• KSCE Journal of Civil and Environmental Engineering Research
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• v.31 no.3D
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• pp.477-487
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• 2011

The modified repeat-sales model is employed in this study in order to identify differentiating impacts of time-varying accessibility characteristics on housing price. The results demonstrate that accessibility measures have very differential impacts on housing price over time. The improvement of accessibility through newly built facilities and apartment complex has either increased or decreased housing price. For example, the new subway line 9 has positive impact on housing price nearby, therefore price gap between subway access area and the other parts has been increased. The impact of the wide area facilities such as shopping center and hospital are decreased because they can be used more easily by the new subway line before. However, the small service area facility such as elementary school doesn't lose their impact even though subway accessibility extremely increased. The results imply that new facilities in existing residential site can affect not only housing price but also the other facilities' impact of housing price.

• The Journal of Bigdata
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• v.5 no.1
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• pp.109-124
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• 2020

In Korea, despite much interest in real estate, it is not easy to predict prices. Because apartments are both residential spaces and investment materials. Key figures affecting the price of apartments vary widely, and there are also regional characteristics. This study was conducted to derive the factors and characteristics that affect the sale price of apartments in S City, Gyeonggi-do. In general, people diagnose that better subway accessibility leads to higher apartment sales price. Nevertheless, in the case of S City, the price was slightly lower as it was closer to Line 1, but the higher the subway accessibility at Shinbundang Line, the higher the price. The five-year average of government bonds and the price were inversely related, and it was found to be proportional to the M2 balance and the price. The floor area ratio and the total number of parking lots had a great influence on the price, and the presence of department stores and discount marts within 1.5 km were the most important factors in the area of cultural aspect.

• Korean Journal of Construction Engineering and Management
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• v.13 no.5
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• pp.25-34
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• 2012

It has been five years since the Post-Construction Sale System of Housing was introduced. The purpose of this study is to identify objectives and effects of the Post-Construction Sale System of Housing and analyze change of profitability at different sales time from a supplier's point of view. Apartment buildings construction projects performed in Seoul are used for the case study. The present value of sales revenues, sensitivity and the present value of expected sales prices are analyzed. According to the findings, first, profits made from a Pre-construction sales system was 5.1%~6.2% higher than those from a Post-construction sales system. Among four plans of a Pre-construction sales system (A, B, C and D plan), sales revenue from the A plan, which takes a deposit at the time of starting construction, was the greatest. Second, increase of the rate of discount and decrease of sales revenues are in direct proportion. The bigger rate of discount leads actual reduction of sales revenues. Third, for the present value of sales revenues reflecting change in basic model construction cost, a Pre-construction sales system showed a little higher than that of a Post-construction sales system by approximately 2%. It should be known that this study suggests profitability of Pre-and Post-construction sales system by clearly measuring them in the supplier's point of view and calculates sales revenues, considering change of a sale price following change of sales time.

• Land and Housing Review
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• v.14 no.1
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• pp.33-46
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• 2023

This study investigated price factors for large apartment complexes in Seoul during the COVID-19 pandemic and compared Gangnam and non-Gangnam areas, which have been recognized as heterogeneous markets. We find that the change in apartment prices in large-scale complexes did not significantly affect the individual characteristics of apartments, unlike previous studies, but was affected by macroeconomic variables such as interest rates and money. On the other hand, considering the units of the interest rate and total monetary volume variables, the effects of two variables on the apartment sales price is significantly high. In addition, the Gangnam area model analysis shows that apartment prices are greatly affected by interest rates and currency volume, and, the non-Gangnam area model analysis shows that apartment prices are greatly affected by interest rates and currency volume, but the degrees are different from the Gangnam area model. Overall, our study shows that interest rates and money supply were the main factors of apartment price changes, but apartment prices in non-Gangnam areas are more sensitive to changes in interest rates and money supply.

• Land and Housing Review
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• v.11 no.2
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• pp.33-46
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• 2020

As the fastest growing office transaction volume in Korea, there's been a need for development of indicators to accurately diagnose the office capital market. The purpose of this paper is experimentally calculate to the office price index for effective benchmark indices in Seoul. The quantitative methodology used a Case-Shiller Repeat Sales Model (1991), based on actual multiple office transaction dataset with over minimum 1,653 ㎡ from Q3 1999 to 4Q 2019 in the case of 1,536 buildings within Seoul Metropolitan. In addition, the collected historical data and spatial statistical analysis tools were treated with the SAS 9.4 and ArcGIS 10.7 programs. The main empirical results of research are briefly summarized as follows; First, Seoul office price index was estimated to be 344.3 point (2001.1Q=100.0P) at the end of 2019, and has more than tripled over the past two decades. it means that the sales price of office per 3.3 ㎡ has consistently risen more than 12% every year since 2000, which is far above the indices for apartment housing index, announced by the MOLIT (2009). Second, between quarterly and annual office price index for the two-step estimation of the MIT Real Estate Research Center (MIT/CRE), T, L, AL variables have statistically significant coefficient (Beta) all of the mode l (p<0.01). Third, it was possible to produce a more stable office price index against the basic index by using the Moore-Penrose's pseoudo inverse technique at low transaction frequency. Fourth, as an lagging indicators, the office price index is closely related to key macroeconomic indicators, such as GDP(+), KOSPI(+), interest rates (5-year KTB, -). This facts indicate that long-term office investment tends to outperform other financial assets owing to high return and low risk pattern. In conclusion, these findings are practically meaningful to presenting an new office price index that increases accuracy and then attempting to preliminary applications for the case of Seoul. Moreover, it can provide sincerely useful benchmark about investing an office and predicting changes of the sales price among market participants (e.g. policy maker, investor, landlord, tenant, user) in the future.

• Journal of Environmental Impact Assessment
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• v.21 no.2
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• pp.297-314
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• 2012

This study investigates the stigma effect of unwelcomed facilities on apartment prices through multiple regressions based on hedonic price method. The areas studied are Sang-gye Jugong 7, 9, 10 apartment complexes. The facilities analyzed are the Chang-dong Electric Subway Depot and the Do-bong Driver's License Agency. The factors studied include the environmental variable (the elapsed time since the announcement of the re-location of these facilities), the view commanding, the distance from Chang-dong Depot, the distance from Do-bong Driver's License Test Course, the distance from neighboring facilities (subway stations, schools, parks and so on), the floor and each dwelling's exclusive space. The data used are 2,822 sales which have been collected since January 1, 2006. The facts found are as follows; first, the view commanding and the distance from the unwelcomed facilities are statistically significant. second, the environmental variable, 'days' turns out to have a positive (+) and a negative (-) significant relationship with the dependent variable, 'price', in period II and period IV respectively. This implies that the stigma effect is real. third, there are significant differences in the influence on the apartment prices among the independent variables according to time. fourth, the stigma effect is estimated as 33,686,920 Korean won in the case of the apartments which have the view commanding and 30,311,844 won in the other case before the global economic crisis. This effect seems to decrease to 22,085,078 won after the crisis. These facts suggest that stigma effects could be considered as one of the benefits in the cost-benefit analysis of Chang-dong Depot re-location project to produce somewhat higher NPV or B/C ratio.

• Journal of Digital Convergence
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• v.15 no.1
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• pp.181-189
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• 2017

The purpose of this research is to set a standard for deciding competitive marketing prices of new supplying apartment houses and to analyze decision factors in sale price of supplying apartment houses with Analytic Hierarchy Process; the resulted model does not use the method that joins the land cost and the cost of construction together, but the method that compares the sales prices of surrounding apartments. This research tries to set a standard for decision of the prices of newly supplying apartment houses by classifying the determinants into the $1^{st}$ step(4 factors), the $2^{nd}$ step(9 factors), and the $3^{rd}$ step(25 factors). According to the process, the relative importance of decision factors in the sale prices is determined and this should be used as the index of sale prices for newly supplying apartment houses when the houses are provided. In addition, through the $2^{nd}$ step including 9 factors, the comparative model for sale prices is defined and the model is presented to be applied in the real business. Subsequent study additionally considering the factors apart from marketing which tries to find a generalized standard needs to be conducted.

• Journal of the Korea Institute of Building Construction
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• v.22 no.1
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• pp.81-90
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• 2022

With apartment purchase prices rising, small and medium-sized cities have been highlighted as areas in which real estate speculation is overheated, and thus designated as target districts for adjustment. In addition, tax policy is constantly being adjusted in an attempt to stabilize real estate prices. The purpose of this study is to analyze the basic effect of tax policy on the purchase price of apartments in small and medium-sized cities. This study selected apartments in the Daejeon area that were constructed between 1990 and 2015. In addition, tax policy was divided into regulatory policy and easing policy based on tax increase and tax cut. This study analyzes the short-term difference of one year before and after the change in the purchase price of apartment houses. In addition, this study set the time when real estate policy was implemented and the actual transaction price of apartments in Daejeon as the analysis targets, and analyzed the correlation between tax policy and apartment sales prices through the NPV technique and T-test results. Through the study, it was found that most tax policies changed apartment purchase prices in the short term.

• Journal of the Architectural Institute of Korea Planning & Design
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• v.34 no.3
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• pp.45-52
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• 2018

Currently, apartments have become an important research subject for the overall area of politics, economics, and culture as well as urban architectural study. However, there are few analyses of the research trends related to the current interest in the apartment research and prediction of the future changes of an apartment in politics and industry. In this study, the research information related to the apartment has classified, and the changes in the research trends have analyzed. Based on the classified data, the first thesis and dissertation related to the apartment and changes of academic notation have discovered. In addition, future interests and future research directions through Frequency of Appearance, Degree Centrality Analysis, and Betweenness Centrality Analysis of author keywords were predicted. As a result of the analysis, 'Space,' 'Residential Mobility' and 'Apartment Complex' studies were found to be important research topics throughout the entire period. 'Han Gang Apartment,' 'Small Size Apartment,' 'Civic Apartments,' 'Jamsil,' and 'Child' were newly interested topics until 70's era. '(Super) High-rise Apartment,' 'Perception,' 'Jugong Apartment,' 'Housing Environment,' 'Housewife,' 'Apartment Layout,' and 'Busan' were newly interested topics during the 80's and 90's era. 'Apartment Price,' 'Energy,' 'Remodeling,' 'Noise,' 'Resident Satisfaction,' 'Community,' and 'Apartment Lotting-out' were newly interested topics after the year 2000. New concerns for last decade are found to be 'Super High-rise Apartment', 'Remodeling', 'Indoor'(2007), 'Apartment Reconstruction Project', 'Brand', 'AHP', 'Housing Environment'(2008), 'Ventilation'(2009), 'Apartment Lotting-out'(2010), 'Economic Assessment'(2011), 'Cost'(2012), 'Green Building', 'Apartment Sales', 'Law', 'Society'(2013), 'Floor Impact Noise', 'Seoul'(2014), 'Noise'(2015), 'Hedonic Model'(2016). In addition, following research topics are expected to be active in the future: In maturity stage of the research development is going to be 'Apartment Price', 'Space', 'Management of Apartment Housing'; the hedonic model, which is research growth and development stage, is going to be '(Floor Impact) Noise', 'Community', 'Energy.

• Proceedings of the Korean Institute of Building Construction Conference
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• 2022.11a
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• pp.215-216
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• 2022

Profit, the performance of an apartment development project, is directly affected by the sales ratio, unit sale price, financial costs, land costs and construction costs. However, these factors fluctuate in response to changes in the environment, including various stake holders, and the profits fluctuate as a result. In order to ensure that profits are managed within target levels, these factors must be able to be predicted, controlled and monitored and managed up to the start, sale, and end stages of the project. The purpose of this study is to develop a profit risk management model for apartment development projects. The results of this study will contribute to the establishment of academic basis for the dynamic management of project profits that fluctuate with time and environment. And in practice, it will help project developers manage their business revenue to the proper level. In addition, the risks that occur from time to time can be identified quantitatively and visually, and it is expected that it will be easier to derive consensus points for smooth business progress by reducing conflicts of interest among stakeholders.