• Title/Summary/Keyword: Transport Property

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Strategy for Development of HSE Management Framework for Offshore CCS Project in Korea (국내 해양 CCS 사업의 HSE 관리 프레임워크 구축 전략)

  • Noh, Hyonjeong;Kang, Kwangu;Kang, Seong-Gil;Lee, Jong-Gap
    • Journal of the Korean Society for Marine Environment & Energy
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    • v.20 no.1
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    • pp.26-36
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    • 2017
  • Korea is preparing an offshore carbon capture, transport and storage (CCS) demonstration project which is recognized as one of important $CO_2$ reduction technologies to mitigate climate change. The offshore CCS project aims to transport, inject and store large amount of $CO_2$ into offshore geologic formation, and has a potential risk of leakage which might cause disastrous damage to human health, environment and property. Therefore, in order to ensure the safety of the offshore CCS project, a strict HSE (health, safety and environment) management plan and its implementation are required throughout the project life cycle. However, there are no HSE domestic laws or regulations applicable to CCS projects, and the related research is insufficient in Korea. For the derivation of the essential and urgent requirement in HSE management framework applicable to the offshore CCS project in Korea, we analysed the HSE management methodologies and foreign CCS HSE management guidelines and cases. First, this paper has analyzed ISO 31000, a generalized risk management principles. Second, we have investigated the HSE management practices of CCS projects in Norway and UK. Based on the analyses, we suggested the necessity of developing the HSE Philosophy and the HSE management process through the whole life cycle. Application of HSE management in early phase of an offshore CCS project will promote systematic and successful project implementation in a cost-effective and safe way.

Recent Progress in Air Conditioning and Refrigeration Research: A Review of Papers Published in the Korean Journal of Air-Conditioning and Refrigeration Engineering in 2006 (공기조화, 냉동 분야의 최근 연구 동향: 2006년 학회지 논문에 대한 종합적 고찰)

  • Han, Hwa-Taik;Shin, Dong-Sin;Choi, Chang-Ho;Lee, Dae-Young;Kim, Seo-Young;Kwon, Yong-Il
    • Korean Journal of Air-Conditioning and Refrigeration Engineering
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    • v.20 no.6
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    • pp.427-446
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    • 2008
  • A review on the papers published in the Korean Journal of Air-Conditioning and Refrigeration Engineering in 2006 has been accomplished. Focus has been put on current status of research in the aspect of heating, cooling, ventilation, sanitation and building environments. The conclusions are as follows. (1) The research trends of fluid engineering have been surveyed as groups of general fluid flow, fluid machinery and piping, etc. New research topics include micro heat exchanger and siphon cooling device using nano-fluid. Traditional CFD and flow visualization methods were still popular and widely used in research and development. Studies about diffusers and compressors were performed in fluid machinery. Characteristics of flow and heat transfer and piping optimization were studied in piping systems. (2) The papers on heat transfer have been categorized into heat transfer characteristics, heat exchangers, heat pipes, and two-phase heat transfer. The topics on heat transfer characteristics in general include thermal transport in a cryo-chamber, a LCD panel, a dryer, and heat generating electronics. Heat exchangers investigated include pin-tube type, plate type, ventilation air-to-air type, and heat transfer enhancing tubes. The research on a reversible loop heat pipe, the influence of NCG charging mass on heat transport capacity, and the chilling start-up characteristics in a heat pipe were reported. In two-phase heat transfer area, the studies on frost growth, ice slurry formation and liquid spray cooling were presented. The studies on the boiling of R-290 and the application of carbon nanotubes to enhance boiling were noticeable in this research area. (3) Many studies on refrigeration and air conditioning systems were presented on the practical issues of the performance and reliability enhancement. The air conditioning system with multi indoor units caught attention in several research works. The issues on the refrigerant charge and the control algorithm were treated. The systems with alternative refrigerants were also studied. Carbon dioxide, hydrocarbons and their mixtures were considered and the heat transfer correlations were proposed. (4) Due to high oil prices, energy consumption have been attentioned in mechanical building systems. Research works have been reviewed in this field by grouping into the research on heat and cold sources, air conditioning and cleaning research, ventilation and fire research including tunnel ventilation, and piping system research. The papers involve the promotion of efficient or effective use of energy, which helps to save energy and results in reduced environmental pollution and operating cost. (5) Studies on indoor air quality took a great portion in the field of building environments. Various other subjects such as indoor thermal comfort were also investigated through computer simulation, case study, and field experiment. Studies on energy include not only optimization study and economic analysis of building equipments but also usability of renewable energy in geothermal and solar systems.

A Study on the Clustering Method of Row and Multiplex Housing in Seoul Using K-Means Clustering Algorithm and Hedonic Model (K-Means Clustering 알고리즘과 헤도닉 모형을 활용한 서울시 연립·다세대 군집분류 방법에 관한 연구)

  • Kwon, Soonjae;Kim, Seonghyeon;Tak, Onsik;Jeong, Hyeonhee
    • Journal of Intelligence and Information Systems
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    • v.23 no.3
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    • pp.95-118
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    • 2017
  • Recent centrally the downtown area, the transaction between the row housing and multiplex housing is activated and platform services such as Zigbang and Dabang are growing. The row housing and multiplex housing is a blind spot for real estate information. Because there is a social problem, due to the change in market size and information asymmetry due to changes in demand. Also, the 5 or 25 districts used by the Seoul Metropolitan Government or the Korean Appraisal Board(hereafter, KAB) were established within the administrative boundaries and used in existing real estate studies. This is not a district classification for real estate researches because it is zoned urban planning. Based on the existing study, this study found that the city needs to reset the Seoul Metropolitan Government's spatial structure in estimating future housing prices. So, This study attempted to classify the area without spatial heterogeneity by the reflected the property price characteristics of row housing and Multiplex housing. In other words, There has been a problem that an inefficient side has arisen due to the simple division by the existing administrative district. Therefore, this study aims to cluster Seoul as a new area for more efficient real estate analysis. This study was applied to the hedonic model based on the real transactions price data of row housing and multiplex housing. And the K-Means Clustering algorithm was used to cluster the spatial structure of Seoul. In this study, data onto real transactions price of the Seoul Row housing and Multiplex Housing from January 2014 to December 2016, and the official land value of 2016 was used and it provided by Ministry of Land, Infrastructure and Transport(hereafter, MOLIT). Data preprocessing was followed by the following processing procedures: Removal of underground transaction, Price standardization per area, Removal of Real transaction case(above 5 and below -5). In this study, we analyzed data from 132,707 cases to 126,759 data through data preprocessing. The data analysis tool used the R program. After data preprocessing, data model was constructed. Priority, the K-means Clustering was performed. In addition, a regression analysis was conducted using Hedonic model and it was conducted a cosine similarity analysis. Based on the constructed data model, we clustered on the basis of the longitude and latitude of Seoul and conducted comparative analysis of existing area. The results of this study indicated that the goodness of fit of the model was above 75 % and the variables used for the Hedonic model were significant. In other words, 5 or 25 districts that is the area of the existing administrative area are divided into 16 districts. So, this study derived a clustering method of row housing and multiplex housing in Seoul using K-Means Clustering algorithm and hedonic model by the reflected the property price characteristics. Moreover, they presented academic and practical implications and presented the limitations of this study and the direction of future research. Academic implication has clustered by reflecting the property price characteristics in order to improve the problems of the areas used in the Seoul Metropolitan Government, KAB, and Existing Real Estate Research. Another academic implications are that apartments were the main study of existing real estate research, and has proposed a method of classifying area in Seoul using public information(i.e., real-data of MOLIT) of government 3.0. Practical implication is that it can be used as a basic data for real estate related research on row housing and multiplex housing. Another practical implications are that is expected the activation of row housing and multiplex housing research and, that is expected to increase the accuracy of the model of the actual transaction. The future research direction of this study involves conducting various analyses to overcome the limitations of the threshold and indicates the need for deeper research.

Liability of the Compensation for Damage Caused by the International Passenger's Carrier by Air in Montreal Convention (몬트리올조약에 있어 국제항공여객운송인의 손해배상책임)

  • Kim, Doo-Hwan
    • The Korean Journal of Air & Space Law and Policy
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    • v.18
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    • pp.9-39
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    • 2003
  • The rule of the Warsaw Convention of 1929 are well known and still being all over the world. The Warsaw Convention is undoubtedly the most widely accepted private international air law treaty with some 140 countries. In the international legal system for air transportation, the Warsaw Convention has played a major role for more than half century, and has been revised many times in consideration of the rapid developments of air high technology, changes of social and economic circumstances, need for the protection of passengers. Some amendments became effective, but others are still not effective. As a result, the whole international legal system for air transportation is at past so complicated and tangled. However, the 'Warsaw system' consists of the Warsaw Convention of 1929 the Guadalajara Convention of 1961, a supplementary convention, and the following six protocols: (1) the Hague Protocol of 1955, (2) the Guatemala Protocol of 1971, (3) the Montreal Additional Protocols, No.1, (4) the Montreal Additional Protocol No.2, (5) the Montreal Additional Protocol No.3, and (6) the Montreal Additional Protocol No.4. of 1975. As a fundamental principle of the air carrier's liability in the international convention and protocols, for instance in the Warsaw Convention and the Hague Protocol, the principle of limited liability and a presumed fault system has been adopted. Subsequently, the Montreal Inter-carrier Agreement of 1966, the Guatemala City Protocol, the Montreal Additional Protocol No.3, and the Montreal Additional Protocol No. 4 of 1975 maintained the limited liability, but substituted the presumed liability system by an absolute liability, that is, strict liability system. The Warsaw System, which sets relatively low compensation limits for victims of aircraft accidents and regulates the limited liability for death and injury of air passengers, had become increasingly outdated. Japanese Airlines and Inter-carrier Agreement of International Air Transport Association in 1995 has been adopted the unlimited liability of air carrier in international flight. The IATA Inter-Carrier Agreement, in which airlines in international air transportation agree to waive the limit of damages, was long and hard in coming, but it was remarkable achievement given the political and economic realities of the world. IATA deserves enormous credit for bringing it about. The Warsaw System is controversial and questionable. In order to find rational solution to disputes between nations which adopted differing liability systems in international air transportation, we need to reform the liability of air carriers the 'Warsaw system' and fundamentally, to unify the liability system among the nations. The International Civil Aviation Organization(ICAO) will therefore reinforce its efforts to further promote a legal environment that adequately reflects the public interest and the needs of the parties involved. The ICAO Study Group met in April, 1998, together with the Drafting Committee. The time between the "Special Group on the Modernization and Consolidation of the 'Warsaw system'(SGMW)" and the Diplomatic Conference must be actively utilized to arrange for profound studies of the outstanding issues and for wide international consultations with a view to narrowing the scope of differences and preparing for a global international consensus. From 11 to 28 May 1999 the ICAO Headquarters at Montreal hosted a Diplomatic Conference convened to consider, with a view to adoption, a draft Convention intended to modernize and to integrate replace the instruments of the Warsaw system. The Council of ICAO convened this Conference under the Procedure for the Adoption of International Conventions. Some 525 participants from 121 Contracting States of ICAO attended, one non-contracting State, 11 observer delegations from international organizations, a total of 544 registered participants took part in the historic three-week conference which began on 10 May. The Conference was a success since it adopted a new Convention for the Unification of Certain Rules for International Carriage by Air. The 1999 Montreal Convention, created and signed by representatives of 52 countries at an international conference convened by ICAO at Montreal on May 28, 1999, came into effect on November 4, 2003. Representatives of 30 countries have now formally ratified the Convention under their respective national procedures and ratification of the United States, which was the 30th country to ratify, took place on September 5, 2003. Under Article 53.6 of the Montreal Convention, it enters into force on the 60th day following the deposit of the 30th instrument of ratification or acceptation. The United States' ratification was deposited with ICAO on September 5, 2003. The ICAO have succeeded in modernizing and consolidating a 70-year old system of international instruments of private international law into one legal instrument that will provide, for years to come, an adequate level of compensation for those involved in international aircraft accidents. An international diplomatic conference on air law by ICAO of 1999 succeeded in adopting a new regime for air carrier liability, replacing the Warsaw Convention and five other related legal instruments with a single convention that provided for unlimited liability in relation to passengers. Victims of international air accidents and their families will be better protected and compensated under the new Montreal Convention, which modernizes and consolidates a seventy-five year old system of international instruments of private international law into one legal instrument. A major feature of the new legal instrument is the concept of unlimited liability. Whereas the Warsaw Convention set a limit of 125,000 Gold Francs (approximately US$ 8,300) in case of death or injury to passengers, the Montreal Convention introduces a two-tier system. The first tier includes strict liability up to l00,000 Special Drawing Rights (SDR: approximately US$ 135,000), irrespective of a carrier's fault. The second tier is based on presumption of fault of a carrier and has no limit of liability. The 1999 Montreal Convention also includes the following main elements; 1. In cases of aircraft accidents, air carriers are called upon to provide advance payments, without delay, to assist entitled persons in meeting immediate economic needs; the amount of this initial payment will be subject to national law and will be deductable from the final settlement; 2. Air carriers must submit proof of insurance, thereby ensuring the availability of financial resources in cases of automatic payments or litigation; 3. The legal action for damages resulting from the death or injury of a passenger may be filed in the country where, at the time of the accident, the passenger had his or her principal and permanent residence, subject to certain conditions. The new Montreal Convention of 1999 included the 5th jurisdiction - the place of residence of the claimant. The acceptance of the 5th jurisdiction is a diplomatic victory for the US and it can be realistically expected that claimants' lawyers will use every opportunity to file the claim in the US jurisdiction - it brings advantages in the liberal system of discovery, much wider scope of compensable non-economic damages than anywhere else in the world and the jury system prone to very generous awards. 4. The facilitation in the recovery of damages without the need for lengthy litigation, and simplification and modernization of documentation related to passengers. In developing this new Montreal Convention, we were able to reach a delicate balance between the needs and interests of all partners in international civil aviation, States, the travelling public, air carriers and the transport industry. Unlike the Warsaw Convention, the threshold of l00,000 SDR specified by the Montreal Convention, as well as remaining liability limits in relation to air passengers and delay, are subject to periodic review and may be revised once every five years. The primary aim of unification of private law as well as the new Montreal Convention is not only to remove or to minimize the conflict of laws but also to avoid conflict of jurisdictions. In order to find a rational solution to disputes between nations which have adopted differing liability systems in international air transport, we need fundamentally to reform their countries's domestic air law based on the new Montreal Convention. It is a desirable and necessary for us to ratify rapidly the new Montreal Convention by the contracting states of lCAO including the Republic of Korea. According to the Korean and Japanese ideas, airlines should not only pay compensation to passengers immediately after the accident, but also the so-called 'condolence' money to the next of kin. Condolence money is a gift to help a dead person's spirit in the hereafter : it is given on account of the grief and sorrow suffered by the next of kin, and it has risen considerably over the years. The total amount of the Korean and Japanese claims in the case of death is calculated on the basis of the loss of earned income, funeral expenses and material demage (baggage etc.), plus condolence money. The economic and social change will be occurred continuously after conclusion of the new Montreal Convention. In addition, the real value of life and human right will be enhanced substantially. The amount of compensation for damage caused by aircraft accident has increased in dollar amount as well as in volume. All air carrier's liability should extend to loss of expectation of leisure activities, as well as to damage to property, and mental and physical injuries. When victims are not satisfied with the amount of the compensation for damage caused by aircraft accident for which an airline corporation is liable under the current liability system. I also would like to propose my opinion that it is reasonable and necessary for us to interpret broadly the meaning of the bodily injury on Article 17 of the new Montreal Convention so as to be included the mental injury and condolence. Furthermore, Korea and Japan has not existed the Air Transport Act regulated the civil liability of air carrier such as Air Transport Act (Luftverkehrsgestz) in Germany. It is necessary for us to enact "the Korean Air Transport Contract Act (provisional title)" in order to regulate the civil liability of air carrier including the protection of the victims and injured persons caused by aircraft accident.

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Aviation Safety Regulation and ICAO's Response to Emerging Issues (항공안전규제와 새로운 이슈에 대한 ICAO의 대응)

  • Shin, Dong-Chun
    • The Korean Journal of Air & Space Law and Policy
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    • v.30 no.1
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    • pp.207-244
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    • 2015
  • Aviation safety is the stage in which the risk of harm to persons or of property damage is reduced to, and maintained at or below, an acceptable level through a continuing process of hazard identification and risk management. Many accidents and incidents have been taking place since 2014, while there had been relatively safer skies before 2014. International civil aviation community has been exerting great efforts to deal with these emerging issues, thus enhancing and ensuring safety throughout the world over the years. The Preamble of the Chicago Convention emphasizes safety and order of international air transport, and so many Articles in the Convention are related to the safety. Furthermore, most of the Annexes to the Convention are International Standards and Recommended Practices pertaining to the safety. In particular, Annex 19, which was promulgated in Nov. 2013, dealing with safety management system. ICAO, as law-making body, has Air Navigation Commission, Council, Assembly to deliberate and make decisions regarding safety issues. It is also implementing USOAP and USAP to supervise safety functions of member States. After MH 370 disappeared in 2014, ICAO is developing Global Tracking System whereby there should be no loophole in tracking the location of aircraft anywhere in world with the information provided by many stakeholders concerned. MH 17 accident drove ICAO to install web-based repository where information relating to the operation in conflict zones is provided and shared. In addition, ICAO has been initiating various solutions to emerging issues such as ebola outbreak and operation under extreme meteorological conditions. Considering the necessity of protection and sharing of safety data and information to enhance safety level, ICAO is now suggesting enhanced provisions to do so, and getting feedback from member States. It has been observed that ICAO has been approaching issues towards problem-solving from four different dimensions. First regarding time, it analyses past experiences and best practices, and make solutions in short, mid and long terms. Second, from space perspective, ICAO covers States, region and the world as a whole. Third, regarding stakeholders it consults with and hear from as many entities as it could, including airlines, airports, community, consumers, manufacturers, air traffic control centers, air navigation service providers, industry and insurers. Last not but least, in terms of regulatory changes, it identifies best practices, guidance materials and provisions which could become standards and recommended practices.

Effect of Blue Color-deficient Sunlight on the Productivity and Cold Tolerance of Crop Plants II. On the unsaturation of mitochondrial phospholipid (청색파장(靑色波長)영역이 결여된 태양광이 작물(作物)의 생산성(生産性) 및 내냉성(耐冷性)의 향상에 미치는 효과 II. 미토콘드리아막(膜)의 인지질불포화도(燐脂質不飽和度)의 증가)

  • Jung, Jin;Kim, Chang-Sook
    • Korean Journal of Environmental Agriculture
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    • v.5 no.2
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    • pp.149-155
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    • 1986
  • The fatty acid compositions of phospholipids extracted from leaves and leaf mitochondria, which were sampled from several horicultural plants grown under blue color-deficient sunlight (BCDS), were determined and compared with those from plants grown under natural white colored sunlight(WCS). It was found that the mitochondria isolated from plants grown under BCDS contained phospholipid whose degree of unsaturation in unit of number of double bonds per lipid molecule was remarkably higher than that from plants grown under WCS, the relative increment being $8{\sim}49%$. This was significantly larger than the relative increment, $4{\sim}8%$ for total phospholipid extracted from whole leaves grown under BCDS campared to WCS. This observation demonstrated that the blue light effect of sunlight on the chemical property of cellular membranes, as long as it was concerned with fatty acid composition, arose mainly at the mitochondrial membrane. Also observing that the degree of unsaturation of mitochondrial phospholipid was much lower than that of total phospholipid, it was interpreted that this was the consequence of rather active oxidative destruction of lipid-fatty acid components occuring in mitochondrial membrane by the reactive oxygen species, especially superoxide($O_2-$), which was known to be produced in mitochondrial inner membrane through the side reactions of the respiratory electron transport chain and also probably through the photosensitized reaction involving oxygen induced by blue colored light. Thus, it may be tentatively concluded that the extent of photosensitization in mitochondrial membrane could be considerably reduced under BCDS resulting in lowering of the $O_2-$ level in the respirating organelle The possible involvement of photodynamic action in membrane oxidation was also indicated by the fact that the typical fat-soluble antioxidant, ${\alpha}-tocopherol$, was found to be contained on a higher level in leaves under BCDS than those under WCS.

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Characterization of Microsomal $Ca^{2+}$ Uptake in Tomato Root Tissues (토마토 뿌리조직에서 분리한 마이크로솜의 $Ca^{2+}$ 흡수 특성)

  • Cho, Kwang-Hyun;Kim, Young-Kee
    • Applied Biological Chemistry
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    • v.42 no.2
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    • pp.116-122
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    • 1999
  • In order to characterize the property of $Ca^{2+}$ transport in plant cell, microsomes were prepared from the roots of tomato and microsomal $^{45}Ca^{2+}$ uptake was measured. When 1 mM vanadate, a selective inhibitor of P-type ATPases, 50 mM $NO_3^-$, a specific inhibitor of vacuolar $H^{+}-ATPase$, and both of these inhibitors were treated, the microsomal $^{45}Ca^{2+}$ uptakes were inhibited by 20, 33 and 47%, respectively. The inhibitory effects of these two inhibitors were investigated by using a protonophore, gramicidin. When the chemical gradient of $H^{+}$ was relieved by gramicidin, the uptake was decreased by 30%, implying the presence of $Ca^{2+}/H^+$ antiporter in the microsomal membrane. In the $^{45}Ca^{2+}$ uptake experiment, the effect of gramicidin was independent of vanadate-induced inhibition. However, when the activity of vacuolar $H^{+}-ATPase$ was inhibited by $NO_3^-$, the effect of gramicidin was severely decreased. Meanwhile, thapsigargin, a specific antagonist of ER/SR-type $Ca^{2+}-ATPase$, inhibited the microsomal $^{45}Ca^{2+}$ uptake and the maximum inhibitory effect was obtained at $10\;{\mu}M$. The effect of thapsigargin was blocked by $NO_3^-$ and gramicidin, but not by vanadate. These results imply that vanadate directly inhibits the activity of $Ca^{2+}-ATPase$; however, $NO_3^-$ and thapsigargin block the activity of $Ca^{2+}/H^+$ antiporter by inhibiting the vacuolar $H^{+}-ATPase$. In conclusion, the microsomal $^{45}Ca^{2+}$ uptakes are mediated by two major enzymes, $Ca^{2+}-ATPase$ and $Ca^{2+}/H^+$ antiporter in tomato root tissue.

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Distribution and Behavior of Soil CO2 in Pohang area: Baseline Survey and Preliminary Interpretation in a Candidate Geological CO2 Storage Site (포항 지역 토양 CO2의 분포 및 거동 특성 연구: CO2 지중저장 부지 자연 배경 조사 및 예비 해석)

  • Park, Jinyoung;Sung, Ki-Sung;Yu, Soonyoung;Chae, Gitak;Lee, Sein;Yum, Byoung-Woo;Park, Kwon Gyu;Kim, Jeong-Chan
    • Journal of Soil and Groundwater Environment
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    • v.21 no.1
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    • pp.49-60
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    • 2016
  • Distribution and behavior of baseline soil CO2 were investigated in a candidate geologic CO2 storage site in Pohang, with measuring CO2 concentrations and carbon isotopes in the vadose zone as well as CO2 fluxes and concentrations through ground surface. This investigation aimed to assess the baseline CO2 levels and to build the CO2 monitoring system before injecting CO2. The gas in the vadose zone was collected using a peristaltic pump from the depth of 60 cm below ground surface, and stored at gas bags. Then the gas components (CO2, O2, N2, CH4) and δ13CCO2 were analyzed using GC and CRDS (cavity ringdown spectroscopy) respectively in laboratory. CO2 fluxes and CO2 concentrations through ground surface were measured using Li-COR in field. In result, the median of the CO2 concentrations in the vadose zone was about 3,000 ppm, and the δ13CCO2 were in the wide range between −36.9‰ and −10.6‰. The results imply that the fate of CO2 in the vadose zone was affected by soil property and vegetations. CO2 in sandy or loamy soils originated from the respiration of microorganisms and the decomposition of C3 plants. In gravel areas, the CO2 concentrations decreased while the δ13CCO2 increased because of the mixing with the atmospheric gas. In addition, the relation between O2 and CO2, N2, and the relation between N2/O2 and CO2 implied that the gases in the vadose zone dissolved in the infiltrating precipitation or the soil moisture. The median CO2 flux through ground surface was 2.9 g/m2/d which is lower than the reported soil CO2 fluxes in areas with temperate climates. CO2 fluxes measured in sandy and loamy soil areas were higher (median 5.2 g/m2/d) than those in gravel areas (2.6 g/m2/d). The relationships between CO2 fluxes and concentrations suggested that the transport of CO2 from the vadose zone to ground surface was dominated by diffusion in the study area. In gravel areas, the mixing with atmospheric gases was significant. Based on this study result, a soil monitoring procedure has been established for a candidate geologic CO2 storage site. Also, this study result provides ideas for innovating soil monitoring technologies.

The Development and Application of the Officetel Price Index in Seoul Based on Transaction Data (실거래가를 이용한 서울시 오피스텔 가격지수 산정에 관한 연구)

  • Ryu, Kang Min;Song, Ki Wook
    • Land and Housing Review
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    • v.12 no.2
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    • pp.33-45
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    • 2021
  • Due to recent changes in government policy, officetels have received attention as alternative assets, along with the uplift of office and apartment prices in Seoul. However, the current officetel price indexes use small-size samples and, thus, there is a critique on their accuracy. They rely on valuation prices which lag the market trend and do not properly reflect the volatile nature of the property market, resulting in 'smoothing'. Therefore, the purpose of this paper is to create the officetel price index using transaction data. The data, provided by the Ministry of Land, Infrastructure and Transport from 2005 to 2020, includes sales prices and rental prices - Jeonsei and monthly rent (and their combinations). This study employed a repeat sales model for sales, jeonsei, and monthly rent indexes. It also contributes to improving conversion rates (between deposit and monthly rent) as a supplementary indicator. The main findings are as follows. First, the officetel price index and jeonsei index reached 132.5P and 163.9P, respectively, in Q4 2020 (1Q 2011=100.0P). However, the rent index was approximately below 100.0. Sales prices and jeonsei continued to rise due to high demand while monthly rent was largely unchanged due to vacancy risk. Second, the increase in the officetel sales price was lower than other housing types such as apartments and villas. Third, the employed approach has seen a potential to produce more reliable officetel price indexes reflecting high volatility compared to those indexes produced by other institutions, contributing to resolving 'smoothing'. As seen in the application in Seoul, this approach can enhance accuracy and, therefore, better assist market players to understand the market trend, which is much valuable under great uncertainties such as COVID-19 environments.