• Architectural research
• /
• v.24 no.3
• /
• pp.85-91
• /
• 2022

The public rental housing policy aims to provide the housing to the vulnerable class who do not have enough credit to own houses. The Korean government introduced new policies for housing supply to improve the availability of new houses. However, it is difficult to expand the supply because of the accumulated deficit of public rental housing. In this study, the economic feasibility of long-term public rental housing reconstruction projects was examined to ensure the economic and sustainable growth of public rental housing. The research found that the compensation for the accumulated deficit is needed. Also the research analyzed and identified the factors affecting the economic feasibility of reconstruction projects. The significant factors identified in this research are: the supply price of pre-sale/rental housing in the reconstruction project, total cost of the reconstruction project, and total floor area of the reconstruction project. According to the analysis results, it is necessary to increase the rent of existing long-term public rental housing, expand the government subsidy, increase the supply price of pre-sale/rental housing, and reduce the total project cost. However, there are limitations. For example, the fluctuations of construction market, residents' burden of housing costs, and the limit of the budget of the public housing authority. The increasing total Floor Area Ratio(FAR) limitation of the reconstruction project would be the realistic solution to the problem because it gives incentives to the reconstruction project.

• Land and Housing Review
• /
• v.9 no.4
• /
• pp.10-18
• /
• 2018

As the volatility increasement of the number of tourist, there was been controversy over supply-demand imbalance in hotel market. The purpose of this study is to analysis on determinants of hotel occupancy rate in Jeju Island. The quantitative method is based on cointegrating regression, using an empirical dataset with hotel from 2000 to 2017. The primary results of research is briefly summarized as follows; First, there are high relationship between total hotel occupancy rate and hotel occupancy of foreign tourist. The volatility of hotel occupancy is caused by foreigner user than local tourists though local tourist high propotion of hotel occupancy in Jeju Island. Second, hotel occupancy of local tourist has not relationship with demand and supply variables. Because some hotel users are not local tourists but local resident, and effects to other variables of hotel consumer trend, accommodation such as Guest house, Airbnb. Third, there are high relationship between foreign hotel occupancy rate and demand-supply variables. These research imply that total management of supply-demand is very important to seek stability of hotel occupancy rate in Jeju Island. Also it can provide a useful solution regarding mismatch problem between supply-demand as well as development the systematic forecasting model for hotel market participants.

• International conference on construction engineering and project management
• /
• 2015.10a
• /
• pp.411-414
• /
• 2015

The purpose of this study is to conduct a comparative analysis between Korea and the United States of the supply process of unit modular housing at both the factory production phase and the transportation and lifting phase, as part of an attempt to invigorate the unit modular housing market in Korea. Unlike the practice in the United States, one of Korea's unique characteristics is that the floor is constructed with reinforced concrete and hot water heating system. To do this, the wet method in Korea is used that includes concrete placement, curing and constructing hot water floor heating system at the factory production phase, which results in a longer production time and also requires the lifting of heavier loads. In the United States, interior and exterior finishing works of modular housing are performed by different companies, and the distance between the unit module factory and the construction site is quite far. This kind of dualized production structure may cause confusion when it comes to schedule management, procurement management, and stock management. Moreover, problems caused by external environmental factors such as wind and rainfall were reported in the course of long-distance transportation. The results of this case comparison are expected to provide fundamental data that will reduce the amount of trial and error in the unit module production, transportation and lifting work in Korea, which has a comparatively small number of unit modular housing cases.

• Asia-Pacific Journal of Business
• /
• v.15 no.1
• /
• pp.225-237
• /
• 2024

Purpose - This study aims to explore the relationship between housing and land prices, with a specific emphasis on the impact of government policies on these factors such as land supply quantity and the ratio of residential land to total land supplied. The goal is to identify the most effective government intervention strategies for controlling both housing and land prices. Design/methodology/approach - Data from 70 primary and medium-sized cities in China spanning from 2003 to 2017 are utilized in this research. The analysis employs a panel vector autoregressive (PVAR) model, with a primary focus on examining the relationships among housing prices, land prices, and government intervention policies. Findings - Housing and land prices are influenced by various factors. Through impulse response analysis and variance decomposition, it is observed that both housing and land prices are predominantly influenced by their internal dynamics, with comparatively weaker effects attributed to policy interventions. Research implications or Originality - By investigating the impact of government policies on housing and land prices, This study establishes a foundation for effective price control measures. Our study advocates for a comprehensive examination of China's land supply mechanism to enhance understanding of the pathways through which government policies influence the markets.

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

• Proceeding of Spring/Autumn Annual Conference of KHA
• /
• 2003.11a
• /
• pp.221-227
• /
• 2003

The characteristics of Japanese housing stock is as follows. 1. It is predicted that population from 2010 and general household from 2015 will decrease. The aging speed in Japan is faster than several advanced nations. 2. Housing shortage has resolved from 1973. In 1998, dwelling number per household is 1.13 houses and vacant dwelling rate is 11.5 percents. 3. Dwelling level of rented dwelling is lower than owner occupied houses; for instance, floor area of the former is one third of the latter. As for a household of thirties, family type household lived in rented houses reached 60 percents, it reveals that the demand exceeds the supply. 4. Houses constructed before the new earthquake resistant standard enforced from 1981 year is the half of the whole, housing improvement is needed in the future. Future housing market is changed to practical use of housing stock. Consequently, expansion of multi-habitation used a vacant housing of city dwellers, activation of the used houses distribution, growth of dwelling reform market, and activation of the rented houses are expected.

• Proceedings of the Korean Institute Of Construction Engineering and Management
• /
• autumn
• /
• pp.234-237
• /
• 2003

The Korean housing supply have been provided by the Pre-construction sales system. The Pre-construction sales system contributed to large housing supply. But it followed by the market anomaly. Along the housing market is changing to tile market for consumers, it requires new policy and regulations. This market changes and needs to modify the policy make a discussion about introducing the Post-construction sales system. it concerns to change the time to sale. This paper analyzes the present feasibility study and makes a tool to predict construction cashflow considering changed sales point. The sales timing leads to decide the amount of financial costs in the construction project and that cost affects to the feasibility. The accurate cashflow prediction is required for a successful apartment construction delivery.

• The Journal of the Korea Contents Association
• /
• v.21 no.2
• /
• pp.78-84
• /
• 2021

Issues have arisen over the monopoly of housing sales guarantees by the Housing and Urban Guarantee Corporation. If the Ministry of Land, Infrastructure and Transport appoints an additional guarantee institution, there is concern that the property protection between the two parties is insufficient due to excessive competition and the weakening of urban regeneration resources. It argues that housing supply policies for stabilization of the housing market can be smoothly implemented through monopoly projects. This is judged to be an abuse of market dominant position under the Fair Trade Act, and excessive restrictions on pre-sale guarantee requirements may cause delays in business and infringement of property rights of members. First, the establishment of a designation system for market dominant operators of the Fair Trade Commission enables new entry of private guarantee institutions. Second, it is necessary to improve regulations under Article 63 of the Fair Trade Act (consultation on the establishment of laws restricting competition, etc.). Third, through the establishment of the 「Rules on Housing Supply」 under Article 15 (2), the Minister of Land, Infrastructure and Transport can additionally designate a guarantee institution, thereby guaranteeing the right to select a pre-sale guarantee for the business entity. In addition, it is expected that at least one of a number of guarantee insurance companies can be designated to improve the efficiency of the distribution of social benefits, thereby lowering the volatility of housing prices. Listen and suggest.

• Korean Journal of Construction Engineering and Management
• /
• v.11 no.1
• /
• pp.101-112
• /
• 2010

The Korean real estate market currently is experiencing a slowdown due to the global economic crisis which has resulted from subprime mortgage lending practices. In response, the Korean government has enforced various policies, based on intend to deregulate real estate speculation, such as increasing the Loan to value ratio (LTV) in order to stimulate housing supply, demand and accompanying housing transactions. However, these policies have appeared to result in deep confusion in the Korean housing market. Furthermore, analyses for housing market forecasting particularly those which examine the impact of the international financial crisis on the Korean real estate market have been partial and fragmentary. Therefore, a comprehensive and systematical approach is required to analyze the real estate financial market and the causal nexus between market determining factors. Thus, with an integrated perspective and applying a system dynamics methodology, this paper proposes Korean Real Estate and Mortgage Market dynamics models based on the fundamental principles of housing markets, which are determined by supply and demand. As well, the potential effects of the Korean government's deregulation policies are considered by focusing on the main factor of these policies: the mortgage loan.

• Journal of the Architectural Institute of Korea Planning & Design
• /
• v.34 no.4
• /
• pp.19-25
• /
• 2018

At present, there are many companies that can produce modular housing. However, if the housing projects are conducted without design standards and principles, each company will supply housing according to its own design standards, resulting in a loss of opportunity to promote standardization at a national level. Korea's modular construction technology is still in its infancy, and there is a lack of MC design applications due to the limited construction market. In recent years, however, related R&D has been carried out by the Ministry of Land, Infrastructure and Transport in order to activate modular construction. As a result, test-beds for public rental housing are currently being built, and the public rental housing applied with the modular construction method is expected to spread in the near future. In this regard, this study seeks to promote more economical and efficient production and supply of modular housing. To this end, it investigates the current status of modular construction, analyzes the problems and proposes a serious of MC design standards as part of the design standardization and open system for modular housing industry to solve the problems.