• Journal of Distribution Science
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• v.12 no.3
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• pp.65-73
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• 2014

Purpose - Aging and fewer economically active people have challenged the assumption of continuous population increases. A new real estate valuation methodology reflecting changes in population structure is thus needed. Research design, data, and methodology - The relationship between demographic change and changes in real estate prices is analyzed using ordinary least squares (OLS) to estimate the parameters, and a population structure change (PSC)-Binomial Option Model is developed to assess the volatility of the estimated parameters. Results based on Seoul and Shanghai data are compared. Results - Results of the DCF method indicate that investing in Seoul is better than investing in Shanghai, but the binomial option indicates the opposite. The PSC-binomial option model, reflecting changes in population structure, yields higher values (24.6 million won in Seoul and 43.3 million won in Shanghai) than those given by the binomial option model. Conclusions - This study indicates that applying changes in population structure to existing research, such as in the binomial option model, represents a more accurate real estate valuation method. Results demonstrate that the new model is more accurate than existing models such as the DCF or binomial option.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.14 no.11
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• pp.5465-5475
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• 2013

In this study, when to invest in real estate abroad, to present a real option in the way of decision-making. Thus, by using the binomial option model of one of the real thing and DCF, we compared the choice of real estate investment in China and South Korea. Research concerns the real estate market of Shanghai and Seoul, Analyzed the data between 2001-2009. Results were calculated NPV investment period (Net Present Value), Seoul appears in 435.44, Shanghai was 398.26. Investment decision by NPV method will select Seoul. However, as a result of calculating the value using the real option, it was found that for Seoul appear in 615.4, Shanghai has been shown to 626.1, and is suitable for investment in Shanghai. Assuming on the basis of this, that it has invested in practice, and compare the results, Seoul is intended for since 2010, real estate prices fell to 2013 currently, damage has occurred, profit's occurred Shanghai. This ensures that when making decisions in real estate investment and to use the real option than the existing DCF is appropriate.

• KDI Journal of Economic Policy
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• v.26 no.1
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• pp.3-33
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• 2004

This paper investigates the effects of inflation on real estate prices, particularly the discrepancy between the sales and chonsei prices of housing, in an economy in which real interest rates are secularly declining due to the fall in capital productivity. When real interest rates fall, real estate prices rise relative to chonsei prices, and thus the well-known adverse effect of inflation, or the discrepancy between the value of financial assets (or chonsei principal) and the value of real assets (or real estate), is aggravated although the monetary authority maintains the same rate of inflation. This theoretical prediction can help explain the trend of the ratio of apartment sales prices to chonsei prices. That is, the stabilization of inflation relative to real interest rates appears to have contributed to the secular stabilization of this ratio in the 1990s, while the fall in real interest rates appears to have led to the rise of this ratio since 2001.

• Journal of Digital Convergence
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• v.17 no.4
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• pp.49-55
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• 2019

This study is on the trend of real estate market using text mining and big data. The data were collected through internet news posted on Naver from August 2016 to August 2017. As a result of TF-IDF analysis, the frequency was high in the order of housing, sale, household, real estate market, and region. Many words related to policies such as loan, government, countermeasures, and regulations were extracted, and the region - related words appeared the most frequently in Seoul. The combination of the words related to the region showed that the frequencies of 'Seoul - Gangnam', 'Seoul - Metropolitan area', 'Gangnam - reconstruction' and 'Seoul - reconstruction' appeared frequently. It can be seen that the people's interest and expectation about the reconstruction of Gangnam area is high.

• Journal of the Economic Geographical Society of Korea
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• v.10 no.3
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• pp.245-262
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• 2007

This paper aims at analyzing the characteristics of performance and asset management system of listed property trusts(LPT) in Australia, and elucidating the implications for Korean real estate indirect investment market. The main results of this paper are as follows. Firstly, LPT have a leading position among the real estate indirect investment systems in Australia, through the rapid growth of market capitalization. Secondly, LPT achieved superior risk adjustment performance than other financial products, and had valid portfolio diversification effect. Thirdly, many LPT have used stapled securities structure as a asset management system, and stapled LPT revealed superior risk adjustment performance than unit LPT. Finally, implications and policy measures such as using the stapled structure and activating the development activities were examined for the development of Korean real estate indirect investment market.

• Journal of Korean Society for Geospatial Information Science
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• v.21 no.3
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• pp.47-54
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• 2013

Real estate development promotes the efficient management of the land and has immense impact on national economy. So, it is necessary to establish a comprehensive policy by accumulating related information. Real estate development map must have the information about a parcel and adjacent parcel to make it possible to analysis in spatial domain, because error will be manifested in analysis using only real estate attribute information. This can be allocate the attribute of public management information about real estate on cadastral information and spatial information for social infrastructure and buildings. Especially, it must maintain the latest information of changes in the shape and the attributes of the buildings. This study suggested a method for developing a real estate development map based on road name address map and a method to maintain the latest information through the connection with related systems.

• 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.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.12 no.9
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• pp.3856-3868
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• 2011

Until recently, research trend in real estate has been focused on real estate market and the market analysis. But the studies on real estate training program development for real estate agents to improve their job performance are relatively short in numbers. Thus, this study shows empirical analysis of the needs for the training programs for real estate agents in Cheonan to improve their job performance. The results are as follows. First, in the survey of asking what educational contents they need in order to improve real estate agents' job performance, most of the respondents show their needs for the analysis of house's value, legal knowledge, real estate management, accounting, real estate marketing, and understanding of the real estate policy. This is because they are well aware that the best way of responding to the changing clients' needs comes from training programs. Secondly, asked about real estate marketing strategies, most of respondents showed their awareness of new strategies to meet the needs of clients. This is because new forms of marketing strategies including internet ads are needed in the field as the paradigm including Information Technology changes. Thirdly, asked about the need for real estate-related training programs, 92% of the respondents answered they need real estate education programs run by the continuing education centers of the universities. In addition, the survey showed their needs for retraining programs that utilize the resources in the local universities. Other than this, to have effective and efficient training programs, they demanded running a training system by utilizing the human resources of the universities under the name of the department of 'Real Estate Contract' for real estate agents' job performance. Fourthly, the survey revealed real estate management(44.2%) and real estate marketing(42.3%) is the most chosen contents they want to take in the regular course for improving real estate agents' job performance. This shows their will to understand clients' needs through the mind of real estate management and real estate marketing. The survey showed they prefer the training programs as an irregular course to those in the regular one. Despite the above results, this study chose subjects only in Cheanan and thus it needs to research more diverse areas. The needs of programs to improve real estate agents job performance should be analyzed empirically targeting the real estate agents not just in Cheonan but also cities like Pyeongchon, Ilsan and Bundang in which real estate business is booming, as well as undergraduate and graduate students whose major is real estate studies. These studies will be able to provide information to help develop the customized training programs by evaluating elements that real estate agents need in order to meet clients satisfaction and improve their job performance. Many variables of the program development learned through these studies can be incorporated in the curriculum of the real estate studies and used very practically as information for the development of the real estate studies in this fast changing era.

• Journal of Digital Convergence
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• v.14 no.6
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• pp.151-156
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• 2016

The purpose of this study is to find out key factors(specialized knowledge, manner, interaction) of real estate brokerage service quality derived from previous researches and to identify degrees of relations among the key factors and request intention. To do this, first of all, this study makes surveys including variables of estate brokerage service quality, credibility, and request intention. Second, it collects the data from respondents who have visited real estate brokerage firms. Finally, the data are analyzed by applying an exploratory factor analysis and a confirmatory factor analysis which is based on a structural equation modeling. The result of these surveys describes that only the interaction affects the credibility positively and the credibility has positive effects on the request intention. At the same time, the interaction impacts on the request intention directly. Therefore, these analysis results suggest that managers of real estate brokerage firm focus on the interaction of the real estate brokerage service quality factors in order to improve the customers' request intention.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.14 no.3
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• pp.1073-1080
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• 2013

Owing to 88 Olympic, social atmosphere changed to more freely and abundant liquidity, which caused by trade surplus, had led to the surge in real estate prices. Accordingly, The Roh Taewoo government announced the construction of five new towns, Bun-dang, Il-san etc. The Kim Youngsam government had dramatically enhanced the transparency of transactions on real estate field by introducing real-name transaction system. Whereas the Kim Daejung government carried out real estate stimulus package to early recovery from Asian financial cirsis. But, the Roh Muhyeon government conducted strongly suppressing polices. This report want to testify governments' real estate polices and their effectiveness on the real estate market after '90s using VAR model.