• Land and Housing Review
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• v.12 no.3
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• pp.27-37
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• 2021

This paper empirically examined the relationship between the housing market and the stock market to investigate the price and the asymmetric volatility spillover effects. The monthly housing price index and the monthly KOSPI were used for analysis. This research employed the EGARCH model. The analysis period was from January 1986 until June 2021 with periodization centered on the Asian Financial Crisis: before and after the crisis - the end of December 1997. The EGARCH model allows analysis of 'good news' and 'bad news' in understanding volatility. The price spillover effect was observed one way from the stock market to the housing market. On the contrary, the spillover effect was not found from the housing market to the stock market. The empirical evidence suggests that there are price and asymmetric volatility effects in the entire period of analysis in both housing and the stock markets. In the housing market, the negative effects of information were found pre-financial crisis while the positive effects, in other periods. However, in the stock market, the negative effects of information were found in the pre- and post-financial crisis periods. This means that the housing market is more affected by 'good news' than 'bad news' when information spreads to the markets while the stock market is more affected by 'bad news' than 'good news'. It is of significance to discover the variable returns by different information.

• Land and Housing Review
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• v.3 no.1
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• pp.23-32
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• 2012

The Schwabe's law explains the housing demand weighs more on demographic factors rather than on socio-economic factors as societies achieve higher level of economic development. Based on Schwabe's law, the present study constructs a hypotheses to analyze changes of housing demand with respect to housing tenure change in Seoul Metropolitan Area (SMA) during the periods of 1980 to 2005. To test the hypotheses, the authors take advantage of the Population and Housing Census 2% data from 1980 to 2005. The authors apply binary probit with decomposition method to verify our hypotheses. The authors found that the influence of socio-economic factors on housing tenure have been weakened in the housing market during the periods of 1980 to 2005. On the other hand, the relative influence of demographic factors have been strengthened in the housing market during the periods. The present study concludes that housing demand in the SMA have been dramatically changed from socio-economic characteristics to demographic factors to decide housing tenure during the periods, which confirms the hypotheses of the present study.

• Journal of the Korean Geographical Society
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• v.39 no.6 s.105
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• pp.907-921
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• 2004

Lots of characteristics such as dwelling, neighborhood, and accessibility characteristics affect to the housevalue. Many researches have been done to identify values of each characteristic using hedonic technique. However, there is a limit to identify interaction of each characteristic and variation of each characteristic among the accessibility context. This paper has implemented the Expansion Method research paradigm to model the housevalue determination process in the city of Seoul. The findings of this paper have revealed the presence of contextual variations in the housevalue determination process. The initial model for housevalue reveals that as $F_1$ increases (i.e., larger the number of rooms/bathrooms, larger parking space) and/or $F_2$ increases (i.e., higher owner occupied housing units, higher apartment housing units) and/or $F_3$ increases, (i.e., higher the ratio of higher than college graduated households, 8 school zone, older housing units) the estimated housevalue increases. However, the above relationships drift across their respective contexts. The houses which have negative $F_1$ value, the housevalue does not fluctuate according to the distance to the city center or subcenters. However, the houses which have positive $F_1$ value, the closer to the subcenters or shorter to the river, the higher the estimated housevalues. On the other hand, in areas far from the subcenters, the estimated housevalues does not fluctuate much according to the corresponding $F_2$ level. In areas close to the subcenters, the estimated housevalues vary tremendously according to the $F_2$ value. In the residual analysis, it is revealed that large apartment which are located in Kangnam, IchongDong, MokDong are underestimated. This paper has contributed to our understanding of the housevalue determination process by providing an alternative conceptualization to the traditional approach.

• Korea Real Estate Review
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• v.24 no.1
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• pp.15-26
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• 2014

Using multivariate GARCH model, we estimate the relationship between the housing sale prices and lease prices in the Korean housing market. In the analysis of relationship between the rate of changes in sale and lease prices, the correlation coefficient of the apartment and detached house is higher than that of the townhouse. By housing type, the correlation coefficient between detached house and townhouse is higher than between apartment and detached house or apartment and townhouse. By housing size, there are no significant different results between the sales price and the rental price. The correlation coefficient between medium and small size is the highest in the apartment housing market, whereas the correlation coefficient between large and medium size is the highest in the detached housing market, resulting from the fact that people may be more interested in medium- and small-sized apartment and large- and medium-sized detached house. In the detached housing market, the correlation coefficient between large-medium size and medium-small size in the rental price is higher than that of sales price. This result implies that the process of the decision making between purchasing and leasing a house might be different.

• Journal of Distribution Science
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• v.10 no.5
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• pp.29-36
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• 2012

This paper aims to establish a Fengshui-based marketing model that companies engaged in selling dwelling spaces can utilize to increase their sales. The study is based on an investigation of appraisal statements and analysis techniques used in Fengshui. The Fengshui marketing model can be used for corporate advertising, sales promotions, public relations events, and for framing an overall marketing strategy according to changing consumer demand. As a sales promotion strategy, it can be used to influence consumer psychology and behavior. Although this study is limited to the all-pervasive advertising and marketing of houses by construction companies under installment plans, the Fengshui marketing method can also be used for the sale of store locations, space for product display, and so on. Initially, I analyze living spaces according to traditional Fengshui theory, and subsequently apply the modern method to study topographical space structures and geomagnetism disturbances. I present a standard form for writing the Fengshui appraisal statement based on the objective analytical method of Fengshui. With its shortcomings remedied, the appraisal statement can lead to high-quality advertising and increased valuations because it is based on objective data analysis and systematic evaluation of houses. In brief, I have designed the Fengshui marketing model as a sales promotion technique for the housing industry. I believe this study will contribute to the application of Fengshui in the housing industry's sales promotion efforts through high-quality advertising. Future research should evaluate Fengshui marketing in the housing industry based on case studies. Research questions to be addressed could include how Fengshui marketing has affected installment sales of houses and how Fengshui architectural practices affect general well-being. These studies would help propagate Fengshui marketing by validating its effectiveness. In addition, case studies should be undertaken to consider the practical applications of Fengshui marketing, how it can contribute to maximizing a company's image and profits, and how it can promote customer satisfaction.

• Land and Housing Review
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• v.13 no.4
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• pp.13-26
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• 2022

This study analyzes housing choice determinants of the youth and newlyweds households by using housing survey data in Incheon. A multinomial logit model is employed for analysis with the following variables: housing characteristics, housing market characteristics, and residential and neighborhood environment characteristics. The findings from the analysis are as follows. First, for the continued residence of the youth, the important factors were the relief assistance of housing maintenance costs. For the newlyweds, the important factors were the quality improvement of residential environments to ensure residential stability. Second, the housing choice factors to attract the youth were residential support for rent, maintenance costs, and relocation, and the improvements of residential environments such as security, noise levels, and medical facilities. For the newlyweds, the important factors were housing loan assistance for a home purchase or a cheonsei deposit and residential quality improvements for air pollution and parking facilities. Third, the youth were likely to move out due to high rental costs, and the newlyweds were likely to move out for the purchase of a new apartment or higher-quality housing.

• Journal of the Economic Geographical Society of Korea
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• v.13 no.4
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• pp.515-528
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• 2010

This study analyzes the impacts of mixed-use development and transportation on housing values in Seoul, Korea. An index measuring the land use mix is proposed using three components of land uses, residence, office, and retail, which are the essential elements for everyday urban life. This index offers a relatively easy way in measuring the level of mixed-use and proves itself useful providing sensible and reliable results in this empirical study. Also surface and underground transportation accessibilities are measured. By covering both surface and underground, a comprehensive view of Seoul's transportation accessibility is provided. Finally, housing value models are constructed with developed variables, i.e. land use mix index and accessibility measures, as well as relevant socio-economic variables. The empirical outcomes verifies that mixed-use development and transportation accessibility positively affect housing values.

• Korean Journal of Construction Engineering and Management
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• v.8 no.2
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• pp.164-172
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• 2007

The development project usually aims to get a certain amount of return for its investment in land and capital. The success of such project is dependent on the accurate analysis of the feasibility and for casting. It is, however, very difficult to predict due to various environmental factors. For this, it is necessary to constitute a systematic and objective method of analysis. However, there is no method of analysis for numerous qualitative factors, such as legal, environmental, marketability. Moreover, conventional methods have some limitations because they are processed without all the scope of analysis items and any evaluation criteria. Therefore, this study will provide computerization model for feasibility study focusing on the apartment development project by a pre-sall method. This research does casestudies to assess the feasibility analysis by the computerization model and compares to the results of the conventional methods. It showed that the evaluation results for the qualitative analysis were proportional to actual sale result. This implies that qualitative subjective factors have high correlation with sale rate and sale prices.

• Environmental and Resource Economics Review
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• v.17 no.2
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• pp.235-254
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• 2008

This study analyzes the economic effects of reduction of green-belt. Green-belt is a kind of land which is restricted to be developed into housings. It is important for social welfare. It affects the social welfare by two routes. One way is through the housing market process. Development of green-belt into housings increases housing supplies and lowers rents. The other is that it improves the living condition by increasing green spaces. Therefore, the development of green-belt to housing can Improve or worsen the social welfare. This paper analyzes its welfare effects by simulations. The results of the paper show that reduction of green-belt increases housing supply and lowers the rent and asset prices. The social welfare is improved in the model.

• Korean Journal of Construction Engineering and Management
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• v.6 no.1 s.23
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• pp.80-88
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• 2005

This research describes an interactive process of analysing the demand factors for apartment on Cheonan area Using subjective statistical data for demand factor the process are categorized into main factors explained for the sensitiveness of correlation coefficient. This investigation is based on an analysis of the work of time series data One of the propose of this research is determining the correlation factors that can be effectively used in the model of forcasting. The results show a significant correlation coefficient on correlation matrix to iud the optimum correlation factors. The paper thus shows how to gain greater influntial factors on principal component analysis Consequently, this paper provides useful information about correlationship, but has limit of regional boundary for effectiveness.