• The Journal of the Korea Contents Association
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• v.15 no.5
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• pp.488-497
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• 2015

The recent increase of chonsei has raised the degree of lease burden of households, and a new residential lease price index needs to be introduced to measure such degree of lease burden. In order to convert the burden into an index, the calculation method of the K-HAI, which is announced by the Korea Housing Financing Corporation, is applied by replacing house purchase with lease. From the calculation, the residential lease prices index of the first quarter of 2014 is estimated to be approximately 114, indicating that the cost of lease exceeds 35% of income. The result of analysis on the trend of the residential lease prices index from the first quarter of 2012 to the present in Seoul indicates that the residential lease prices index in Seoul has continued to increase, compared to that of the entire country. The results of this study will be a foundation to find a solution for the stabilization of chonsei and investigate the degree of lease burden by region when establishing a sustainable housing policy.

• Journal of Families and Better Life
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• v.5 no.2
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• pp.65-82
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• 1987

Product characteristic approach and hedonic method were explained and applied to demand behavior of housing for 360 households sampled from four districts of Seoul. Th major findings are: 1) Housing prices are determined by housing characteristics, i.e., basic structure, interior space, interior quality, and neighborhood quality. 2) as income increase , the demand for basic structure, interior space, interior of quality, and neighbor hood quality increases. As compared to the counties that have advanced housing financial systems, income elasticity form housing characteristics was low. 3) householder's educational level has insignificant effects on the demand for neighborhood quality. 4) the housing need of family is different to a family life cycle. In the first stage, the increase of income enhances the demand for basic structure. interior space, and interior quality, but inversed with neighborhood quality. In the second and third stages, the demand for basic structure, interior space, and interior quality increases as the income increases. 5) It is predicted that the larger the family size, the more housing space is required. But in the low-income group, an increase in family size results in a decrease in the demand for interior space because expenses for food and education are indispensable ones. In the middle -income group the demand for interior space, interior quality increases as the family size increases, In the high-income group, the larger the family size the more interior quality is demanded. As mentioned above, the demand for housing is derived form characteristics and the demand behavior far housing characteristics is varied with individual household's characteristics. Therefore, the fact that different housing needs according to various income groups should be considered in housing policy.

• Asian Journal of Business Environment
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• v.2 no.2
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• pp.23-26
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• 2012

Purpose - The study on the consumption structure of urban residents can help us to understand demand law and to grasp the changing consumption trend of people. Consumption structure is an important indicator reflecting the people's living standard. It is of realistic significance to study urban consumption structure. Research data and methodology - This study is carried out with data connected with urban residents from Shandong Statistical Yearbook for the period 2000-2010 analyzing eight commodity groups. The almost ideal demand system (AIDS) is one of the important models related to consumption structure. Results - This paper shows that firstly gives a brief introduction to AIDS. Then it makes an empirical analysis on the urban residents' consumption structure in Shandong province, China on the basis of AIDS model. Conclusions - the authorities are supposed to control the prices of HC, Foodstuff and Housing and encourage the consumption of HC, Housing, EE accordingly. At the same time, local government should increase the supply of goods connected with housing, HA, HC, and EE so as to attract more consumption from the urban residents in Shandong.

• Proceeding of Spring/Autumn Annual Conference of KHA
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• 2003.11a
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• pp.283-288
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• 2003

This study has analyzed the environmental characteristics of Cheong-Ju city and the priority of residential choice elements by residents. The results of analysis are as follows. 1) The rate of housing supply in Cheong-ju city is low at 80.2%, concentrated on small sized apartments. Furthermore educational and traffic facilities are much insufficient. 2) While residential choice in Chong-ju is heavily characterised by educational surroundings, it is less affected by both economy such as housing prices, the value of investments and accessibility to public transportations, distance to working places. 3) It is affected by residents' general characters like the sell age, life cycle, education level, properties, home ownership, number of room and type of house they want.

• 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.

• Korean Journal of Construction Engineering and Management
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• v.12 no.5
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• pp.35-45
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• 2011

Establishing housing supply strategies in Korean housing market is a crucial issue due to contradictory but concurrent two problems in market; one is the unstable working-class residential and the other is the high vacancy rate by the low-level of sales rate. Although government has been continuously implementing various supply policies in an attempt to evenly distribute houses as well as to keep supply and demand in balance, it is difficult to satisfy all of stakeholders, such as housing consumers, housing owners and housing suppliers. This paper, therefore, applies a system dynamics methodology and offers a dynamic and integrated model encompassing for-profit behaviors of each market participants. The proposed model simulates the future trends of house prices, the balances between supply and demand, construction companies earnings and vacancy rate when applying various housing supply scenarios. From the simulation result, recent governmental small-size rental housing supplies in bulks should utilize private construction companies to stabilize housing distribution rate and private supply system as well as the supply and demand are well balanced.

• Journal of the Korean Regional Science Association
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• v.31 no.2
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• pp.63-77
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• 2015

Effects of shifting trend from Chonsei to monthly-rent and the changes in rental housing prices upon the welfare of tenants has been analyzed. In 2014, welfare of tenants has been found to be decreased by 660 billion Korean Won due to the change in rental housing prices. From the point of view of the welfare of tenants, it has been found that monthly-rent stabilizing policies are 1.47 times more effective than Chonsei price stabilizing policies. The effect of monthly-rent stabilizing policies has been found to be increased with the increase in the proportion of monthly-rent transaction, the decrease in the speed of the shifting trend from Chonsei to monthly-rent, the decrease in interest rate, the decrease in the proportion of variable deposit in monthly-rent, the decrease in the proportion of debt in Chonsei deposit. These findings indicate that the relative importance of monthly-rent stabilizing policies will be increased in the future.

• 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.

• Economic Analysis
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• v.27 no.2
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• pp.71-123
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• 2021

In this study, we present a methodology and model to estimate land prices and the value of land assets in North Korea in the absence of any data about land characteristics from North Korean authorities. Using this framework, we experimentally make market price-based estimates for land assets across the entire urban area of North Korea. First, we estimate the determinants of land prices in South Korea using data on market prices of land from the late 1970s, when it was estimated that the income level gap between South Korea and North Korea wasn't relatively large, and from the early 1980s, when urbanization levels in both of them were similar. Second, we calculate land prices and their relative ratios for each city and urban area in North Korea around 2015 by substituting proxy variables of determinants of land prices derived through a geographic information analysis of North Korea into the function of land prices that we have already estimated. Finally, we estimate the value of land assets in urban areas across North Korea by combining the ratio of housing transaction prices surveyed in several cities in North Korea with the relative prices estimated in this research. As a result, land prices in urban areas in North Korea, looking at the relative ratio of price by city, are estimated to be the highest, at 100.00, in Tongdaewon district of Pyongyang, and to be the lowest, at 1.70, in Phungso county, Ryanggang Province. Meanwhile, the value of land assets in urbanized areas was estimated at $21.6 billion in 2015, which was 1.2 to 1.3 times the GDP of North Korea that year. This ratio is similar to South Korea's in the 1978-1980 period, when the South Korean economy grew at an average rate of 6%. Considering North Korea's growth rate of about 1% in the 2013-2014 period, its ratio of land assets to GDP appears very high.