• Proceedings of the Safety Management and Science Conference
• /
• 2009.04a
• /
• pp.455-475
• /
• 2009

According to the returns of Housing and business cycle over the period 1992 to 2007, it is a measure of the total volatility faced by investors in Housing properties. First, it isn't a distinct difference from business cycle contrary to U.S. Second, the rise of purchase price in total apartments moves up the consumer price index. According to the cross-sectional dispersion of returns and growth in net operating income (NOI) of apartments, industrial, retail and office properties using panel data for U.S. metropolitan areas over the period 1986 to 2002, it is a measure of the total volatility faced by investors in commercial real estate. To the extent that most of that volatility is difficult to diversify, cross-sectional dispersion may be an appropriate measure of risk.

• 월간 기계설비
• /
• s.132
• /
• pp.26-43
• /
• 2001

하반기부터 국가가 시행하는 추정가격 78억원 미만(지자체 235억원미만)의 국내입찰대상 모든 공사는 인터넷을 통한 전자입찰로 낙찰자가 선정된다. 또 건설업 등록시 법정자본금에 해당하는 보증능력 확인서를 제출해야하고 일정기준 이상의 사무실을 갖춰야하는 등 건설업등록요건이 강화된다. 이와 함께 고급주택을 제외한 신축주택에 대한 양도소득세가 2003년 6월말까지 면제되며 부동산투자 회사가 설립돼 본격적으로 부동산에 대한 간접투자시대가 열린다. 정부는 2001년 7월 1일 부터 달라지는 부처별 경제$\cdot$행정제도를 종합 정리해 발표했다.

• Economic Analysis
• /
• v.27 no.2
• /
• pp.71-123
• /
• 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 Geographical Society
• /
• v.38 no.6
• /
• pp.949-960
• /
• 2003

The marginal implicit price of air quality can be measured by taking a partial derivative of hedonic price function (HPF) with respect to the level of air quality. It has been pointed out that the size of the marginal implicit price varies with the use of different function forms, different estimation methods, and the different ways of measuring air quality level in estimating HPF. In addition to these factors, this study shows theoretically and empirically the way housing properties are represented on a digital map could differentiate the size of marginal implicit price of air quality when GIS is used to measure location attributes of the housing properties in the Korean apartment market. Furthermore, this study shows that the degree of difference in the marginal implicit price due to the manner in which housing properties are represented on a digital map can be larger than the degree of difference in the marginal implicit price due to using different function forms and estimation methods. The major implication from the results of this study is that one should carefully try diverse ways of representing housing properties in the Korean apartment market on a digital map in the process of estimating HPF, as he or she usually tries diverse function forms and estimation methods, to see if the value of the marginal implicit price of air quality varies substantially.

• KDI Journal of Economic Policy
• /
• v.32 no.4
• /
• pp.35-73
• /
• 2010

This paper examines consumption dynamics in relation to asset prices in Korea. Empirical analysis based on the error correction model shows that personal consumption is affected by changes in asset prices but the consumption converges to the long-run level of consumption corresponding to the total income flow in two years. This adjustment in consumption implies that the consumption error, reflected in the error correction term, should have predictability for the future consumption growth during the adjustment period. It is found that the error correction term has a long-run predictability for consumption over up to about 3 years; thus, confirming the error correction model. It is also found that housing prices have larger effects on consumption compared with stock prices in Korea. In addition, the effects of income and asset prices on consumption show bigger effects during contractionary period than expansionary period in business cycles. This paper also analyzes effects of asset wealth that reflects changes in both price and quantity. It is found that asset wealth has a long-run effect on consumption in addition to total income as determinants of consumption. Since wealth effects usually indicate the long-run effect of changes in asset wealth on consumption that is not explained by labor income, which is the proxy for human source of wealth, it is estimated with labor income used as a control variable. According to the estimation, the marginal propencity to consume out of asset wealth is approximately 2%. It means that 1,000won increase in asset wealth may lead to 20 won increase in consumption.

• The Korean Journal of Applied Statistics
• /
• v.31 no.2
• /
• pp.217-228
• /
• 2018

Since the real estate reporting system was first introduced, about 2 million real estate transaction per year have been reported over the last 10 years with an increasing demand for real estate price estimates. This study looks at the applicability and superiority of the regression-kriging method to derive effective real transaction prices estimation on the location where information about real transaction is unavailable. Several issues on predicting the real estate price are discussed and illustrated using the real transaction reports of Jinju, Gyeongsangnam-do. Results have been compared with a simple regression model in terms of the mean absolute error and root square error. It turns out that the regression-kriging model provides a more effective estimation of land price compared to the simple regression model. The regression-kriging method adequately reflects the spatial structure of the term that is not explained by other characteristic variables.

• Journal of the Korean Association of Geographic Information Studies
• /
• v.15 no.1
• /
• pp.43-51
• /
• 2012

The OLS(ordinary least squares) method is widely used in hedonic housing models. One of the assumptions of the OLS is an independent and uniform distribution of the disturbance term. This assumption can be violated when the spatial autocorrelation exists, which in turn leads to undesirable estimate results. An alterative to this, spatial econometric models have been introduced in housing price studies. This paper describes the comparisons between OLS and spatial econometric models using housing transaction prices of Busan, Korea. Owing to the approaches reflecting spatial autocorrelation, the spatial econometric models showed some superiority to the traditional OLS in terms of log likelihood and sigma square(${\sigma}^2$). Among the spatial models, the SAR(Spatial Autoregressive Models) seemed more appropriate than the SAC(General Spatial Models) and the SEM(Spatial Errors Models) for Busan housing markets. We can make sure the spatial effects on housing prices, and the reconstruction plans have strong impacts on the transaction prices. Selecting a suitable spatial model will play an important role in the housing policy of the government.

• The Journal of the Convergence on Culture Technology
• /
• v.10 no.3
• /
• pp.111-119
• /
• 2024

The purpose of study is to analyze the effect of population inflow on apartment price growth. For this purpose, proxy for population structure is employed: (i) net population inflow based on 'resident registration criteria', (ii) buyer's transaction. The major findings are as followed. First, net population inflow of total and 50 over gives no significant effects on the apartment price growth in Seoul and Jeju. However, there are significant and positive effects of 50s and 60s in Seoul, and 60s in Jeju on the apartment price growth, respectively. Second, buyer's transactions of 'total and 50 over' give positive effect on apartment price growth only in Seoul. However, 60s and 50s of buyers' transaction give positive effect on the apartment price growth both in Seoul and Jeju. This study implies that more detailed population inflow like age group provide more meaningful information to the study on apartment price growth.

• Journal of Korean Society of Rural Planning
• /
• v.21 no.2
• /
• pp.91-102
• /
• 2015

한국은 2050년까지 주요 선진국 중에서 고령화가 가장 심각한 사회로 전환되게 될 것으로 예상된다. 기대여명의 증가와 저 출산은 고령화를 더욱 악화시키며, 이는 심각한 사회문제로 발전하게 될 것이다. 이와 같은 문제를 해결하기 위해 한국정부는 2008년에 도시지역에는 주택연금제도를 도입하였으며, 2011년에는 세계 최초로 농촌지역을 대상으로 농지연금제도를 도입하였다. 그렇지만 이와 같은 제도는 설계 당시부터 복지상품이라기 보다는 장기적으로 손실과 수익의 균형에 초점을 둔 금융상품으로 개발되어 실질적으로 노인들에게 크게 인기를 얻지 못하였다. 따라서 본 연구는 농지연금제도를 활성화시켜, 농촌노인들에게 보다 더 많은 혜택을 주기 위해 지역 토지시장을 감안하여 지역별 농지가격상승률을 예측하고 연금액을 산출하였다. 또, 지금까지 사용한 년 혹은 분기별 감정가 대신에 월별, 지역별 실거래 가격을 모형에 적용하여 지역토지시장, 고령화 수준 등 지역 여건에 부합하는 연금액을 산출하였다. 할인율자료도 가장 안정적인 3년 만기 국고채 수익률을 활용하여 미래농지가격을 예측하고, 이를 유동화하여 월 생활자금으로 지급되도록 하였다. 특히 농지규모가 가장 많고, 고령화 정도가 심각하여 농지연금의 잠재적 수요가 가장 높을 것으로 예상되는 경상북도와 전라남도를 사례지역으로 선정하고, 이를 전국평균과 비교하여 지역적인 차이도 함께 분석하였다. 이를 위해 농지가격 및 이자율 시계열 자료의 안정성을 검정하고, 장기농지가격을 예측하였다. 이를 활용하여 경북, 전남, 전국의 노인들의 월평균 지급액을 추정하였다. 분석결과 정책의 잠재적 수요가 가장 높은 두 지역이 가장 낮은 금액이 지급되는 것으로 추정되어 이는 또 다른 지역불균형을 초래할 수 있는 것으로 평가되었다.

• Journal of Cadastre & Land InformatiX
• /
• v.51 no.2
• /
• pp.125-139
• /
• 2021

Continuous subway line expansion over the years in Seoul metropolitan area has contributed to improved accessibility to public transport. Since public transport accessibility has a significant impact on housing decisions, quantitative analysis of correlation between housing prices and public transport accessibility is regarded as one of the most important factors for planning better housing policies. This study defines the reduction of traveling time resulted from the construction of new metro stations despite them not being the closest stations as 'Network Expansion Effect', and seeks to understand how the Network Expansion Effect impacts on housing prices. The study analyzes monthly rent data converted from upfront lump sum deposit, so called Jeonse in Korea, from 2012 to 2018, through 'A Modified Repeat Sales Model.' As a result, the effect of 'Network Expansion' on rental prices in Seoul has stronger during the period of 2017 to 2018 than the base period of 2012 to 2014, which suggests the 'Network Expansion' has a meaningful effect on rent. In addition, in comparison between the most and the least affected group of apartments by 'Network Expansion Effect', the most affected group has more price increase than the least affected group. These findings also indicate that different levels of 'Network Expansion Effect' have various influences on the value of residential real estate properties.