• Korean Business Review
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• v.20 no.2
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• pp.15-27
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• 2007

This paper analyzed the relationship between Housing Purchase Price volatility of Seoul and Housing Purchase Price volatility of local large city. Other studies investigates the effect on the observed volatility Observed volatility consists of fundamental volatility and transitory volatility. Fundamental volatility is caused by information arrival and transitory volatility is caused by noise trading. Fundamental volatility is trend component and is modelled as a random walk with drift. Transitory volatility is cyclical component and is modelled as a stationary process. In contrast to other studies, this study investigates the effect on the fundamental volatility and transitory volatility individually. Observed volatility is estimated by GJR GARCH(1,1) model. We find that GJH GARCH model is superior to GARCH model and good news is more remarkable effect on volatility than bad news. This study decomposes the observed volatility into fundamental volatility and transitory volatility using Kalman filtering method. The findings in this paper is as follows. The correlation between Seoul housing price volatility and Busan housing price volatility is high. But, the correlation between Seoul and Daejeon is low. And the correlation between Daejeon and Busan is low. As a distinguishing feature, the correlation between fundamental volatilities is high in the case of all pairs. But, the correlation between transitory volatilities turns out low. The reason is as follows. When economic information arrives, Seoul, Daejeon, and Busan housing markets, all together, are affected by this information.

• International Area Studies Review
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• v.14 no.3
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• pp.246-263
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• 2010

This study examines how the long-run relations between housing price and inflation in the United Sates have changed since the year of 2000. Johansen co-integration test, estimation of long-run equilibrium equation, and Granger causality tests are conducted, based on the VECM. Data covers the period from the first quarter of 1975 to the second quarter of 2010. I adopt the recursive estimation method in which the final period of the estimation is expanded by one quarter, starting from the first quarter of 2000. The empirical results are as follows: (1) In spite of the sharp increase of housing price, the long-run relationship of house prices and inflation has been remained stable until 2007, showing that house prices are a stable inflation hedge in the long run. (2) The housing price plunge since 1997 does not seem to be related to the restore of the long-run relationship between housing prices and inflation. (3) Granger causality test results support the hypothesis that inflation granger-causes housing prices with 10% significance level, but reject the hypothesis that housing price granger-causes inflation.

• Proceedings of the Korean Institute Of Construction Engineering and Management
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• 2004.11a
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• pp.344-348
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• 2004

The purpose of this study is the correlation analysis between housing environment and prices of apartments in Dae-Jeon city. For these purpose, selecting assessment factors to analysis correlation from housing environment classified by space stages and correlation analysis between selected factors and price of apartments. The results of this study are as follows : in old city area, a physical factors of housing environment gives high influence on the price of apartment, in new city area, density of building gives high influence on the price of apartment.

• Journal of Korea Planning Association
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• v.54 no.2
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• pp.76-83
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• 2019

This study aims to empirically identify the effect of spatial accessibility, based on travel, on housing prices in the Korean capital region. More specifically, it has two research purposes: First, investigating the effect of comprehensive spatial accessibility, based on road network and actual trips from origin to destination, on average apartment price (Korean Won per square meter) at the level of Eup, Myeon and Dong; Second, identifying better accessibility index between Hansen's and Kalogirou and Foley's ones. The former represents a road-based travel time decay function with destination trips, while the latter is a function with origin trips as well as destination ones. The study employs spatial economic models considering spatial auto-correlative relationship as an appropriate methodology with such control independent indicators as population density, road density, educational environment and distances from CBDs. Analysis results demonstrate that spatial accessibility, based on road network and actual trips from origin to destination, has a statistically significant impacts on housing price in the region. Our empirical evidence proves that the Hansen index is more appropriate than the other in estimating housing price impacts.

• Journal of the Korean housing association
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• v.17 no.6
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• pp.73-81
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• 2006

This study focused on the fact that changes of policies have influence on housing culture of Korea and analyzed changes in apartment houses planning since the deregulation of the price ceiling through newspaper advertisement. The research compared and analyzed advertisements of apartment houses sales appeared in the 'Gwangju Il-Bo' daily newspaper from 1990 to 2003 by planning factors. : The results are as follows. Reliability and economy were important factors in deciding apartment before the deregulation of the price ceiling policy, but as apartment houses were merchandised after the deregulation of the price ceiling policy, brand of enterprise and image of apartment houses were highlighted more. In the environment of apartment complex, the concerns of location after the deregulation of the price ceiling policy were more increased than before its policy and it means emphasis on living environment for better life. The apartment housing unit and building showed change of the apartment housing unit plan considering residents, high quality of interior design and high-tech and differentiation of equipment since the deregulation of the price ceiling policy. The ground space has been parked or afforested and the underground space is used for parking lot as a part of environment-friendly in the apartment complex planning. The deregulation of the price ceiling policy made brand, image, high-grade and differentiation, and got many changes in the planning side of the apartment sales advertisement.

• The Journal of the Korea Contents Association
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• v.12 no.11
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• pp.469-481
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• 2012

The demand for small-sized housing has been increasing due to the recession of real-estate price and the increase of small-sized households. Especially, the demand for affordable housing has been increasing since the style of housing and the location fits the lifestyle of small-sized household. In addition, many investors have been buying it because it has advertised as an investment property holding high-return ratio. However, an empirical analysis about the selling price and the return ratio has not been done yet. Therefore, the purpose of the research is having the empirical analysis based on the selling price and return ration by examining the affordable housing in Seoul. The urban-life housing more than 50 generations of the Seoul was irradiated for the analysis. And the linear regression analysis and PLS(Partial Least Square Regression) analysis was used for the empirical analysis. The result of analysis, based on the linear regression analysis, showed that factors including neighboring housing price and subway catchment area have a significant effect to the determinant factors of housing price. The analysis for return ratio showed neighboring housing price, subway catchment area and amenities affects the ratio. Especially, the fault of using small sample was covered by using the partial least square regression in this research.

• Land and Housing Review
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• v.7 no.2
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• pp.67-75
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• 2016

This research suggests improvement strategies for the problems of 'public housing supplied through the purchase of existing house' by understanding the situation of supply to lowest income class in Seoul where there are many demands. Due to the heavy housing expenditure burden, in spite of the fact that the needs for affordable housings are increasing, the number of 'public housing supplied through the purchase of existing house' which has been supplied to Seoul by LH & SH has decreased since 2009. It is caused by the low standard purchasing price set by government especially Seoul. Since 'the public housing supplied through the purchase of existing house' is targeted for indigenous inhabitants, different supply stocks among different regions cause equity problem. Generally regions with low income class are in short supply, on the contrary the supply is especially concentrated specific regions in outskirts of Seoul. The main reason of such new supply stagnation and regional concentration is the low standard purchasing price. Therefore, it is necessary to increase the government's standard price according to the actual transaction price. Also it is needed to associate actual transaction price's increasing rate with the government's standard price. The housing supply based on demands must be established. In addition, the provision of 'public housing supplied through the purchase of existing house' should be expanded to low-middle income inhabitants and low income youth in the regions where the supply of the affordable housing excess demands.

• Proceedings of the Korean Institute of Building Construction Conference
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• 2016.05a
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• pp.257-258
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• 2016

Construction of Multi-Family Housing(MFH) was rapidly spread in the 1990s, it has been mostly passed more than 20 years and it is faced to aging time. Remodeling has emerged a major issue in the construction industry as an alternative of improvement and recovery the initial performance of the deteriorated MFH. But, Many decision-makers are struggling to determine whether to conduct a remodeling because of profitability. In this context, this research was conducted as the following steps to achieve this research goal, i) remodeled MFH cases and comparative cases were collected, ii) the price information based on three time frames (i.e., before remodeling, after remodeling, and present) was collected, and iii) the relative price variation of the remodeled cases was analyzed and finally it is revealed that there are four patterns of price variation.

• Management & Information Systems Review
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• v.25
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• pp.321-337
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• 2008

The house price rise suddenly is not only Economic stability but economic, mental state of a heavy burden to people. This paper is a house finance environment analyzed in this research about the rise factor of the house price and the result to present the plan to the natural disposition. The financial institute has an influence on the disguised demand extension of the house and The mortgage Lending in commercial Banks with the earnings as the stability high than the industry loaning. A house finance environment changes and will go from economic factor of the variety of the life style, the housing conditional according to the income level, a children education condition, and the population structure many this little. The disposition of the house need changes according to this and will have an influence on the house price. Necessary for a house market environment house policy of the market need which the consistency reflects so that we are suitable and is desired.

• Spatial Information Research
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• v.21 no.6
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• pp.81-89
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• 2013

Recently, several studies conducted for other countries show that housing price has very close relationship with personal or neighborhood level obesity. Also these studies suggest the use of housing price as a new SES(Socio-Economic Status) variable for health related studies. In this study, whether this relationship can be found in regions of the Seoul Metropolitan Area is investigated. The results of this study show that, as in the cases of other countries, the regions with SES represented by higher housing prices show lower obesity levels. Further, the results show that the differences in regional housing prices well explain the variations of regional obesity levels as other traditional SES variables do. This finding indicates that housing price which is objectively, continuously, and spatially measured in Korea can be used as a new SES indicator for health research in Korea.