• Korean Journal of Construction Engineering and Management
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• v.6 no.3 s.25
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• pp.144-155
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• 2005

Since 1950s, the Korean housing market has continually experienced the chronicle lack of housing stock because of lower housing investment in comparison with a population explosion, prompt urbanization and rapid restructuring of family. The Korean housing market have thus been driven not by the pricing model by housing demand-supply chain but by the Korean housing policies focusing on the increase of housing supply and the living stability of the middle or low-income bracket. After all, repetitive economic vicious circle of housing price and the increase of unsold apartments aggravated the malfunction of the Korean housing market. Meanwhile, the Korean construction firms have exacerbated their profitability. Such terrible situations are mainly triggered by the Korean construction firms that weighed on the short-term profits and quick response of the government policy alterations rather than the prospect of housing market Therefore, this research focusing on the dynamics of housing market identified and classified the demand and supply elements that consist not only of housing system structures but also of the environmental elements that affect the structures. Based on the system thinking and traditional theory of consumer's choice, the interactions of these elements were constructed as a causal loop diagram that explains the mutual influences among housing subsystems with feedback loops. This paper describes and discusses about the causes of the dynamic changes in the Korean housing market. This study would help housing suppliers, including housing developers, construction firms, etc., to form a more comprehensive understanding on the fundamental issues that constitute the Korean housing market and thereby increasing their long term as well as minimizing the risk involved in the housing supply businesses.

• Asia-Pacific Journal of Business
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• v.15 no.1
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• pp.225-237
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• 2024

Purpose - This study aims to explore the relationship between housing and land prices, with a specific emphasis on the impact of government policies on these factors such as land supply quantity and the ratio of residential land to total land supplied. The goal is to identify the most effective government intervention strategies for controlling both housing and land prices. Design/methodology/approach - Data from 70 primary and medium-sized cities in China spanning from 2003 to 2017 are utilized in this research. The analysis employs a panel vector autoregressive (PVAR) model, with a primary focus on examining the relationships among housing prices, land prices, and government intervention policies. Findings - Housing and land prices are influenced by various factors. Through impulse response analysis and variance decomposition, it is observed that both housing and land prices are predominantly influenced by their internal dynamics, with comparatively weaker effects attributed to policy interventions. Research implications or Originality - By investigating the impact of government policies on housing and land prices, This study establishes a foundation for effective price control measures. Our study advocates for a comprehensive examination of China's land supply mechanism to enhance understanding of the pathways through which government policies influence the markets.

• Journal of The Korean Digital Architecture Interior Association
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• v.9 no.1
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• pp.11-18
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• 2009

Recently major construction companies are building Housing Cultural Center instead of existing model house or housing gallery for accomplishing new marketing strategy. This Housing Cultural Center are different with existing model house or housing gallery on scale, spacial composition and operating program. And Background of differentiation is caused by change of housing market's environment, consumer's awareness level, service and marketing strategy. Because existing model house or housing gallery can not supply various consumer's needs and change of awareness level. Therefore, recent Housing Cultural Center is focused on cultural marketing for rapidly adjusting to new customer's need, including new customer acquisition and old customer retention. In accordance with this situation, it is very important to analyze out type and trend of Housing Cultural Center as facility for enlargement of cultural service and companies's social role for consumer. Therefore, the purpose of this study is an analysis about the trend of Housing Cultural Center as cultural space and a presentation of concept, function and direction when other construction companies build Housing Cultural Center hereafter.

• Journal of The Korean Digital Architecture Interior Association
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• v.12 no.1
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• pp.89-98
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• 2012

While the housing transaction price of Seoul tends to be stagnant or declining in line with the housing market recession since 2007, the jeonse price keeps continual increase. Such flow of jeonse price change has a serious influence on ordinary person's housing stability seriously. Therefore, it is very meaningful in terms of social policy to analyze the trend of recent jeonse price change. This study aims to have an empirical analysis of structural characteristics of the trend of recent jeonse price change. After the review of various previous studies, this study selected housing jeonse price index, non-sold house quantity, jeonse vs. transaction price rate, and housing construction performance as analytical variables, and employed monthly time series resources from January 2007 to April 2011. As a result, when the housing supply reduced, the potential quantity for jeonse market reduced that occurred unbalance of supply and demand in jeonse market. In turn, it caused the increase of jeonse price. And, in case of jeonse vs. transaction price rate change, the rate increased which means the increase of required rate of return of invested demand. As such, the increase of market risk degenerates the investment sentiment which caused the reduction of quantity for jeonse market as a submarket.

• Journal of the Korean Regional Science Association
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• v.35 no.2
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• pp.49-57
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• 2019

The young generation in life cycle that social position is rapidly changing is play an important role in a regional development because they can increase social and natural population in the region. This study analyzed the relationship between the movement of young generation and the regional characteristics including housing market characteristics in Seoul. As the results, the movement of young generation was influenced by commuting distance and location of jobs as the gravity model has suggested. In addition, housing supply and housing price (or Jeonse price) is an important factor for the movement of young generation. It can be inferred that the more price gap such as Jeonse price and housing supply gap are increased, the more out-migration of young generation in Seoul is increased. However, the housing demand of young generation in employment centers will be increased because jobs contribute to increasing the inflow of young people. Therefore, the policies of central and Seoul government that supply housing in job rich and high accessibility areas are needed for young generation. In addition, if public housing and affordable housing are supplied in the other areas, it can contribute to reduce the out-migration of young people in Seoul.

• Korean System Dynamics Review
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• v.12 no.2
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• pp.127-151
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• 2011

The purpose of this study is to examine measures to improve government's supply oriented housing policy in population declining cities. For this purpose, system dynamics simulation method was used to build urban-housing model and different sets of housing policies were tested to see their impact on local housing problems. Simulation result shows that there is no best set of housing policies that can solve all housing problems in population declining cities. It also indicates that housing policy that solve one type of problems can worsen other type of problems. Housing policy that increases population size has negative effect of housing oversupply. It also increases proportion of old houses in population declining cities. However, housing policy that makes city younger with newer houses tends to increase housing shortage and housing price. So, policy choice needs to be made with clear understanding of trade off between different policies. The result also shows it is difficult to expect a full scale effect of housing policy on local housing problems unless it is executed with regional economic development policy because local housing problems are so closely related with local economic problem in population declining local cities.

• Land and Housing Review
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• v.9 no.4
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• pp.10-18
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• 2018

As the volatility increasement of the number of tourist, there was been controversy over supply-demand imbalance in hotel market. The purpose of this study is to analysis on determinants of hotel occupancy rate in Jeju Island. The quantitative method is based on cointegrating regression, using an empirical dataset with hotel from 2000 to 2017. The primary results of research is briefly summarized as follows; First, there are high relationship between total hotel occupancy rate and hotel occupancy of foreign tourist. The volatility of hotel occupancy is caused by foreigner user than local tourists though local tourist high propotion of hotel occupancy in Jeju Island. Second, hotel occupancy of local tourist has not relationship with demand and supply variables. Because some hotel users are not local tourists but local resident, and effects to other variables of hotel consumer trend, accommodation such as Guest house, Airbnb. Third, there are high relationship between foreign hotel occupancy rate and demand-supply variables. These research imply that total management of supply-demand is very important to seek stability of hotel occupancy rate in Jeju Island. Also it can provide a useful solution regarding mismatch problem between supply-demand as well as development the systematic forecasting model for hotel market participants.

• Journal of Environmental Impact Assessment
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• v.26 no.3
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• pp.195-206
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• 2017

Recently, Discussion about BIM based LID (Low Impact Development) facilities management system is activated because interest of LID technique for urban water cycle restoration is increasing. For this reason, this paper developed the auto-checking module of the BIM (Building Information Model) based supply output table. This module will be the foundation of the BIM based LID facilities total management system. The research order is composed like next follows: (1) Select target area, (2) Make BIM model of LID facilities and extract supply output table, (3) Develop comparison module, (4) Analysis results. As a result, the authors made 27 LID facilities and developed the supply output table comparison automation module. So, the authors could find differences of 2D design documents based supply output table and BIm based supply output table. So, the authors made an improvement suggestion of the design plan and could construct foundation of the BIM based LID facilities total management system.

• International conference on construction engineering and project management
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• 2013.01a
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• pp.151-157
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• 2013

Since the sub-prime mortgage crisis from the US in 2008, the Korean housing market has plummeted. However, the deposit prices of the Korean local lease contract, Chonsei, had been increasing. This increase of Chonsei prices can be a threat to low-income people, most of whom prefer to live in houses with a Chonsei contract. In the housing and Chonsei market, there are many stakeholders with their own interest, hence, simple thoughts about housing and Chonsei market, such as more house supply, will decrease house price, would not work in a real complex housing market. In this research, we suggests system dynamics conceptual model which consists of causal-loop-diagrams for the Chonsei market as well as the housing market. In conclusion, the Chonsei price has its own homeostasis characteristics and different price behavior with housing price in the short and long term period. We found that unless government does not have a structural causation mind in implementing policies in the real estate market, the government may not attain their intended effectiveness on both markets.

• KIEAE Journal
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• v.17 no.2
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• pp.45-51
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• 2017

Purpose: Housing is the most essential element for well-being in a society. The government would continuously supply decent housings to make a better living condition for people. As various housing policies have been implemented into practice, the effectiveness of policies need to be assessed and improved to rearrange the financial resources. The indicators, such as quality of life, housing supply amount and etc, could be used to estimate housing policy to provide a guidance for a new policy direction. Though various indicators are utilized to assess the policy effect, most of the items are depend upon a relativeness in aspect to assessment goal, items, time and its weighting. Therefore, it needs an absolute indicator to compare the policy effectiveness regardless of time elapse or items. In this paper, it developed the housing welfare indicator to assess the level of living condition, utilizing the Gini coefficient which is used for explanation on income distribution. Method: To suggest an inequity indicator, this paper used Gini coefficient to explain the level of living condition which is used on economics to provide the level of income distribution. Data are collected through the Korea Housing Survey by Ministry of Land, Infrastructure and Transport between 2006 and 2014. Indicators of living condition focused on the development of the estimation model using the frequency of room use. Result: Gini coefficient between 2004 and 2014 is about 1.5 score except in year 2013, and the trend of score has been decreased slowly which means the inequality gradually improved. In this result, it implies the living condition and distribution level would be improved than before.