• Journal of the Economic Geographical Society of Korea
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• v.17 no.3
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• pp.482-501
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• 2014

Most textbooks of urban geography explain that land value drops down with distance from the Peak Land Value Intersection of urban center. However, There is little rigorous empirical work supporting this belief. Using the publicly notified individual land price data of 2013, this paper examines the structure of land value in urban center with a focus on spatial distribution of land value by land use. As an analytic result, the structure of land price varies between land uses, significantly being different from the classical model of land value in urban space. In residential lands and mixed-use lands for residence and commerce, land price gradient as a function of distance from PLVI is positive and a crater phenomenon even is identified in spatial distribution of land value. The classical model coincides only with land for commerce and office. Nonetheless, predict of land uses by land value function fairly corresponds to Alonso's model.

• Journal of Cadastre & Land InformatiX
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• v.52 no.2
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• pp.189-210
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• 2022

Cities around the world have paid attention to public transportation as an alternative to reducing traffic congestion caused by automobile usage, excessive energy consumption, and environmental pollution. This study measures accessibility to subway stations in Seoul using a supply-demand-based accessibility technique. Then, the impacts were analyzed through land prices by use and segment. As a result of analysis using the multilevel hedonic price models, accessibility considering both supply and demand for the subway had a positive effect on both residential and non-residential land prices. The effect was stronger for residential than for non-residential. Further, among the accessibility measured by the three functions, the accessibility by the Exponential function was most suitable for the residential land price, and the accessibility measured by the Power function for the non-residential land price had the highest explanatory power. Also, looking at the impacts by land price segments, it was found that higher access to metro stations had the greatest positive impacts on the most expensive segment of residential and non-residential land prices. The results of this study can be applied not only to identify the impacts of public investment on neighborhoods, but also to support real estate valuation.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.22 no.1
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• pp.131-137
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• 2021

This study estimated acreage response functions for greenhouse paprika, greenhouse strawberry, open-land garlic, and open-land spinach by using Gyeongsangnamdo agricultural income data. The results show that the cultivation area for greenhouse paprika increased because the agricultural management costs decreased, and the risk of price volatility was relatively low. On the other hand, the cultivation area for greenhouse strawberries decreased due to increasing agricultural management costs and the greater risk of price volatility. In the case of open-land garlic and spinach, the cultivation area remained stagnant due to the greater risk of price volatility, despite increasing agricultural revenue. We derived several policy implications from our results. The risk of price volatility in agricultural products is greater for crops grown on land rather than crops grown in greenhouses. Therefore, the local government needs to adopt the "agricultural revenue guarantee insurance" in preference to crops grown on land rather than crops grown in greenhouses. On the other hand, in the case of greenhouse crops, agricultural management costs are very high. Thus, local government should focus on replacing old facilities and supplying smart-farm facilities that reduce agricultural management costs such as heating costs.

• Proceedings of the KGS Conference
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• 2006.06a
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• pp.21-22
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• 2006

• Land and Housing Review
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• v.1 no.1
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• pp.113-124
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• 2010

This study is evaluating that new hi-tech transit systems each type of function and introduce applicable guideline decreases land sale price in New town and Large scale land development projects. For this, use the look-up table through the composite category of each type of system at the functional types, local characteristics. It also, As introduce the new systems calculate the Social benefits such as altered public traffic transfer system, reduced transit time and reduced carbon emission considering the three-dimensional arterial roads. As a result, New transportation systems contribute that the more reducing traffic congestion and air pollution and municipalities seeks for environment-friendly policy. However, this paper emphasize that the new transportation system has been introduce without considering the characteristics of locality and the efficient arrangement of them, it cannot be transferred the to the existing public traffic efficiently, futhermore causes the sale price in new large scale land development projects.

• Land and Housing Review
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• v.11 no.1
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• pp.59-66
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• 2020

This thesis investigates relationship between Stock-to-Flow price and housing starts in Seoul metropolitan form 2008 year to 2019 year. The paper tests the relationship through two time-series models such as a vector error correction model and Dynamic Panel regression model. The model results show evidence of positive correlation between Stock-to-Flow price and housing starts in the long run. By transforming the regional data into a panel data set and running a fixed effects model, we test the explanatory power of PBR on housing starts. The result of VECM confirms that one unit uprising PBR raises up apartment construction by 7.4%. This result supports that PBR is a major factor in choosing a start of housing construct. Base on the result of empirical model, We also suggest that the market self-regulation function of housing providers is operating in the entire metropolitan area market.

• KDI Journal of Economic Policy
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• v.14 no.3
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• pp.49-72
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• 1992

This paper examines the increasingly popular belief that higher holding tax will be the ultimate solution for Korea's land problems which include excessive concentration of ownership, high and rapidly increasing land prices, and rampant speculation. In principle, land holding tax can supplement capital gains tax in recapturing capital gains from land or suppress returns from land investment returns in line with other forms of asset. This paper shows, however, that the tax burden must be drastically increased for the tax to achieve such goals, and the resistance from tax payers is sure to be intense. As long as the price expectation remains high, as in Korea where land prices have increased 19% annually during the past 18 years, even such increase in the tax may have little impact on landlords' behaviors, the price trend, or the ownership structure. More effective solutions for Korea's land problems are relaxing land use regulations to encourage the supply for urban land and improving the performance of capital gains tax to recapture windfall gains from land. This paper also notes that the so-called "lock-in effect" of the capital gains tax seems to be exaggerated. Land holding tax should be viewed as a revenue raiser for local governments rather than an anti-speculative policy tool. Abandoning unattainable policy goals and adhering to the general principles of taxation, will make land holding tax much simpler, and will better function as a local revenue source.

• Korea Real Estate Review
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• v.24 no.1
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• pp.63-76
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• 2014

This study utilizes FGLS (Feasible Generalized Least Squares) to determine the impact of Jeju Olle trekking courses on nearby land prices. Official 2010 land price data for 7 areas surrounding different Jeju Olle Trails was examined with a GIS program to determine the exact distance of land parcels from nearby trekking courses. Distance and various other pricing factors were used as explanatory variables for increases in land prices. The dependent variable was the rate of change in land prices from 2002 to 2010. Unlike existing studies which have examined the effect of highways, subways and other transportation facilities on land prices, this paper examines the effect of Korea's first-ever trekking courses on nearby land prices. This study concludes that 7 different Olle Trails exert a significant influence on nearby land prices and that land prices decrease by 0.03% per meter as plots get further and further from Olle Trails. This result shows that not only transport infrastructure (highways, subways, etc.) but also non-traffic infrastructure such as Jeju Olle Trails and trekking courses can have positive effects on local real estate markets.

• 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 Korean Society for Geospatial Information Science
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• v.22 no.1
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• pp.13-22
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• 2014

Recently, many civil appeals have been occurred in land management work because of discord between cadastral records and actual land use pattern. it is important to select parcels for land alternation exactly using land information and to evaluate compensation cost according to scenarios for advancing this problem. This study operated GIS spatial overlay based on serial cadastral maps and actual-width of the road and analyzed the number and area of the parcels for land alternation by the land classification and ownership applying fuzzy membership function according to occupation ratio to road. Also compensation cost was calculated according to scenarios using individual public land price information of the parcels for land alternation and was arranged by district as Eup and Myeon according to land classification and ownership. This study can efficiently support the work of the parcels for land alternation complying with the financial condition of local government, by supplying compensation cost according to scenarios to the parcels of land alternation by district as Eup and Myeon.