• Journal of the Korean Geographical Society
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• v.48 no.2
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• pp.272-287
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• 2013

This paper describes the importance of selecting explanatory variables(e.g. land price determinants) in hedonic pricing models employed in predicting real estate price, and explores dynamics of the land price determinants over time. The City of Junju was chosen as the study area, and repeated measured price data of standard lots over 17 years were analyzed. We applied a three-level modeling approach to this data in consideration of its nested data structure and longitudinal characteristics. Main land price determinants we focused on are primarily based on items included in the standard comparison table of land price, which is an official hedonic pricing model used by Government to estimate land price for tax levy. Our result shows that the land price fluctuation over 17 years was not uniform over the whole study area with each neighborhood revealing different price trend, and as such warrants longitudinal model components. In addition, some of determinants previously recognized as important were proved insignificant. It was also found that significant determinants at a particular time point lost its power gradually over time and vice versa. It is expected that more accurate prediction of price would be possible when taken account for this dynamics of price determinants over time in applying hedonic pricing model method.

• Journal of Cadastre & Land InformatiX
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• v.47 no.1
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• pp.143-160
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• 2017

Since officially assessed land price system was introduced, it has functioned as the criterion for establishing and implementing real estate policies. However, there is a controversial issue about the adequacy of the officially assessed land price system. The problem is that it is difficult to establish a statistical model due to too many land characteristics. Also, local economy, macroeconomic environments and development plans are not reflected in the land price evaluation model. Considering longitudinal and cross-sectional variables, a two-way error component panel model was used in this study. This analysis model includes variables reflecting land characteristics, macroeconomic volatility, and development project. The Paju LCD Industrial Complex was selected as a analysis area and an empirical analysis was performed. According to the analysis, the number of significant land characteristic variables were 14(31%) under 5% significance level. Macroeconomic volatility has had an influence on the land price and year variable reflecting development project has consistently been significant since the industrial complex was designated. Therefore, this study suggests that the land price evaluation model should be improved by simplifying land characteristic variables and including macroeconomic and regional economic variables.

• Journal of the Korean Society of Surveying, Geodesy, Photogrammetry and Cartography
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• v.37 no.6
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• pp.507-516
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• 2019

The investigation of land characteristics is an important task for the calculation of officially land prices and standard comparison table of land price. Therefore, it should be done objectively and consistently. However, the current investigation system is mainly done by researcher's subjective judgment. Therefore, the objectivity and consistency of this investigation is not guaranteed and questionable. In this study, we first defined the problem by analyzing the current land topography investigation method. In addition, in order to investigate the land topography, the geometry of the parcel is quantified by spatial information and applied to the decision tree based method(C4.5) to produce the final result. This study intended to extract the parcel characteristics data of the topographic by the use of spatial information and to apply the information to the C4.5, there by suggesting a method for addressing the problems. The findings showed approximately 93.5% between the results of topography classification estimated with rules learned by C4.5.