• Journal of the Korean Regional Science Association
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• v.6 no.1
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• pp.39-55
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• 1990

The principal measure of housing demand is income and the preferences expressed by households through their respective indifference curves. In this context, housing essentially becomes a derived demand, i.e., the household consumes land and a location (or distance-in time and money costs), according to its relative preferences for space, accessibility, and all other nonhousing goods. This paper attempts to deal with both aspects of housing (apartment) demand and household mobility in the Seoul Metropolitan Areas. Housing services will be measured using hedonic regression technique. From observations on the market prices of dwelling units and on the underlying characteristics of housing, one can estimte the relationships between the two empirically. In predicting the probability of the future moves into new towns in the Seoul Metropolitan areas, the best predictors of the future moves into new best predictors are found to be the degree of satisfaction not only with the current residence as a whole, but with some of the major amenities, accessibility and child education. The reasons for moving into new towns are diverse depending on the households' current situation; the most frequently cited is "improvement of housing conditions," followed by "improvement of living environment," "asset improvement" and "home ownership". It appears that people move houses because of a dissatisfaction with their current housing status, relative their income or needs, or a desire to improve their housing and neighborhood amenities, or both. On the other hand, it is clear that the development of new towns in the Seoul Metropolitan Areas should be based on the analysis of housing demand and the pattern of household mobility in Seoul housing market.sehold mobility in Seoul housing market.

• Journal of the Korean Regional Science Association
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• v.38 no.4
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• pp.45-58
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• 2022

This study intends to compare the factors influencing the location of international schools on apartment sales and monthly rent prices for Songdo International School in Incheon, which has a history of more than 10 years. At the latest point, 10 years after the opening of the school, apartments in areas near international schools are divided into sales and monthly rent markets and analyzed. Songdo International City, designed as a planned city, was set as a spatial scope, and 2018-19, which is a relatively stable real estate period, was set as a temporal analysis period to avoid the overheating period of real estate after COVID-19. Considering the urban image of the "New Special Education Zone," such as the opening of Songdo Campus by private academies formed around international schools and domestic and foreign universities, the multiple regression model was applied based on the traditional Hedonic price model. As a result of the empirical analysis, first, differences in the price determinants of sales and monthly rent were confirmed. Second, the price influence of international schools was much higher than that of the variables. Third, the influence of international schools was more pronounced in the monthly rent market than in the sales market.

• Korean Journal of Construction Engineering and Management
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• v.7 no.5
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• pp.167-176
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• 2006

It was found that Korean Standard of Estimate which has been used as the only basis of cost estimate of public construction projects had some side effects such as jerry-build construction and over-estimation because it failed to reflect the current price and the state-of-the-art construction methods in a changing construction environment. Therefore, the government decided to gradually introduce historical construction cost into cost estimate of public construction projects from 2004. This paper presents analytic criteria and a process model for deducing more current and reasonable historical construction cost for contract items from not only previous contract prices but also all of the other bid prices that were not contracted. The procedure of estimating actual unit cost proposed in this paper focuses on the removal of abnormal values including strategically too low or high prices and the time correction. In addition, basic research is conducted for the correction of actual unit cost through the analysis of fluctuation of bid price depending on bidding types and rates of successful bid. It is anticipated that the effective use of the proposed process model for estimating actual unit cost would make the cost estimation more current and reasonable.

• Journal of the Economic Geographical Society of Korea
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• v.18 no.3
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• pp.348-365
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• 2015

This study empirically analyzes the recent conversion trend of Jeonsei to monthly rental contracts in the APT rental market and its major characteristics for three Gangnam districts using the real transaction Jeonsei and monthly rent prices data over the period of 2010.12 to 2015.4. The results show that in terms of deposits and substitutability the conventional apartment is more efficient than those of the reconstruction apartment. Moreover, monthly rental contracts are closely related with the movement of short-term interest rates. Given the same type of apartment, the result drawn from the substitutability between Jeonsei and monthly rental contracts reveals that the monthly leasing contract with the lower rate of deposit tends to have the higher conversion rate of Jeonsei to monthly rent. Thus, an urgent measure should be taken that the burdens of tenants with monthly rent contracts could be alleviated according to the rate of deposits.

• Journal of the Economic Geographical Society of Korea
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• v.22 no.4
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• pp.576-591
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• 2019

This study attempts to analyze the effects of distance-accessibility to the complex shopping mall of 'Lotte Mall-Suwon', located at the old central and catchment district of the Suwon station in the Province of Gyeonngi, on the prices of its neighboring apartments within the Gwonseon-gu of Suwon City by using the hierarchical and linear-difference in difference regression method. The results of the analysis are as follows. First, before construction the effects of distance-accessibility show the U-shaped pattern, suggesting that the negative external effects of noise and traffic congestion around the Suwon Station affected the prices of its neighboring apartments within the Gwonseon-gu of Suwon City. Second, the effects of distance-accessibility at different times, such as the construction period and after the opening, are statistically significant only in the latter, indicating the reverse U-shaped pattern unlike before the opening. This means that after the opening of the complex shopping mall its external effects as a leisure and convenience space have a positive effect on the prices of its neighboring apartments within the Gwonseon-gu of Suwon City. Third, the effects of distance-accessibility is at an inflection point around 1.6-1.7 kilometers, which means that the U-shaped distance-decay pattern before construction, while the reverse U-shaped pattern is shown after the opening of opening. The latter implies that apartments that are very close to the mall within the Gwonseon-gu of Suwon City enjoy relatively small positive externalities. Therefore, they are exposed to some negative external effects of noise and traffic congestion, but apartments with some distance apart within the Gwonseon-gu of Suwon City maximize those positive externalities. These results suggest that the effects to distance-accessibility are different from location to location.

• Korean System Dynamics Review
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• v.12 no.2
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• pp.5-36
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• 2011

Seoul citizens are currently suffering from high housing price. Home prices have risen more rapidly than salaries so owning a housing unit (apartment, condominium, or single-family home) in Seoul is becoming more difficult than ever. Therefore, this research examines the behavior of average Seoul citizen in owning housing unit in Seoul, Korea, particularly in terms of the length of time required to afford a house unit. This research estimates that it will take about 18.75 years in maximum after getting a job (12.75 years after purchasing the housing unit) to own housing unit in Seoul that is currently valued at $300,000 where the growth rate of income is 2.97% and consumption price increases at a rate of 2.95% per annum. Finally in this research, the optimal growth rate of housing price is estimated ranged from 3.5 to 4.0% minimizing the loan payoff period.

• Proceedings of the Korean Institute of Building Construction Conference
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• 2012.05a
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• pp.127-128
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• 2012

Exhaustion of fossil fuels and continued high oil prices, global warming, climate change and to respond to the development and use of alternative energy technologies is expanding rapidly throughout the world. Recently, character of domestic building is appearing by along with economic growth, high-rise, large size, congestion. For this reason, the amount of electrical energy used in a building is increasing. In this study, the applicability of PV modules that are used as roofing and efficiency analysis, and more from the building of BIPV modules built using the activation of alternative energy sources in Korea are aimed want done.

• Journal of the Korean Professional Engineers Association
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• v.38 no.4
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• pp.7-9
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• 2005

The recent speculation fever in Kangnam and its southern vicnity of Seoul resulted in surging apartment prices. The government is determined to employ more effective anti-speculation policy measures to control the property speculative demand. The Government plans to implement support measures to discourage people from owning multiple homes by reinforcing tax measures. To meet the increasing demand for more large-sized apartments in Seoul, the Government may allow to build more large sized units. By the end of August, 'a comprehensive package tool of real estate policy measures' ,as a real estate controlling guidelines, is scheduled to be presented by the Government. We hope that the package tool will stabilize housing market more effectively and enhance the national economy.

• Journal of the Korean Regional Science Association
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• v.10 no.1
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• pp.53-70
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• 1994

The relationships between the Capital gains of housings by tenure, type and size have been analyzed. Major findings are (i) capital gain rate of 'chonsei' housing is larger than that of the owner occupied housing (ii) the small 'chosei' apartment has the highest capital gain rate and the lowest instability index (iii) the smaller the size of housings, the higher the capital gain rate and the smaller the instability index. Even though there is the 'structural change' in the capital gain rates of owner occupied and 'chonsei' housings, they are cointegrated. The capital gain of owner occupied housing is mainly affected by the real estate policies. But, The capital gain of 'chonsei' housing is mainly affected by the business cycle and the aggregate demand management policies.

• Journal of Environmental Impact Assessment
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• v.25 no.6
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• pp.457-465
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• 2016

Around the world, a lot of people are migrating to the urban areas, and new cities are continuously being constructed. Currently about 54 percent of the world's population live in the urban areas, and by 2050, it is expected to increase to 66 percent; thus, managing the urban areas is one of the most important challenges of sustainable development in the 21st century. The key to successful urban management is to preserve the urban green spaces, which provide aesthetic, psychological and health benefits to the urban citizens. However, the benefits of the urban green spaces are not fully appreciated within the societies due to the difficulty of economic valuation of the urban green spaces. This study examined whether the view of the Songdo Central Park has a positive influence on the prices of the surrounding apartments, using the hedonic pricing method. The results showed that a positive relation exists between the view of the Songdo Central Park and the price of apartment. The price of an apartment with the view of the Songdo Central Park was 5 percent higher than that of an apartment without the view. In addition, it was estimated that the proximity to the Songdo Central Park has an influence on the housing price as well.