• Journal of the Korean housing association
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• v.18 no.2
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• pp.75-82
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• 2007

Under the premise that the housing market is not fixed, but changes organically according to social and systematic environment, it has important meaning as the object of this study to identify the recent housing market's movement by deducing the changed characteristics of the factors to compose the recent new houses. By using the following methodology, this study analyzed the characteristics and mutual relations of the economical and house-composing factors, categorized the investigation object into sub-markets, and executed comparative analysis. First, based on the leading studies analyzing the factors of house price determination and the assessment indicators of 'Green Building Certification Program', the composing factors are deduced. Second, the factors are categorized as economic, housing complex planning and geographical condition. Third, to identify the influence of housing environmental factors on economic factors, the correlation between the former and the latter, and the difference between economic factors are analyzed. Fourth, by segmenting and categorizing the housing market into time and location subgroups, the chronicle trend and the geographical characteristics are analyzed.

• International conference on construction engineering and project management
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• 2013.01a
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• pp.151-157
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• 2013

Since the sub-prime mortgage crisis from the US in 2008, the Korean housing market has plummeted. However, the deposit prices of the Korean local lease contract, Chonsei, had been increasing. This increase of Chonsei prices can be a threat to low-income people, most of whom prefer to live in houses with a Chonsei contract. In the housing and Chonsei market, there are many stakeholders with their own interest, hence, simple thoughts about housing and Chonsei market, such as more house supply, will decrease house price, would not work in a real complex housing market. In this research, we suggests system dynamics conceptual model which consists of causal-loop-diagrams for the Chonsei market as well as the housing market. In conclusion, the Chonsei price has its own homeostasis characteristics and different price behavior with housing price in the short and long term period. We found that unless government does not have a structural causation mind in implementing policies in the real estate market, the government may not attain their intended effectiveness on both markets.

• Journal of the Korean housing association
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• v.15 no.2
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• pp.27-34
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• 2004

The purpose of this study has two folds. For the local government it gives a guide to establish the housing information system, which provides various housing information in order to promote service to the public on Internet. It also gives a guide for the local government to collect the fundamental data from local housing market and provide them to the policy makers as well as the housing producers (landlords, builders and owner-occupiers). Contents of housing information system website for the local government consist of three main parts. The first part provides housing policy and local housing market information to the upper level local government as well as housing producers. The second part provides housing information for the people who are looking for houses to move the own. Final part provides the procedures of building construction and development plan for landlords to the public. In case of Pyongtaek-City, this study makes them by cluster analysis of houses and households moving pattern as the Internet contents. Housing markets of Pyongtaek-City divide 3 sectors by housing type, tenure type and housing supply ratio etc. And populations prefer to move intra sectors. According to this information, policy-makers should define local housing problems and find solutions and housing producers can supply the house just in sites and in time. In conclusion, local government should provide valuable housing information based on local housing market research to the public for the effective housing policy. As local housing market is formed by various factors it is needed for local government to research housing sub-markets due to apply these research results to the local government for the future.

• International conference on construction engineering and project management
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• 2017.10a
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• pp.176-182
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• 2017

The housing market is divided into several sub-markets that operate independently. One of them is the distinction between rental and sales markets. Simultaneously, since the housing is a commodity as well as an asset, it has a close relationship between the rental market and the sales market. Due to the unique structure of Korea, it is difficult to apply the general method to analyze the housing market. This means there is a great deal of concern about side effects from the policy. Actually, the government's subsequent regulation of speculative demand in the future may be necessary to prevent market overheating, but at the same time, there is a fear that the rent will rise. Although changes in policy direction may be inevitable due to changes in market conditions, frequent and sudden changes in policy cause confusion in market participants, causing unrest in the housing market. This study aims to derive main factors and correlation with other housing market factor. These factors will be a base of qualitative housing market model to analyze the market effect of the demand-supply shift. Modeling is based on the system dynamics methodology, which is useful for identifying interactions between variables reflecting various variables in the housing market. The model discussed in this study is expected to provide integrated insight into the key variables of the housing market, away from the monopolistic thinking. It can also be useful as a means of assessing the effectiveness of policies.

• KSCE Journal of Civil and Environmental Engineering Research
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• v.28 no.4D
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• pp.523-531
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• 2008

This study tried to find differences between housing lotting prices and sale prices owing to new multi-family housing price regulation. As the results of this study, they are as follows; First, this study shows housing market in Busan has a preferences of new housing which has a new housing form differing from the existing housing form. For example, the mixed-use apartment with higher stories shows steeper incline than the apartments with the existing forms. Second, the new housing prices are affected by the information that affect the price of the old existing housing. They are rates of green area of an apartment complex, the number of household, accessibility to downtown Busan and etc.. They are also confirmed factors that affect a rise of used-housing price in other studies. Third, brand value of apartments affects new housing prices. For example, if the major construction companies build the new apartment, it shows a rising trend than any other housing. Therefore, the local construction companies are expected to be put on a disadvantage places than major construction companies. Fourth, the lotting prices are the most important cause that lead to rise the new housing prices. Accordingly, the present lotting prices are expected that upward tendency the purchasing prices of the new housing will not continue, because the lotting prices have risen since the government removed lotting price regulations and exceeded the level of used-housing prices. And it denote that importance of housing sub-market which indicates rates of old existing housing market rising, frist preference Gu, second preference Gu, rate of multi-family housing.

• Journal of the Korean housing association
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• v.11 no.4
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• pp.23-33
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• 2000

Up until the mid-90s, the housing market of Korea has been supplier-oriented with the constant shortage of housing supply. But today, with the surplus of supply over demand and ever-increasing competitiveness in the housing market, understanding consumers needs have become one of the keys to successful business. Consumers overall living standard have increased and they are now looking for better living environment. As a matter of course, there have been much studies focusing on the evaluation factors and consumers preferences of the living environment, somewhat overlooking the asset value of a residential property. Consumers see their house in terms of both a living space and an asset. Therefore, it is these two values altogether that influences the buying decision process of consumers. This study seeks to stress on the importance of the fact that it is both the living environment and asset value of a house that are considered in the buyers valuation of residential property. And the study suggests that influencing factors of housing attributes in the decision-making process of buyers be sub-categorized into two broad groups, value as a living space and value as an asset. This is to serve both the researcher in the academic field and marketers for better understanding of consumers needs and influencing factors of buyers valuation of housings vis-a-vis market.

• Journal of the Korean housing association
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• v.26 no.4
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• pp.11-21
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• 2015

Due to the mass production of housing in Korea, homogeneous current housing may fail to represent residents' preferences, especially for the elderly. The purpose of this study is to identify the preferred properties of consumers for accessible housing and to examine whether cluster analysis can identify groups of residents with similar accessible housing preferences. Using a conjoint method, prospective users can jointly consider all accessible attributes, with cost attributes suggested by this study. Four categories (accessibility, safety, convenience, cost), 7 attributes (clear width, level difference, installation of grab bars, installation of elevators: only for single house type, non slippery floor materials, safety alarms, service control devices, cost) and 2 levels for each attribute were chosen. A total of 374 questionnaires were collected through a questionnaire survey method. This study employed ratings-based Conjoint analysis and the respondents ranked each card, which consisted of a set of accessible housing attributes. The data were analyzed using SPSS 16.0. The findings of this study have identified 3-4 clusters for each housing sub market. Each cluster has a different combination of socio-demographic characteristics and residential characteristics, and showed the relative importance or preference values for each accessible attribute of the segmentation. For the single housing, one group of people strongly preferred installation of elevator. The results suggested that better customization of housing could be more appealing to the different clusters of residents, providing accessible housing with cost limitations.

• Journal of the Korean Association of Geographic Information Studies
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• v.12 no.3
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• pp.101-115
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• 2009

The prompt recovery of housing market in Korea became the national task, for which tools that can analyze the influence that changing situation of housing market and new policy may have on the housing market needs to be developed. Thus, this research intends to develop Multi-Agent Housing Market Model and simulation system in Jinju City as a study area. Analyzing the local housing market of Jinju City, then multi-agent model of housing market that consolidates 3 sub-models, house choice model, hedonic model of house price and location choice model is developed. Moreover in order to develop simulation system the model is programmed in the virtual space of which the size is $150{\times}100$ cell including physical shape of city such as road, urban facilities, land use, etc. With the system, simulations are performed to confirm the impact of urban development on the pattern of residential location. As a result, it is found that the residential location can not be easily induced when only road, commercial and convenient facilities are supplied. However, it is also found that since supplying green results in very many residences, arrangement of infrastructure and environmental factor should be considered at the same time for urban development. As conclusion, it is confirmed that the model and simulation system developed in this research smoothly works to be utilized for the analysis of diverse policy experiment and housing market.

• Land and Housing Review
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• v.2 no.4
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• pp.367-377
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• 2011

This paper investigates the determination factors' variation of real estate price after sub-prime financial crisis, in korea, using a VAR model. The model includes land price, housing price, housing rent (Jensei) price, which time period is from 2000:1Q to 2011:2Q and uses interest rate, real GDP, consumer price index, KOSPI, the number of housing construction, the amount of land sales and practices to impulse response and variance decomposition analysis. Data cover two sub-periods and divided by 2008:3Q that occurred the sub-prime crisis; one is a period of 2000:1Q to 2008:3Q, the other is based a period of 2000:1Q to 2011:2Q. As a result, Comparing sub-prime crisis before and after, land price come out that the influence of real GDP is expanding, but current interest rate's variation is weaken due to the stagnation of current economic status and housing construction market. Housing price is few influenced to interest rate and real GDP, but it is influenced its own variation or Jensei price's variation. According to the Jensei price's rapidly increasing in nowadays, housing price might be increasing a rising possibility. Jensei price is also weaken the influence of all economic index, housing price, comparing before sub-prime financial crisis and it is influenced its own variation the same housing price. As you know, real estate price is weakened market basic value factors such as, interest rate, real GDP, because it is influenced exogenous economic factors such as population structural changes. Economic participators, economic officials, consumer, construction supplyers need to access an accurate observation about current real estate market and economic status.

• Land and Housing Review
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• v.4 no.1
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• pp.43-54
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• 2013

This This paper investigates the variation of the factors to determinate housing price in Seoul metropolitan area after sub-prime financial crisis, in Korea, using a VAR model. The model includes housing price and housing rent (Jeonse) in Seoul metropolitan area from 1999 to 2011, and uses interest rate, real GDP, KOSPI, Producer Price Index and practices to impulse response and variance decomposition analysis to grasp the dynamic relation between a variable of macro economy and and a variable of housing price. Data is classified to 2 groups before and after the 3rd quater of 2008, when sub-prime crisis occurred; one is from the 1st quater of 1999 to the 3rd quater of 2008, and the other is from the 2nd quater of 1999 and the 4th quater of 2011. As a result, comparing before and after sub-prime crisis, housing price is more influenced by its own variation or Jeonse price's variation instead of interest rate and KOSPI. Both before and after sub-prime financial crisis, Jeonse price is also influenced by its own variation and housing price. While after sub-prime financial crisis, influences of Producer Price Index, KOSPI and interest rate were weakened, influence of real GDP is expanded. As housing price and housing rent are more influenced by real economy factors such as GDP, its own variation than before sub-prime financial crisis, the recent trend that the house prices is declined is difficult to be converted, considering domestic economic recession and uncertainty, continued by Europe financial crisis. In the future to activate the housing business, it ia necessary to promote purchasing power rather than relaxation of financial and supply regulation.