• The Journal of the Korea Contents Association
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• v.15 no.6
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• pp.411-420
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• 2015

With the rapid increase in the price of house lease, a unique housing form in Korea, a serious social issue has been raised as to the use value of house lease and residence stability of the ordinary people. This study thus aimed to analyze the direct factors that affect lease guaranteed loan and market volatility in order to explore the right direction of financial policy to reduce housing burdens. To this end, the direct variables affecting house lease guaranteed loan, including lease price, transaction price and lending rate, were defined. Vector Error Correction Model (VECM), a time series analysis, was employed to dynamically explain the data. Based on the house lease prices and bank data on loans between January 2010 and December 2014, it was found that the increase in lease price was the direct result of the increase in lease guaranteed loan, not that of the decrease in lending rate or increase in housing transaction price.

• International conference on construction engineering and project management
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• 2007.03a
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• pp.490-497
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• 2007

Since the foreign currency crisis, Korean economy has suffered recession and the government launches residence and real estate policy in order to increase the demand and trade of real estate and to help the economy revitalization. 1 As a result, the rate of economy growth is shown the high increase with the figure of 10.9% in 1999 and 8.8% in 2000. However, it brings overheating market as a negative effect. Although, the government established the policy for the control of speculation, the policy causes instability of economy. This study is to analyze the effect between the residence policy and the housing cost since the foreign currency crisis through housing sale price estimation and housing lease price estimation and is to apply the basis data of the next residence policy.

• The Journal of the Korea institute of electronic communication sciences
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• v.12 no.3
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• pp.499-506
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• 2017

Consideration of influential factors through division of capital market sector and interest rate sector to find and resolve the problems in current housing market and leasing market will become an important index to prepare measures for stabilization of housing sales market and housing lease market. Furthermore, a guideline will be provide you with preliminary data using Big Data to prepare for sudden price fluctuation because expected economic crisis, stock market situation, and uncertain future financial crisis can be predicted which may help anticipate real estate price index such as housing sales price index and housing lease price index.

• 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.

• 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 Distribution Science
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• v.17 no.1
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• pp.11-19
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• 2019

Purpose - We document the impact of economic policy uncertainty (EPU) in the US and China on the dynamic spillover effect of macroeconomics such as stock price, housing price in Korea. Research design, data, and methodology - We use the nine variables to analyze the effect which produces a result among the EPU indexes of the US and China on economic variables which is the consumer price index (CPI), housing purchase price composite index, housing lease price, the stock price index in banking industry, construction industry and distribution industry, and composite leading indicator from January 1995 to December 2016 with the Vector Error Correction Model. Result - The US EPU index has significantly a negative relation on the CPI, housing purchase price index, housing lease price index, the stock price index in banking industry, construction industry, and distribution industry in Korea. Conclusions - We find the dynamic effect of the EPU indexes in the US and China on the macroeconomics returns in Korea. This study has an empirical evidence that the economy market in Korea is influenced by the EPU index of the US rather than it of China. The higher EPU, the more risky the economy of in Korea.

• Journal of Cadastre & Land InformatiX
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• v.52 no.2
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• pp.211-231
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• 2022

This study attempted to identify the effects of macroeconomic variables such as the All Industry Production Index, Consumer Price Index, CD Interest Rate, and KOSPI on apartment lease prices divided into nationwide, Seoul, metropolitan, and region, and to present a methodological prediction model of apartment lease prices by region using Long Short Term Memory (LSTM). According to VAR analysis results, the nationwide apartment lease price index and consumer price index in Lag1 and 2 had a significant effect on the nationwide apartment lease price, and likewise, the Seoul apartment lease price index, the consumer price index, and the CD interest rate in Lag1 and 2 affect the apartment lease price in Seoul. In addition, it was confirmed that the wide-area apartment jeonse price index and the consumer price index had a significant effect on Lag1, and the local apartment jeonse price index and the consumer price index had a significant effect on Lag1. As a result of the establishment of the LSTM prediction model, the predictive power was the highest with RMSE 0.008, MAE 0.006, and R-Suared values of 0.999 for the local apartment lease price prediction model. In the future, it is expected that more meaningful results can be obtained by applying an advanced model based on deep learning, including major policy variables

• Journal of The Korean Digital Architecture Interior Association
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• v.8 no.1
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• pp.15-21
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• 2008

The district unit planning (DUP) in Korea is a planning instrument. One of the key methods is the incentive system focused on the mitigation of the financial charge of business proprietors with use of various planning deregulation. Here in this paper, it is examined whether the incentive system is indiscriminately applied not only in the metropolitan cities but also in the rural cities. The analysis is carried out with six indicators in relation to the effect on the incentive system on the market of Apartment Housing Development. The indicators are a. the building-to-land ratio(BLR), b. the floor area ratio(FAR) c. the publicly assessed value of land(PAVL), d. the sale price of land(SPL), e. the sale/lease price of apartment house(SLPH) and f. the ratio of housing subscription(RHS). The final result is that the incentive system has different effects between metropolitan cities and rural cities. One of reasons lies on the too high FAR in rural cities to be given basically. Another reason lies on the difference between the cost for purchasing public installation and the profit of the sale & lease price of apartment house. In rural cities their difference becomes much narrow. Finally, the low ratio of housing subscription(RHS) in rural cities makes the effect of the incentive system nearby meaningless.

• Journal of the Korean housing association
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• v.14 no.4
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• pp.109-119
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• 2003

This paper has examined a resident's feeling of satisfaction on residential environment. It has searched a policy direction to improve the quality of residential environment with three models in which what factors have an influence on the resident's feeling of satisfaction is evaluated. First, when the residents were asked why they chose lease APT, Low price was answered the most between two populations. Second, with regard to the feeling of satisfaction by categories, both populations showed similar results. The social prejudice on lease APT such as disadvantage on their children and unfavorable surroundings that has been engraved in people's mind about lease APT for a long time was never an issue any more. Third, when the two populations were examined by regression analysis with three models in terms of what factors had an effect on the feeling of satisfaction, there was no big difference in each effect of variables. Internal environment was a key variable for lease APT while external environment was a core variable for the APT that is converted into installment sale. In order to enhance the feeling of satisfaction on residential environment for lease APT residents, high quality turned out the most important factor between both populations, and then a loan with low interest rate and high average standard of APT followed. As unsatisfactory items, low cultural level, slowness in repairing works, and unsatisfactory finishing work were pointed out with regard to the low quality of internal facilities. In general, it turned out that the APT that was converted into installment sale was more preferable than lease APT. As known in this analysis, housing supply policy needs to be focused on quality and high average standard of APT should be achieved for the working classes.

• Korea Real Estate Review
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• v.24 no.1
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• pp.15-26
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• 2014

Using multivariate GARCH model, we estimate the relationship between the housing sale prices and lease prices in the Korean housing market. In the analysis of relationship between the rate of changes in sale and lease prices, the correlation coefficient of the apartment and detached house is higher than that of the townhouse. By housing type, the correlation coefficient between detached house and townhouse is higher than between apartment and detached house or apartment and townhouse. By housing size, there are no significant different results between the sales price and the rental price. The correlation coefficient between medium and small size is the highest in the apartment housing market, whereas the correlation coefficient between large and medium size is the highest in the detached housing market, resulting from the fact that people may be more interested in medium- and small-sized apartment and large- and medium-sized detached house. In the detached housing market, the correlation coefficient between large-medium size and medium-small size in the rental price is higher than that of sales price. This result implies that the process of the decision making between purchasing and leasing a house might be different.