• 주택과사람들
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• s.205
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• pp.32-35
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• 2007

민간사업자가 시행하는 개발사업에 PFV(Project Finance Vehicle)방식이 도입되고 있다. 종전 개발사업은 시공사가 지급보증을 서고 재무 투자자가 PF를 맡는 단순구조였지만, PFV의 장점이 부각되면서 민간이 추진하는 도시개발사업에도 이같은 방식이 도입되고 있다.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.12
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• pp.869-875
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• 2020

As a basic element for sustainable development, the residential housing industry is vital and fundamental for every country in the world. Therefore, this study examines the impacts of financial considerations on house purchase decisions by housing investors in Auckland, New Zealand. 110 completed questionnaires were statistically analyzed. For testing the proposed hypotheses, Structural Equation Modelling (SEM) was used. The results show that house prices, income, and credit accessibility significantly influence housing investors' purchase decisions in a positive direction. It appears that more expensive houses offer more promising returns such that housing investors having higher levels of income and access to loans are brave enough to invest in such houses. This study aims to present the key factors influencing house purchase decisions from the viewpoint of housing investors as fundamental groups of stakeholders in the property market, which is rarely examined in previous studies. The implication of this study is to provide guidelines for housing regulators in New Zealand to develop affordable housing prices through the availability of land banks. This study also offers practical contributions to housing investors, particularly by providing key guidelines to make effective investment decisions.

• Korea Real Estate Review
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• v.28 no.1
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• pp.65-77
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• 2018

This paper analyzes the redemption risk of renters by estimating the LTV and CoLTV with finance market big data (individual credit information) and housing market big data (actual housing transaction data). The analysis showed that when using LTV, the redemption risk was higher in the case of the monthly renter than of the chonsei renter. On the other hand, when using CoLTV, the chonsei renter had a higher redemption risk than the monthly renter. This implies that there is a need to activate a guarantee system, such as risk management using the CoLTV index and the chonsei deposit return guarantee because it is possible for renters to experience losses on their chonsei deposits due to the higher redemption risk. Another implication is that the risk manager should consider the individual characteristics of renters because of the different effects of the redemption risk stemming from the characteristics of the rental contract and the personal characteristics of the renters. CoLTV was just a concept until this study calculated it using housing big data and actual housing transaction information. It helps identify the redemption risk through the characteristics of renters and their contracts.

• Journal of the Korean housing association
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• v.26 no.2
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• pp.89-101
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• 2015

The purpose of this study is to explore the housing pathways of middle-class married women toward owning a first home. In doing so, an in-depth interview as a qualitative method was conducted, life history was utilized to track down the path to first-home owning, and all the interviews were transcribed for analysis. The research participants were well-educated middle-class full-time housewives owning a home. The findings indicated that family formation through marriage and child birth was a primary driving force to buy a home. It was shown that owning a home was perceived not just as a stepping stone for building both family wealth and social capital but as one of the most important pillars to reinforcing traditional family values. In spite of some intergenerational distinctions on the path toward home owning, commonalities across generations included that home owning was considered to be a social icon for middle-class, it became almost impossible for younger generations without parental support which stimulated the intergenerational transfer of wealth, and it was greatly determined by both family income (affordability) and home finance options(borrowing capacity). This research implies that the changing social landscape transforms the value on homeownership and could undermine the socioeconomic strengths of home owning. Nonetheless, it's of importance to strategically assist first homebuyers who are likely to be a member of middle-class.

• Journal of the Korean housing association
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• v.16 no.3
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• pp.17-26
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• 2005

The purpose of this study is to provide the improvement plans and the future development guidelines to improve the apartment housing remodeling. To achieve this goal, case studies and personnel interviews were conducted. Case Studies were performed on 3 apartment houses which had a remodeling association and personnel interviews were performed on the union presidents of the apartment houses. As a result of this study on the practice of apartment housing remodeling, the problems are as follows; 1) a lack of establishing the specific standards and the operation procedures in terms of the laws and regulations 2) a lack of the residents' right awareness in terms of the maintenance & administration 3) a lack of the funds raising in the case of remodeling in the small. middle size in terms of the finance. According to above results, to improve the apartment housing remodeling, it is showed to be necessary to establish the specific standards and procedures in the laws, regulations and policies, which will be accomplished by real remodeling cases.

• The Journal of Asian Finance, Economics and Business
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• v.5 no.2
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• pp.43-51
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• 2018

We study the impact of economic policy uncertainty (EPU) of Asian four countries such as Korea, Japan, Hong Kong, and China on housing market returns in Korea. Also, we document the relationship between the EPU index of those four countries and the housing market including macroeconomic indicators in Korea. The EPU index of those four countries has significantly a negative effect on the housing purchase price index, housing lease price index in Korea. The EPU index in Korea and Japan has significantly a negative effect on the CPI. The EPU index in only Japan has significantly a negative effect on the PPI. The EPU index in Hong Kong and Korea has significantly a negative effect but the EPU index in China significantly has a positive effect on the stock price index in construction industry. The EPU index in only Korea has significantly a negative effect the stock price index in banking industry. This study shows the EPU index of the Korea has the negative relationships on the housing market economy rather than other countries by VECM. And this study has an important evidence of the spillover of several macroeconomic indicators in Korea for the EPU index of the Asian four countries.

• Journal of the Korean housing association
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• v.17 no.2
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• pp.77-85
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• 2006

This study aims to propose the comprehensive evaluation of performance multi-family housing. Most of the existing studies for the reproduction have evaluated by the safety of structure. Therefore those pass over the functional factors which is important for the evaluation of residential qualities. This study represents that the reproduction renovation should not be secured the safety of structure but established the quality of lift. And questionnaire asking expert's opinion also supplemented. As a result, the item for examination and the weight for evaluation are suggested in functional deterioration. The results of this study are summarized as follows: 1. Existent redevelopment criteria are not appropriate to decide the environmental comfort, the vital function of housing and the residential management finance. 2. The future criteria have to evaluate the existing environmental comfort, be reconstructed to put first general deterioration. 3. Evaluation elements was extracted throughout the document research, evaluation elements analysis system was separated in residential area, suburb of dwellings, community, and housing complexity environmental assesment, 4. Each category of influence ratio was extracted to assess total deterioration throughout the expert question survey. 5. Each category analysed (1) $0{\sim}30%$: function is good (unnecessary to improve) (2) $31{\sim}40%$: average (necessary of partial improvement) (3) $41{\sim}59%$: bad (necessary of total improvement) (4) $60{\sim}100%$: the worst (unable to improve throughout the repair)

• Korean Journal of Construction Engineering and Management
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• v.15 no.5
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• pp.147-159
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• 2014

After 2008 global financial crisis, Korean housing market has experienced stagnation. So it caused housing market problems like housing price reduction, rising rent cost and so on. For housing market normalization government announced policies but Korean housing market didn't recover from stagnation. So, to understand why Korean housing market couldn't overcome the recession and why the policies didn't be effective, this research analyzed housing market participants (home owner, housing demand) based on the law of supply and demand and the psychological effect on their transaction intention based on behavioral economics(behavioral finance). Based on the analysis this research tested the effectiveness of announced policies using System Dynamics. The result showed that the amount of transaction and mortgage loan was influenced by the length of time to draft policies.

• The Journal of Asian Finance, Economics and Business
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• v.6 no.1
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• pp.121-128
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• 2019

This study analyses the relationship between the real estate market and economic growth in Vietnam, a country with a fledgling real estate market. Research data included economic growth rate and growth rate of the real estate market in Vietnam. The research used quarterly data for the period from 2005: Q1 to 2018: Q1. With the characteristics of Vietnam, there has been no real estate index up to now; therefore, the research used data on growth rates of the real estate market. In addition, the real estate market in Vietnam is still young, so the data series is very short, which is a limitation of this research. With qualitative and quantitative methods especially with the Vector Auto Regressive (VAR) model; the results of the study indicate new findings, unlike previous studies, including: (1) The real estate market positively impacts Vietnam's economic growth, most noticeably in the second quarter lag and the fourth quarter lag, and then its trend impacts inversely; (2) The real estate market and economic growth in Vietnam have fluctuated over time with many risks that are affected by the past shocks of these factors. From these findings, we proposed some managerial implications for managing the real estate market with economic growth in Vietnam sustainably.

• Journal of the Korean Regional Science Association
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• v.34 no.1
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• pp.49-60
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• 2018

The purpose of the study is to analyze the housing problems of single-person household in 20-35 age group. Using the survey of Household's Consumption in 2014, we estimated the housing demand function of young single-person household in Seoul. As a result, the coefficient of the permanent income for young single-person household housing was significantly lower than other groups and the housing demand was also lower than others. Since current income isn't come up to permanent income enough, the housing consumption of young single-person household shrinks. It implies the role of the housing financial market is less activated. That is, the difficulty of realization of permanent income and lack of housing finance are the main cause of the imbalance of housing demand of one young person. Therefore, it implies that in order to alleviate the housing problem of the young single-person household, a policy to balance the permanent income with the housing demand is needed.