• Proceeding of Spring/Autumn Annual Conference of KHA
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• 2003.11a
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• pp.283-288
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• 2003

This study has analyzed the environmental characteristics of Cheong-Ju city and the priority of residential choice elements by residents. The results of analysis are as follows. 1) The rate of housing supply in Cheong-ju city is low at 80.2%, concentrated on small sized apartments. Furthermore educational and traffic facilities are much insufficient. 2) While residential choice in Chong-ju is heavily characterised by educational surroundings, it is less affected by both economy such as housing prices, the value of investments and accessibility to public transportations, distance to working places. 3) It is affected by residents' general characters like the sell age, life cycle, education level, properties, home ownership, number of room and type of house they want.

• Proceedings of the Korean Institute Of Construction Engineering and Management
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• 2004.11a
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• pp.344-348
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• 2004

The purpose of this study is the correlation analysis between housing environment and prices of apartments in Dae-Jeon city. For these purpose, selecting assessment factors to analysis correlation from housing environment classified by space stages and correlation analysis between selected factors and price of apartments. The results of this study are as follows : in old city area, a physical factors of housing environment gives high influence on the price of apartment, in new city area, density of building gives high influence on the price of apartment.

• Journal of Korea Planning Association
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• v.54 no.2
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• pp.76-83
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• 2019

This study aims to empirically identify the effect of spatial accessibility, based on travel, on housing prices in the Korean capital region. More specifically, it has two research purposes: First, investigating the effect of comprehensive spatial accessibility, based on road network and actual trips from origin to destination, on average apartment price (Korean Won per square meter) at the level of Eup, Myeon and Dong; Second, identifying better accessibility index between Hansen's and Kalogirou and Foley's ones. The former represents a road-based travel time decay function with destination trips, while the latter is a function with origin trips as well as destination ones. The study employs spatial economic models considering spatial auto-correlative relationship as an appropriate methodology with such control independent indicators as population density, road density, educational environment and distances from CBDs. Analysis results demonstrate that spatial accessibility, based on road network and actual trips from origin to destination, has a statistically significant impacts on housing price in the region. Our empirical evidence proves that the Hansen index is more appropriate than the other in estimating housing price impacts.

• Korean Journal of Construction Engineering and Management
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• v.12 no.5
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• pp.35-45
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• 2011

Establishing housing supply strategies in Korean housing market is a crucial issue due to contradictory but concurrent two problems in market; one is the unstable working-class residential and the other is the high vacancy rate by the low-level of sales rate. Although government has been continuously implementing various supply policies in an attempt to evenly distribute houses as well as to keep supply and demand in balance, it is difficult to satisfy all of stakeholders, such as housing consumers, housing owners and housing suppliers. This paper, therefore, applies a system dynamics methodology and offers a dynamic and integrated model encompassing for-profit behaviors of each market participants. The proposed model simulates the future trends of house prices, the balances between supply and demand, construction companies earnings and vacancy rate when applying various housing supply scenarios. From the simulation result, recent governmental small-size rental housing supplies in bulks should utilize private construction companies to stabilize housing distribution rate and private supply system as well as the supply and demand are well balanced.

• Journal of the Korean Regional Science Association
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• v.31 no.2
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• pp.63-77
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• 2015

Effects of shifting trend from Chonsei to monthly-rent and the changes in rental housing prices upon the welfare of tenants has been analyzed. In 2014, welfare of tenants has been found to be decreased by 660 billion Korean Won due to the change in rental housing prices. From the point of view of the welfare of tenants, it has been found that monthly-rent stabilizing policies are 1.47 times more effective than Chonsei price stabilizing policies. The effect of monthly-rent stabilizing policies has been found to be increased with the increase in the proportion of monthly-rent transaction, the decrease in the speed of the shifting trend from Chonsei to monthly-rent, the decrease in interest rate, the decrease in the proportion of variable deposit in monthly-rent, the decrease in the proportion of debt in Chonsei deposit. These findings indicate that the relative importance of monthly-rent stabilizing policies will be increased in the future.

• 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.

• Economic Analysis
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• v.27 no.2
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• pp.71-123
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• 2021

In this study, we present a methodology and model to estimate land prices and the value of land assets in North Korea in the absence of any data about land characteristics from North Korean authorities. Using this framework, we experimentally make market price-based estimates for land assets across the entire urban area of North Korea. First, we estimate the determinants of land prices in South Korea using data on market prices of land from the late 1970s, when it was estimated that the income level gap between South Korea and North Korea wasn't relatively large, and from the early 1980s, when urbanization levels in both of them were similar. Second, we calculate land prices and their relative ratios for each city and urban area in North Korea around 2015 by substituting proxy variables of determinants of land prices derived through a geographic information analysis of North Korea into the function of land prices that we have already estimated. Finally, we estimate the value of land assets in urban areas across North Korea by combining the ratio of housing transaction prices surveyed in several cities in North Korea with the relative prices estimated in this research. As a result, land prices in urban areas in North Korea, looking at the relative ratio of price by city, are estimated to be the highest, at 100.00, in Tongdaewon district of Pyongyang, and to be the lowest, at 1.70, in Phungso county, Ryanggang Province. Meanwhile, the value of land assets in urbanized areas was estimated at $21.6 billion in 2015, which was 1.2 to 1.3 times the GDP of North Korea that year. This ratio is similar to South Korea's in the 1978-1980 period, when the South Korean economy grew at an average rate of 6%. Considering North Korea's growth rate of about 1% in the 2013-2014 period, its ratio of land assets to GDP appears very high.

• Journal of the Korean Institute of Landscape Architecture
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• v.37 no.2
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• pp.70-77
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• 2009

The purpose of this study is to evaluate the economic value of an urban landscape. The site of this study was Independence Park in Seoul. Before measuring economic valuation, an amount of view analysis was performed to learn the visual characteristics of the landscape. As a result, the green space ratio of the park is approximately 64%. This study estimates the intrinsic value of an urban landscape that might be included in housing prices using a hedonic price model. The hedonic price model is a statistical analysis that is often used to estimate intrinsic values of certain attributes of a product. The Box-Cox model was adopted as an analysis tool while the housing price for $3.3m^2$ was used as a dependent variable and housing and landscape features as independent variables. Results show that the value of the landscape of the Independence Park is approximately 2.2% of the housing market price. The Landscape variables of the park is the second most significant of the 8 variables. This shows that residents perceived the view of the urban landscape as one of the most significant factors in their living environment. The study also indicates that urban landscapes play important roles in improving quality of life and in influencing housing prices. The implication of the study can be said to be the potential of the urban landscape as a significant urban infrastructure. These results can be used to help make policy decisions to preserve and/or develop urban landscapes.

• Journal of Family Resource Management and Policy Review
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• v.13 no.3
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• pp.103-122
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• 2009

The purpose of this study is to investigate what owners think of their housing and their community by scrutinizing households, thereby leading to a conclusion of how these communities have developed and the advantages they provide to their owners. This study was conducted by thoroughly interviewing one member from each of a total of 10 households living in apartments and villas in the Gangnamgu area of Seoul between August 5, 2008, and September 25, 2008. The results can be summarized as follows: First, all interviewees were female, within the range of 40 years to 50 years of age, and with high educational backgrounds. They were living in mid-level income or higher households but were characterized by frugal attitudes. Second, their households held a personal and familial meaning to them, one of providing replenishment, rest, and a place to share diverse feelings with their family. Certain factors such as being a convenient place for education, rising housing prices, a large area of greenery made possible by Yangjae Cheon, and so forth contributed to giving a special significance to their housings. The interviewees all thought the convenience of education and the rising housing prices in the Gangnam area were the most important factors. Third, the interviewees indicated the following sociocultural perspectives of Gangnam housings: They provide a good environment for education due to the densely clustered academies in the Daechi-dong area. There are many opportunities to meet neighbors with similar educational and economic backgrounds. There are vast areas of greenery such as Yangjae Cheon. There is access to highly advanced cultural and shopping facilities such as COEX, Seoul Arts Center, etc. There are no amusement centers located near the housing districts. There are convenient transportation methods and facilities. They are subject to jealous looks from people living outside the Gangnam area. Lastly, it seems that no significant community spirit exists among the dwellers of each apartment or villa. However, matters of self-interest such as construction problems, which contribute greatly to creating personal wealth, were exceptions when the dwellers united as a single household.

• Proceedings of the Korean Institute of Building Construction Conference
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• 2012.05a
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• pp.319-320
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• 2012

International oil prices is the world's leading macroeconomic indicators. Rising international oil price has been worsening. profitability of construction company including material cost as well stagnation in housing market. Thus, according to fluctuations in international oil prices has cost index need to see any change happening there. in this study, 2000 to 2011 interest rates, exchange rates and oil price fluctuations in construction cost is to compare the impact.