• Korean Architects
• /
• no.5 s.135
• /
• pp.64-71
• /
• 1980

• Journal of the Korean Regional Science Association
• /
• v.36 no.1
• /
• pp.37-50
• /
• 2020

Estimating investment profits of real estate is critical to understand real estate markets and create relevant policy as real estate market and capital market combines closely. Thus, this study applied the concept of Tobin's Q to estimate investment profits for apartments as well as row-houses and multi-family homes in Seoul from 2010 to 2018. Investment profits were estimated by two approaches: subtracting the replacement cost from the transaction price and calculating ratio of the transaction price to the replacement cost, respectively. The spatio-temporal changes in investment profits were apparent in apartments compared with row-houses and multi-family homes. As a result of analyzing the spatial econometrics models, the investment profit was higher in the area with high density and new developments regardless of the housing types. The framework and key findings would be the effective reference to understand residential investment behavior, create relevant housing policy, introduce value capture of windfall, measure regional competitiveness, and estimate housing bubble.

• 주택과사람들
• /
• s.204
• /
• pp.46-49
• /
• 2007

1997년 아시아 외환위기를 겪은 인도네시아는 아직 환란을 완전히 극복하지 못했다. 환율은 여전히 안정적이지 않고, 부실 대출 비율이 증가하는 등 불안 요인도 많다. 정부 차원에서 외국인 투자 유치를 위한 정책을 내놓는 등 시장 활성화에 힘쓰고 있는 인도네시아 자카르타 부동산 시장을 짚어보았다.

• Land and Housing Review
• /
• v.13 no.4
• /
• pp.27-44
• /
• 2022

In December 2019, the Ministry of Land, Infrastructure and Transport announced the revision of the Enforcement Decree of the Industrial sites and Development Act. In this revision, the reinvestment ratio of development profits generated by renewing the old industrial park is delegated to the local government ordinance. According to this announcement, the reinvestment ratio can be adjusted to less than 50% of sales revenue from construction projects and 25% of land sales for non-industrial use depending on local government conditions. This study aims to investigate the policy rationale for the adjusted ratio of reinvestment in development profits and explore how Daegu City can use this policy when revising ordinances in the future. A survey was conducted with a total of 320 experts, including public corporations, public officials, and industrial site workers in the Industrial Complex Committee. We employ contingent value measurement (CVM) based on 262 valid responses. The results showed that 27% of sales from the construction business and 22% of sales from non-industrial land were derived with an appropriate reinvestment ratio. Although the results in this study might not be generalized in other regions, we provide a potential reference for other local governments who are interested in ordinance revisions in the future. Another contribution of this study is to suggest the statistical method to derive the relevant ratio.

• Korean Journal of Construction Engineering and Management
• /
• v.17 no.3
• /
• pp.108-115
• /
• 2016

The price determinant for land investment depends on the internal information process and subjective decision making by management in general. Accordingly, the systematic frame to determine the feasibility of investment price to the public residential land for multi-housing development by private sector has not been proposed. The purpose of this study is to explore the frame to determine the investment price for public residential land from the perspectives of land attribute and apartment market factor. Multiple regression has been implemented to confirm the eligibility of proposed model. Research findings indicate that the land area, floor area ratio, coverage ratio, location have been identified as the total land cost determinant, and for the determinants for floor area land cost, the ratio of apartment, sale price, rent price, etc, have been identified. This research intends to provide the basis for land providers to predict the land value as a raw material in market and present the indicators for land buyers to review the price adequacy for the investment.

• Journal of Cadastre & Land InformatiX
• /
• v.48 no.2
• /
• pp.65-77
• /
• 2018

It is very important to understand the factors affecting the occurrence of vacant houses in research on them. The purpose of this study is to analyze the factors affecting the rural vacancy occurrence. This study set 121 research areas and selected eight independent variables (Aged house rate, housing transaction rate, house diffusion ratio, local extinction index, net migration rate, regional aging index, the ratio of the number of employees to population and financial independence rate) and one dependent variable (vacant house rate). As a result of the study, first, both Model 1 for the entire general agricultural fishing village area and Model 2 for the county (gun) area were statistically significant, there was no problem with the independence of residual. Second, local extinction index and aged house rate had a statistically significant positive (+) relationship in both Model 1 and Model 2. Third, diffusion ratio of house had a statistically significant positive (+) relationship only in Model 1, and housing transactions rate had a statistically significant negative (-) relationship in Model 2. The implications of the study were drawn as follows: First, the increase in the house diffusion ratio without growth in households and population suggests the increase of the probability of the vacancy occurrence in the area, and the higher the aged house rate, the higher the probability of the vacancy occurrence. Second, for the revitalization of housing transactions, it is necessary to have an investment inflow in the area for mid- to long-term development. Third, local extinction index has a significant relationship with vacant house rate, it is necessary to introduce a local revitalization policy from a long-term perspective for the permanence of the area.

• Journal of the Economic Geographical Society of Korea
• /
• v.15 no.4
• /
• pp.534-549
• /
• 2012

This study analyzed the effects of housing wealth on the balance accounts of elderly households with an age of over 60 facing the asset decumulation period, capitalizing upon an ordered logit model for the 2011 household finance survey data. Out of some variables representing personal and social characteristics, the age and waged worker variables had a positive effect, but the number of household, low education level, living in the apartment and capital region variables negatively affected the balance accounts of elderly households. Some variables reflecting economic wealth and financial strategies such as the attitude of risk-taking, ordinary income and the ratio of financial assets had a positive impact, but other variables such as DSR did a negative one on the balance accounts of the elderly households. The ownership of housing wealth variable positively, but the ratio of housing assets variable negatively affected the balance accounts of the elderly households, which could be derived from the duality of housing as both consumption goods and assets. However, the ownership of other real estates and the ratio of them in the total assets variables had a negative impact on the balance accounts of the elderly households. Furthermore, since the financial asset-debt ratio worsened the balance accounts of the elderly households with both housing and other real estates, it is implied that the purchase of real estates with excessive bank loans could make them dangerous.

• KSCE Journal of Civil and Environmental Engineering Research
• /
• v.29 no.3D
• /
• pp.409-418
• /
• 2009

The aim of this study is to analyze the evaluations and determinants on residential resettlements in accordance with urban regeneration by 7,396 samples from 19 housing redevelopment districts in Busan. The major finding on determinants on residential resettlements in accordance with urban regeneration are as follows; A binary logit model for determinants on residential resettlements in accordance with urban regeneration are composed of owner's characteristics, land and building characteristics, housing complex characteristics, and location characteristics. The significant variables in relation to owner's characteristics are owner's age, owner's place of residence, the possession period against property and investment intention. As a result of logit model for residential resettlements, it shows that the variables in relation to land and building characteristics are the land classification, the use of building, the size of land or building, the permission of building and the appraisal price on land and building. This result means that actual customer's investment connects to resettlement after redevelopment project. The other side, the housing complex variables consist of the brand of construction company, the ratio of large size housing and floor are ratio shows that improvable conditions for housing value are important factor to induce residence's resettlement. The location variables show that Dongbusan has higher probability, the reverse Jungbusan has lower probability in residential resettlement likewise residential preference.

• Korean Journal of Construction Engineering and Management
• /
• v.8 no.6
• /
• pp.207-215
• /
• 2007

The purpose of this study is to predict the long-term maintenance expense of BTL school projects which were ordered from the Ministry of Education and Human Resources Development and each Metropolitan and Province Office of Education. For conducting this study, the adapted research method includes a case study of BTL school projects ordered from Seoul Metropolitan Office of Education in 2006. After examination of initial investment based on each $school^{\circ}{\phi}s$ operation account, it estimates maintenance expense and long-term maintenance expense. Also it compare using two methods: one is the long-term maintenance expense estimation in apartment houses and the other is AEAM(annual equivalent amount method). The results of this study are as follows: 1) It is analyzed long-term maintenance expense rates of each BTL school. As a result, it is construction(14.0), civil(1.4%), mechanical(6.5%), equipment(6.5%), electronic(11.0%), fixture(5.1%) and the rest(1.0%). 2)It is applied using two methods: one is the long-term maintenance expense estimation in apartment houses and the other is AEAM. Finally, It is compared expense deflection per $100{\beta}{\ge}$ in each month.

• Journal of Digital Convergence
• /
• v.13 no.4
• /
• pp.137-146
• /
• 2015

The aging process in this country is underway at the fastest pace compared to those of the leading countries. On the other hand, preparing for retirement funds is more difficult than before due to the impact of slow interest rate and slow growth. The purpose of this study is to examine the necessity of providing various financial services in preparation for the future aging era. After analizing the various materials and utilizing a survey of the bank employees and the general public, we have found the followings. The replacement rate of this country, 55%, is much lower than the suggested level of World Bank, 75%. Also, the pension ratio in the income after retirement of this country is much lower compared to those of the States and Japan. The most people who participated in the survey needed ￦2,000 - ￦2,990 thousand for monthly living expenses after retirement. For the retirement funds, the higher the age the higher proportion of savings deposits they want, and the lower the age the higher proportion of insurance and pension products they want. Based on these analyses, the necessities of developing financial life planning which includes both financial and non-financial sides, retirement funds management according to age, revitalization of housing pension and developing diverse retirement funds are suggested.