-497
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• 2008

Currently, GIS has been widely used in the hedonic analyses of urban apartment housing markets in Korea. In those analyses, the apartment complexes are typically represented as the points or the polygons on the GIS maps and the location variables of the analyses are measured based on the points or the polygons. In this study, the relative performance of the point based approach and the polygon based approach in a GIS based hedonic analysis was compared using the apartment housing market data from the north eastern part of the city of Seoul and Davidson and MacKinnon Test. The results from this study indicate two things. First, two approaches can produce substantially different results in a hedonic price model estimation. Second, the polygon based approach produces a hedonic price model which explains the price variations better than the point based approach. These findings suggest that Korean researchers who are interested in improving quality of hedonic price model estimations and use GIS to measure the location variables for hedonic price models should consider using the polygon based approach with the point based approach. This is because the polygon based approach can produce the location variables with the shortest straight line distances and can explain the housing price variations well.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.17 no.4
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• pp.682-691
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• 2016

The purpose of this study is to explore the causal and precedence relationships between the housing sub-market and the results of a consumer sentiment survey about the housing market. This study investigates the relationships between the survey results and an apartment deal price index by size and bidding price rate in apartment auctions by extending research related to consumer sentiment surveys. We surveyed the Seoul Metropolitan Area and analyzed the results using a unit root test, cointegration test, Granger causality test, and cross-correlation test. It was confirmed that causality exists between the survey results and apartment deal price index by size and bidding price rate, and it was also confirmed that there are correlation and precedence relationships between them.

• Journal of Digital Convergence
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• v.11 no.11
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• pp.59-70
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• 2013

As people invest most of their asset in real estate, there is high interest in changing in housing and real estate prices in the future for a digital economy. Various variables are affecting the housing and real estate market. Among them, four variables : households, productive population, interest rate and index price are chosen and analyzed representatively. This study is aimed to build decision model of apartment prices in Seoul empirically. From the analysis result the stock index is the only variable which is significant statistically to apartments in Seoul. From this study, the households and productive population show the same direction as shown in the previous studies before but not significant statistically. Among the independent variables, the stock index is chosen as a major variable of determinant of Seoul apartment price. From the result of the research, prediction of stock market should be preceded to forecast the movement of housing and real estate market in the future.

• Korean Journal of Construction Engineering and Management
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• v.11 no.1
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• pp.79-87
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• 2010

The purpose of this study is to find decisive factors affecting Share-styled Apartment house Lee Myung-bak announced for the homeless masses in February 2008. This policy tried to add up defects from Half-priced Apartment house enforced in 2007. Seoul is ranked as the highest PIR(Price Income Rate) city in the world, as far as the difficulties in getting own house is concerned. Korean government has announced a lot of policies to control the price of real-estate, especially housing bubble phenomenon, since the convalescence from IMF financial crisis. By making questionnaires to get an important factor and taking counsel with related specialists, this thesis found what kind of roles the objects including government, institutions and people should play or focus on.

• Journal of the Korean Regional Science Association
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• v.38 no.4
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• pp.31-44
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• 2022

This study was conducted with the aim of confirming the relevance and effect of the characteristics of the cities and cities in the neighborhood area, focusing on the sale price per square meter of apartment. Specifically, it was intended to determine whether cities in the relevant city and neighborhood area have differential characteristics between the metropolitan area and the non-metropolitan area, whether industrial characteristics, urban planning and development project characteristics, and location characteristics. Comparing the research results of the city and metropolitan area, it was found that there was a correlation in all areas of population characteristics. Industrial and urban planning projects and development project characteristics sectors are not significant in the city, but they appear significant when analyzed in the urban area of the year. When classifying and analyzing the metropolitan area and the non-metropolitan area, both the metropolitan area and the non-metropolitan area were significant in the population sector, and only the distance from Gangnam-gu was significant in the local sector. Since the population is concentrated in the Seoul metropolitan area now, the sale price per square meter of apartments is also concentrated in the Seoul metropolitan area, which is believed to result in such a result. This is judged to be an analysis that appears because the characteristics of the developable status of the metropolitan area and the non-metropolitan area are different. Accordingly, this study shows that the characteristics of neighboring areas as well as the city should be analyzed when analyzing the factors affecting the sale price per square meter of apartment, and suggests that housing market monitoring needs to be carried out together.

• Land and Housing Review
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• v.11 no.1
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• pp.59-66
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• 2020

This thesis investigates relationship between Stock-to-Flow price and housing starts in Seoul metropolitan form 2008 year to 2019 year. The paper tests the relationship through two time-series models such as a vector error correction model and Dynamic Panel regression model. The model results show evidence of positive correlation between Stock-to-Flow price and housing starts in the long run. By transforming the regional data into a panel data set and running a fixed effects model, we test the explanatory power of PBR on housing starts. The result of VECM confirms that one unit uprising PBR raises up apartment construction by 7.4%. This result supports that PBR is a major factor in choosing a start of housing construct. Base on the result of empirical model, We also suggest that the market self-regulation function of housing providers is operating in the entire metropolitan area market.

• Land and Housing Review
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• v.11 no.3
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• pp.1-9
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• 2020

This study fulfills an empirical analysis how the physical factors affect the formation of housing price with the block unit. Block unit houses are a type of housing that pursues comfort and convenience in that the characteristics of individual houses and apartment houses are mixed. Existing studies have focused only on the physical characteristics of various planning elements such as block-type residential complexes. Nevertheless, it is not known whether the physical characteristics of block-type residential complexes reflect the preferences of actual consumers. In addition, there are no sufficient studies on how to evaluate them from the market side. In this study, block-level detached housing sites the target complexes with 10 or more households built between 2002 and 2019. The target areas for analysis are 163 complexes in Paju, Namyangju, Goyang, Suwon, Yongin, Ansan, Gimpo, Incheon, Seongnam, Hwaseong and Gwangju, Gyeonggi-do. The physical elements that make up the unit housing were classified through factor analysis. Finally, regression analysis was conducted to establish the basis determining the price-forming factors. As a result of the analysis, the factors that influenced the price were the site area and the number of community facilities. The variable with negative influence was the distance from Seoul. Based on the results of this study, it can be said that the influence on price formation in various areas was confirmed by presenting the relationship between the facility composition and price of a detached house.