• Korean Journal of Construction Engineering and Management
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• v.11 no.1
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• pp.101-112
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• 2010

The Korean real estate market currently is experiencing a slowdown due to the global economic crisis which has resulted from subprime mortgage lending practices. In response, the Korean government has enforced various policies, based on intend to deregulate real estate speculation, such as increasing the Loan to value ratio (LTV) in order to stimulate housing supply, demand and accompanying housing transactions. However, these policies have appeared to result in deep confusion in the Korean housing market. Furthermore, analyses for housing market forecasting particularly those which examine the impact of the international financial crisis on the Korean real estate market have been partial and fragmentary. Therefore, a comprehensive and systematical approach is required to analyze the real estate financial market and the causal nexus between market determining factors. Thus, with an integrated perspective and applying a system dynamics methodology, this paper proposes Korean Real Estate and Mortgage Market dynamics models based on the fundamental principles of housing markets, which are determined by supply and demand. As well, the potential effects of the Korean government's deregulation policies are considered by focusing on the main factor of these policies: the mortgage loan.

• Land and Housing Review
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• v.14 no.4
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• pp.17-37
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• 2023

The rental housing market in South Korea, specifically monthly rent with deposit, has been expanding over the last three decades (8.2% in 1990 to 21.0% in 2020), partly replacing the traditional Jeonse market. The distribution of rent has changed due to public rental subsidies and the emergence of luxury rental housing, while the distribution of rental household income has been polarized because of the emergence of rich renters. This study attempts to measure the structural changes in the rental market by developing a new indicator of income-rent mismatch. Using the seven series of the Korea Housing Survey, this study analyzed the changes in rent (reflecting the conversion rate) and income levels of rental households in 2006 (base year) and 10-15 years later (the analysis year) at the national level and at the spatial unit of 16 metropolitan cities and provinces (excluding Sejong), respectively, by dividing them into quartile data. The result reveals that rental housing was undersupplied in middle- and high-income rental housing due to the decline in the highest quartile (25%→18%) and the third quartile groups (25%→20%), while the supply of public rental housing expanded for the second quartile (25%→28%) and the lowest quartile (25%→35) groups. On the demand side, the highest income quartile shrank (25%→21%), while the lowest income quartile grew (25%→31%). Comparing the 16 metropolitan cities and provinces, there were significant regional differences in the direction and intensity of changes in rent and renter household income. In particular, the rental market in Seoul was characterized by supply polarization, which led to an imbalance in the income distribution of rental households. The structural changes in the apartment rental market were different from those in the non-apartment rental market. The findings of this study can be used as a basis for future regional rental housing markets. The findings can support securing affordable rental housing stock for each income quartile group on monthly rent and developing housing stability measures for a balance between income and rent distribution in each region.

• Land and Housing Review
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• v.13 no.4
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• pp.1-12
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• 2022

Clean water is an essential urban infrastructure in human daily life, and water plays a vital role in public health. Due to restrictions on outdoor activities during COVID-19, time staying at home has increased. Therefore, it is plausible to assume that large-scale disaster incidences such as COVID-19 will affect water consumption. In this regard, this research aims to explore the factors that influence household water use during COVID-19. The analysis period of the study is 2020, and the geographical scope covers Seoul and Incheon. A dependent variable was water consumption in the autonomous districts of Seoul and Incheon, and the factors reflecting urban characteristics were used as independent variables. Multiple regression was used for analysis, and the unit of analysis was the autonomous district in Seoul and Incheon. The finding confirmed that the pandemic situation caused an increase in water consumption. In addition, it supports policy for the elderly so that they can use water without financial difficulty. It implies that a stable supply of clean water is essential for managing infectious diseases. The findings of this study are expected to provide some implications for efficient water supply policies and efficient water supply management in the event of the spread of infectious diseases such as COVID-19.

• Journal of the Korean Association of Geographic Information Studies
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• v.11 no.1
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• pp.68-79
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• 2008

Because local cities are different from large cities, they need to reflect their own characteristics of housing market. Thus in order to obtain useful implications for the establishing sound housing market in Jinju City, this paper investigated the characteristics of spatial distribution and determinant factors that affect apartment price in Jinju City. GIS representation of the apartments showed that most of old and small apartments were built in 'land readjustment project' areas executed in 1970s. On the contrary, new and large scale apartment complexes were built quite recently and distributed in the western and southern parts of the city. Next, in order to examine the factors which affect apartment price, this paper subtracted firstly several variables from the related studies. However in order to avoid multi-colinearity, variables were summarized by means of factor analysis. Then, setting apartment price as a dependant variable, 12 hedonic price models were established with 33 independent variables. As results, building age, floor area, accessibility to university and hospital, accessibility to arterial road, and stair-type building were turned out to be significant. These results will be used in making the supply and allocation plan of urban facilities and housing. Finally as conclusions this paper emphasized the need of periodic analysis of local housing market and establishing detailed housing information systems.

• Proceedings of the Korean Institute of Building Construction Conference
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• 2014.05a
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• pp.154-155
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• 2014

Small photovoltaic equipment spreads to the detached house owing to the support of government. This study analyzed the payback period of small photovoltaic equipment, and presented a plan of spreading PV equipment by electricity consumption according to the results. The results of payback period analysis showed that a household of 500kWh or above in the average monthly electricity consumption could produce an economic effect without the subsidies of government, and a household of 300kWh or above could secure economical efficiency in case of receiving the subsidies of government and municipality. However, it was shown that the economic effect was not large in case of a household of less than 250kWh. Therefore, the analysis showed that it would be necessary to be supported by additional subsidies or to develop a new supporting policy with regard to a household of less than 250kWh.

• Korean Journal of Construction Engineering and Management
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• v.18 no.3
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• pp.74-83
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• 2017

The recently introduced public rental housing REITs was just different the business structure from the existing public rental housing system and the basic supply system is the same. So the ownership conversion for public house over 10 years rental duration is possible after half of the obligated rental duration according to the agreement between lessor and lessee. However rental business operators are likely to have a negative attitude to the early ownership conversion because of less expected profit. Thus, there is a need for an analysis of proper early ownership conversion moment that can achieve public purposes while ensuring the profitability of public rental housing REITs. In this study, the characteristics of the ownership conversion rights that can lessee to exercise considered to be options. Also the nature of 'REITs', 'public rental housing REITs' is considered to be affected by the macroeconomic variables. Thus, this study analyzed the value for ownership conversion in the public rental housing REITs according to real option scenarios reflecting macroeconomic variables. As a result, according to the change of the variation rate of the macroeconomic variables, it was found that with adjustable early ownership conversion time using the DCF(Discounted Cash Flow) model. Therefore, it is possible to ensure profitability of early ownership conversion by predicting the variation of variables.

• Journal of Cadastre & Land InformatiX
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• v.49 no.1
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• pp.123-144
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• 2019

The purpose of this study is to grasp factors the increasing population growth rate of the region through the regional and housing market characteristics. This paper has used multiple regression as the dependent variable (average of the population growth rate of 85cities during the last five years) and the independent variables analyzed the regional and housing market characteristics on the average. The results of the analysis, The regional and housing market variables that have had a significant impact on the regional population growth rate over the last five years are birth rate, employment rate, production available population growth rate, apartment rate, resale rights rate, and apartment turnover rate and the number of businesses per thousand and has decreased. In other words, The regions where the population increased by region for the last five years were the ones with the transfer of public institutions (innovation cities) and land development among the Seoul metropolitan area and non-Seoul metropolitan area excluding Seoul and metropolitan cities. The results of this study is intentional to suggest Policy point of view for the balanced regional development presented at the government level for other the metropolitan area, such as the small and medium cities that are undergoing population decline.

• Journal of Cadastre & Land InformatiX
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• v.49 no.1
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• pp.157-179
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• 2019

The Seoul's 2030 Youth-Housing has been regarded as the only option to procure rental housing sites in downtown Seoul. But its supply did not catch up with the initial expectation, and the criticism that it may disrupt the current zoning system of the city has persisted. Consequently, the 2030 Youth-Housing policy has undergone amendments for six times within the last three years, and the significant changes in its guideline also have been made within the last one year. The study, in this context, tries to figure out the tendencies of those changes made in the guidelines so far by analyzing the aspects of the parcels allowable for Youth-Housing as well as the areas allowable for up-zoning. In the process, the propositional logic is to be adopted to draw the scope of the buildable areas for Youth-Housing. For this, the study refines the raw GIS data, inputs the values for each proposition, and proceeds the logical operation to judge every parcel of the city to discern whether it is eligible for a buildable site and/or for up-zoning for Youth-Housing. It is seen that: 1) the buildable sites rather evenly distribute around the peripheral subway-station areas while more concentrating on the quasi-residential and commercial areas; and 2) the areas eligible for up-zoning have the tendency to concentrate more on quasi-residential areas than others.

• Transactions of Materials Processing
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• v.15 no.3 s.84
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• pp.226-231
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• 2006

The fuel injector is a pa.1 that controls the fuel supply of automotive engine. The housing of the fuel injector supports the rod, the needle valve and the solenoid. In this study, the rigid-plastic FE-analysis by using the design of experiments (DOE) and the response surface methodology (RSM) has been performed to produce the product reducing the under-fill and the maximum effective strain. From the results of DOE, the stem of counter punch and the face angle of punch at the $1^{st}$ process, and the stem of punch at the $2^{nd}$ process were determined as the significant design variables far each response such as the upper under-fill, lower under-fill and the maximum effective strain. From the results of RSM, the optimal values of the design variables have been also determined by simultaneously considering the responses.

• Journal of The Korea Institute of Healthcare Architecture
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• v.24 no.4
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• pp.17-25
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• 2018

Purpose: Korean society is undergoing the rapid increase and poverty of elderly population. Therefore, the appropriate supply and planning of public rental housing for the low-income elderly is more important. The purpose of this study is to present the basic data for the study and planning of the elderly housing complex by analyzing the cognitive characteristics of the elderly residing in the rental housing. Methods: A questionnaire survey was conducted to identify health characteristics of the elderly living in the 'Gongreung SH Apartment'. 100 random samples were collected and 82 valid samples were analysed. Statistical analysis was performed using Excel and R for the age, sex, health, outdoor walking frequency and characteristics of Cognitive map of the elderly. Results: The characteristics of cognitive map were classified into point shapes and linear shapes. The linear group was lower in average age than the point group and tended to draw the map wider. The wider the map was, the more the number of elements in cognitive map was. The number of elements on the cognitive map decreased as respondents' age increased. On the other hand it was not related to residence period and gender of the elderly. Implication: The cognitive extent of the residential environment tends to decrease with age. Men's cognitive range is wider than women's. There is no corelation between the number of cognitive elements and cognitive map type. Men tend to have a systematic image of city, whereas women focus on relational and social urban factors. For sustainable apartment complex design, various characteristics of the group including men and women, different age and different health status should be considered.