• Journal of the Korean Geographical Society
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• v.41 no.1 s.112
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• pp.121-135
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• 2006

Even though the similar land price zone is very important element in the public land appraisal procedure, the concept is implicitly described and applied into the actual land appraisal system. This situation makes it worse when applying for the automatic selection of a comparative standard land parcel. In addition, the division of similar land price zones requires the objective and reasonable process for improving ALPAS(Automatic land Price Appraisal System), which becomes an issue today. To solve the similar land price zone determination problem that is caused by the lack of objective numerical standard, this study proposed a similar land price zone determination method using a hybrid clustering technique. Results showed that this hybrid clustering method that applied into the test area could easily detect similar land price zones with considerable accuracy levels, which are verified with some test statistics and real comparative standard land parcels done by manually.

• Journal of the Korean Regional Science Association
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• v.14 no.2
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• pp.51-64
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• 1998

This paper investigates how the factor inputs of firms are affected by the expectation about land-price increase in the future. We develope a two-factor (land and labor) model, in which expectation about land-price increase plays a key role in determining the "optimal" input level of labor and land. Expecting capital gains from input of the land when land price increases, firms input land up to the point where the marginal productivity of land falls short of the marginal cost of purchasing the land, in order to maximize the "joint-profit". That is, firms have an incentive to use more land than they do when capital gains are not expected. We mean joint-profit by profit in the standard sense plus capital gains. Once the land is input "excessively", the productivity of labor increase and labor is also input more, since land and labor are assumed as complementary in production. This mechanism works in the opposite direction when land price decrease. This paper suggests that land price fluctuation is a major destabilizer of an economy.or destabilizer of an economy.

• Spatial Information Research
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• v.11 no.1
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• pp.1-12
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• 2003

Currently, selecting comparative standard land parcels for evaluating individual public land price is done by cadastral officers manually. Due to the amount of land parcels to be evaluated in a short period of time and the subjective methodology adopted, the results are not satisfactory and affect the final individual public land price evaluation. This study aims to develop, implement, and test a new automatic and objective methodology for selecting comparative standard land parcels using spatial multi criteria decision making rules. We conclude that spatial multiattribute decision making rules perform very well in this kind of problem and especially an AHP based method is highly appropriate for this purpose.

• 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.

• KDI Journal of Economic Policy
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• v.34 no.3
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• pp.1-29
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• 2012

Based on the spatial and land price data of innovation cities and their periphery areas in Korea, this study examines the degree and timing of changes in land price in relation to projects concerning innovation city. The study result confirms that the current system is inconsistent with the principle of restitution of development gain and therefore, this study attempts to seek improvement measures so that the current system can better fit the principle. The analysis reveals that most innovation cities, excluding Sinseo-dong of Daegu and Ujeong-dong of Ulsan, recorded a statistically significant increase in land prices since 2005, compared to those of their neighboring areas. It can be said that the information related to projects concerning innovation city was reflected in the land price since 2005. However, the standard land price pursuant to Article 70 of the Land Compensation Act is the officially assessed land price released on 1st of January 2007, and this official land price was actually applied to the compensation process. Therefore, estimating the compensation amount for land expropriation based on this land price will contradict the principle of restitution of development gain. In other words, despite the fact that development-related information was already reflected in land prices of innovation cities from 2005 to the end of 2006, the compensation process were carried out without institutional arrangements or efforts to exclude such reflection. To solve this problem, this study makes two suggestions. First, it is necessary to cast aside the limitations of the official land price that can be retroactively applied in accordance with Paragraph 5 of Article 70 of the Land Compensation Act, and instead apply the land price which is the most latest but deemed to have no reflection of development gains. Based on this revised standard land price, if the compensation amount is corrected by the average inflation rate and the average rate of increase in land price during the period until the time of the recognized land price, the amount would better satisfy the principle of restitution of development gain. Second, it is necessary to clearly stipulate the standards of development gains being reflected on the land price by including it in the secondary legislation. Under the current system, it is highly likely that appraiser's arbitrary interpretation on development gains is included in the process of calculating the amount of compensation for land expropriation. In this regard, it is necessary to improve the standards on determining whether development gains are reflected based on the results of this academic research and the existing guidelines for appraisal of compensation for land expropriation published by the Korea Association of Property Appraisers.

• Journal of the Korean Association of Geographic Information Studies
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• v.7 no.1
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• pp.9-19
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• 2004

The selection of comparative standard parcels should be objective and reasonable, which is an important task in the individual land price appraisal procedure. However, the current procedure is mainly done manually by government officials. Therefore, the efficiency and objectiveness of this selection procedure is not guaranteed and questionable. In this study, we first defined the problem by analyzing the current comparative standard land parcel selection method. In addition, we devised a decision tree-based method using a machine learning algorithm that is considered to be efficient and objective compared to the current selection procedure. Finally the proposed method is then applied to the study area for evaluating the appropriateness and accuracy.

• 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.

• Spatial Information Research
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• v.10 no.2
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• pp.233-246
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• 2002

The purpose of this paper is to quantitatively measure the effect of location in evaluating the land value through the implementation of GIS coupled with spatial statistical analysis. We assumed that the hedonic price model, which was commonly used in modelling the land value, could not explain the spatial factor effectively. In order to add the spatial factor, the analysis of the spatial autocorrelation was used. The present project used 54 standard land price samples from 1421 parcel land values and applied Kriging to predict stochastically the unsampled values on the basis of spatial autocorrelation between location of vector data. This study confirms that the spatial variogram analysis has an advantage of predicting spatial dependence process and revealing the positive premium and the negative penality on location factor objectively.

• Proceedings of the Korean Society of Surveying, Geodesy, Photogrammetry, and Cartography Conference
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• 2006.04a
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• pp.521-526
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• 2006

As a result of establishing the regional self-government system, regional residents came to take more interest in their land ownership rights and relevant areas. The administrative bodies in South Korea are trying their best to meet the complicated and diversified demands of the residents regarding land and construction administration. However, governmental agencies are having difficulties identifying land characteristics on the field as part of standard lands change every year. Also, the vague boundaries of agricultural and mountainous land areas are causing surveyors problems in spotting the right areas. Thus, this study intends to provide information and guidance on an accurate land price calculation system in connection between the land information system and PDA technology for distribution of accurate information regarding lands and their management.

• Journal of Cadastre & Land InformatiX
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• v.44 no.1
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• pp.79-96
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• 2014

This study presents the two major problems and those improvements of Cadastral Surveying Fee System. The system has been attempted to apply for Individual Public Land Price since 2011. To tackle those problems, this study examines a variety of literatures such as specialty publications, academic thesis, and reports from government. This study applies questionnaire survey method. And the data were collected by the personnel in charge of receiving cadastral surveying application in Gwangju and Jellanamdo branch, LX Korea Cadastral Survey Corp. In order to apply Individual Public Land Price to Cadastral Surveying Fee System, this study suggests subdivision of land at price and application of sample lot and land price standard index table. A number of curriculums provided by training institute in LX Korea Cadastral Survey Corp., education materials and cyber education method are necessary to promote awareness of personnel in charge. Publicity activities are also required to fulfill governmental basis.