• Journal of Distribution Science
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• v.12 no.9
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• pp.47-52
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• 2014

Purpose - There has been little research on the variables influencing studio apartment values. This study aims to identify variables affecting the value of studio apartments in Seoul by empirically examining the interaction between sale prices and characteristics studio apartment characteristics. Research design, data, and methodology - We have analyzed data pertaining to 142 studio apartments in September 2010. A regression analysis model is constructed to test the significance of the variables in relation to the studio apartment sale prices per m2 in Seoul. Results - The age of the building is comparatively more significant than land use as the explanatory variable. Land price is the key variable affecting studio apartment sale prices and investors are willing to pay high implicit sale prices for locations that are associated with high land prices. Conclusions - The age of buildings explains a significant portion of the variability of the sale prices of studio apartment. Higher land prices result in higher sale prices for studio apartments. The older the buildings, the lower the sale prices of the studio apartments.

• Journal of the Korean Society for Railway
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• v.7 no.2
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• pp.155-162
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• 2004

In order to account for a price variation of apartment that places near a newly constructed subway station, a spatial hedonic model was developed to examine spacial characteristics that affect a purchasing price of an apartment using a White Estimator. In particular, the paper aims to examine various effects of subway 7 construction on an apartment price in Seoul Metropolitan Area. As explanatory variables, an apartment size, distance to a closest subway station, distance to the Central Business District (CBD) of Seoul, the number of years after building, and a lagged variable of the apartment purchasing price were used. The lagged variable plays a role of representing a spatial weighted average of previous prices of other apartments that locate within 3 km from the apartment. For a precise study, an entire sample was divided into two sets, southern area and southwestern area of Seoul, and two different spatial hedonic models were estimated. Not only before and after analysis, but also with and without analysis were conducted to compare with different effects of the spatial characteristics of two areas. The results show that before the construction of the subway 7, the prices of the apartments in the southern area were more sensitive to the apartment size, the distance to a closest subway station, the distance to the CBD, and the prices of the other apartments locating within 3km rather than those in the southwestern area. After the construction, on contrast, it is found that the apartment purchasing prices in the southwestern area are more sensitive than those in the southern area due to people's expectation regarding a new development around the subway station. In addition, the prices of the apartments locating closely with a transfer station are more likely to go up by increase in the apartment size, the distance to the station, and the prices of the other apartments within 3 km. Compared with the negative effects of the distance to the station on the prices in the other models, the positive effect of the distance to the transfer station might be caused by the characteristics of commercial area in which people are not likely to live.

• Proceedings of the Korean Institute of Building Construction Conference
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• 2016.05a
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• pp.249-250
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• 2016

Korean government has announced declared prices of apartment reflecting market condition each year. Therefore, on that basis, apartment owners have used as basic data trading apartments and the government has been used to calculate the tax. However, the sales prices and declared prices of apartment has occurred difference depending on the region and the brand. This study has analyzed and compared regional differences in sales price of apartments. The results of this study, we have known that sales price of apartments was a big difference depending on the region and the gross area. Especially, Seoul and Gyeonggi Province are the highest. And sales price of Southeast and urban area are the highest in Seoul. In the future, it is necessary that gap analysis between sales price and declared prices of apartment. And It is needed to develop apartment index considering the region and the gross area.

• Journal of Korean Society of Transportation
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• v.27 no.6
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• pp.89-96
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• 2009

The present study is performed to identify the relationship between apartment prices and distances from freeway interchanges. To collect consistent data and to simplify the sphere of the influence, the Seoul beltway was selected as the target road. Two sides of the Seoul beltway such as the inner side and the outer side are partitioned following the whole beltway line. The maximum distance to be taken care of in data collection was 6.0km from freeway interchanges. Results show that there exist consistent patterns between apartment prices and distances from freeway interchanges. In detail, if the apartment is located on the sphere of the influence, it is shown that a) the prices are increased overall b) the prices are low at very near of interchanges c) the prices are increasing up to the points of about 2.0~4.0km from interchanges d) the prices are decreasing after the points. Additionally, it is shown the pattern observed was following approximately a quadratic curve which is different from the liner curve obtained from the similar study over the sphere of the influence in railway(Subway).

• Land and Housing Review
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• v.12 no.4
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• pp.41-59
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• 2021

This study reviews theoretical considerations and past studies about real estate prices, macroeconomic variables, and real estate policies. Monthly data from January 2003 to June 2021 are used, and a VEC model, the most widely used multivariate time series analysis method, is employed for analysis. Through the model, the effects of macroeconomic variables and real estate regulatory policies on real estate prices in Seoul are analyzed. Findings are summarized as follows. First, macroeconomic variables such as money supply and interest rates do not have a significant impact on Seoul's apartment prices. Due to the high demand for housing and insufficient supply, there is a demand for buying a home regardless of macroeconomic booms or recessions. Second, tax and financial regulatory policies have an initial impact on the rise in apartment prices in Seoul, and their influence diminishes over time. Third, anti-speculation zones are expected to decrease apartment prices through the suppression of demand. However, these zones cause a rise in apartment prices. This could be understood as a lock-in effect due to the strengthening of capital gains tax. Fourth, the price ceiling did not decrease apartment prices. These findings propose that, in Seoul, where demand is high and supply is insufficient, the supply of high-quality and sufficient housing should be prioritized over various regulations such as tax regulations, financial regulations, anti-speculation zones, and price caps. Moreover, the findings provide an implication that city-specific real estate policies should be implemented for Seoul rather than regulation-oriented approaches in public policy.

• Journal of the Korean housing association
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• v.21 no.6
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• pp.81-90
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• 2010

The existing most studies on the apartment sales prices have been limited to relatively small size apartment complexes and have not categorized the apartment complexes based on the number of households. Some of them uses the apartment-related indices such as regional value estimates, sales unit price, and view right values. In the case of Seoul Metropolitan Area, the size of apartment complex has been growing to the level of large complex over more than 1,000 households through new town development, redevelopment and reconstruction. People prefers to choose a large scale complex instead of small complex based on their perception that a large scale apartment complex provides more conveniences in living. The result of this analysis revealed that the variables chosen as important determinants of the hedonic price model for large scale apartment complexes were square meters of apartment unit, rent/price ratio, number of bays, distance to the nearest subway station, and heating system method. This means that the sales price of apartment unit will be higher as the square meters of apartment unit increase, as the rent/price ratio decreases, as the distance to the nearest subway station increases, and as the number of bays increase.

• Journal of agricultural medicine and community health
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• v.49 no.1
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• pp.59-70
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• 2024

Objectives: This research analyzed and compared housing transaction prices and depression rates according to housing types before and after the COVID-19 pandemic. Methods: Data on housing transaction prices and depression rates from 2018 to 2022 in 25 districts of Seoul, South Korea, were utilized. Dummy variables were employed to account for potential confounders influencing the relationship between the variables. Statistical analysis was conducted using R, and the relationship between depression rates and housing transaction prices was examined through Ordinary Least Squares (OLS) and panel data regression analysis. Results: The results of OLS and one-way random effects models indicated a significant relationship between apartment (p<.05) and officetel (p<.001) transaction prices and depression. However, detached/semi-detached and row/townhouse transaction prices did not exhibit a significant relationship with depression. Conclusion: It was observed that as apartment and officetel transaction prices increased in Seoul before and after the COVID-19 pandemic, depression rates also increased. Considering that changes in housing prices by housing type in South Korea may impact the mental health of local residents, it is deemed necessary to consider healthy housing and housing prices as comprehensive determinants of mental health.

• The Korean Journal of Applied Statistics
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• v.33 no.5
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• pp.603-614
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• 2020

This study focuses on the prediction and factors of apartment prices in Seoul using a convolutional neural networks (CNN) model that has shown excellent performance as a predictive model of image data. To do this, we consider natural environmental factors, infrastructure factors, and social economic factors of the apartments as input variables of the CNN model. The natural environmental factors include rivers, green areas, and altitudes of apartments. The infrastructure factors have bus stops, subway stations, commercial districts, schools, and the social economic factors are the number of jobs and criminal rates, etc. We predict apartment prices and interpret the factors for the prices by converting the values of these input variables to play the same role as pixel values of image channels for the input layer in the CNN model. In addition, the CNN model used in this study takes into account the spatial characteristics of each apartment by describing the natural environmental and infrastructure factors variables as binary images centered on each apartment in each input layer.

• Land and Housing Review
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• v.14 no.1
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• pp.33-46
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• 2023

This study investigated price factors for large apartment complexes in Seoul during the COVID-19 pandemic and compared Gangnam and non-Gangnam areas, which have been recognized as heterogeneous markets. We find that the change in apartment prices in large-scale complexes did not significantly affect the individual characteristics of apartments, unlike previous studies, but was affected by macroeconomic variables such as interest rates and money. On the other hand, considering the units of the interest rate and total monetary volume variables, the effects of two variables on the apartment sales price is significantly high. In addition, the Gangnam area model analysis shows that apartment prices are greatly affected by interest rates and currency volume, and, the non-Gangnam area model analysis shows that apartment prices are greatly affected by interest rates and currency volume, but the degrees are different from the Gangnam area model. Overall, our study shows that interest rates and money supply were the main factors of apartment price changes, but apartment prices in non-Gangnam areas are more sensitive to changes in interest rates and money supply.

• Environmental and Resource Economics Review
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• v.11 no.2
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• pp.261-278
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• 2002

Based on the hedonic pricing method, this paper investigates the effect of air quality on the apartment price in Seoul. The empirical results show that both the structural variables such as years of construction, heating system, and size of apartment complex and accessability variables such as distances to subway station and parks provide statistically significant effects on the price of apartment, Especially, the dendity of sulfurous acid gas ($SO_2$) and ozone ($O_3$) in the air, indicating air quality, negatively affect the price of apartment, This implies that as the condition of air quality to become worse, apartment price decreases, Therefore, when the degree of aversion of apartment residents against the air pollution affects the formation of apartment's market price, the MWPT(Marginal Willingness to Pay) in order to improve the air quality 10% has been estimated as 36,000~39,000Won per month.