• Journal of the Economic Geographical Society of Korea
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• v.20 no.3
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• pp.405-418
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• 2017

SHIFT is public rental housing policy introduced by Seoul Metropolitan in 2007, which works as Chonsei(korean unique deposit rental system). This paper examines the effect of SHIFT on Chonsei prices of neighborhood apartments. To estimate the change in prices of Chonsei after the provision of SHIFT, I collect data on Chonsei prices of apartments within a 5km radius from the SHIFT housings. Summary of main results are following. Chonsei prices of the apartments within a 2-3km radius decreased by 4.4% after the provision of SHIFT housings. In contrast, when it comes to apartments within a 1-2km radius, I can't find the stochastic relationship between the provision of SHIFT hosing and price changes. This results can be explained by "Offset effects" caused by real estate development. Provision of SHIFT can sequentially induce nearby area's development, which plays a factor in the effect of price increases. And this offset effects varies in each apartment complex depending on demand for Chonsei and supply of the SHIFT.

• Land and Housing Review
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• v.12 no.3
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• pp.67-78
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• 2021

After World War II, modular housing was developed as a means of quickly and efficiently meeting the housing supply demand. For the past 30 plus years, efforts have been made to improve modular housing in South Korea and to increase their competitiveness in the housing market. This study investigated modular houses based on a steel framed rahem structure which provides a flexible floor plan where walls are easily reconfigured to create rooms of various sizes and functions. Similar to the factory production methods used in the automotive industry, the modular housing industry can also benefit by standardizing such aspects as building components, manufacturing and construction methods, materials, process management, and floor plans. This study examined the feasibility of using a 3m × 3m module for developing various floor plans which are easy to produce and transport. Each 3m × 3m module can be configured to meet different living needs resulting in a complete home when multiple modules are connected. The module configurations can be varied to meet ground transportation and crane limitations. This study found that a 3m × 3m steel framed modular unit is a promising step towards providing residents with plans that meet their living preferences while improving and increasing the supply of modular houses.

• The Journal of Industrial Distribution & Business
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• v.9 no.5
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• pp.63-72
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• 2018

Purpose - This work analyzes, in detail, the specification of vector error correction model (VECM) and thus examines the relationships and impact among seven economic variables for USA - balance on current account (BCA), index of stock (STOCK), gross domestic product (GDP), housing price indices (HOUSING), a measure of the money supply that includes total currency as well as large time deposits, institutional money market funds, short-term repurchase agreements and other larger liquid assets (M3), real rate of interest (IR_REAL) and household credits (LOAN). In particular, we search for the main explanatory variables that have an effect on stock and real estate market, respectively and investigate the causal and dynamic associations between them. Research design, data, and methodology - We perform the time series vector error correction model to infer the dynamic relationships among seven variables above. This work employs the conventional augmented Dickey-Fuller (ADF) and Phillips-Perron (PP) unit root techniques to test for stationarity among seven variables under consideration, and Johansen cointegration test to specify the order or the number of cointegration relationship. Granger causality test is exploited to inspect for causal relationship and, at the same time, impulse response function and variance decomposition analysis are checked for both short-run and long-run association among the seven variables by EViews 9.0. The underlying model was analyzed by using 108 realizations from Q1 1990 to Q4 2016 for USA. Results - The results show that all the seven variables for USA have one unit root and they are cointegrated with at most five and three cointegrating equation for USA. The vector error correction model expresses a long-run relationship among variables. Both IR_REAL and M3 may influence real estate market, and GDP does stock market in USA. On the other hand, GDP, IR_REAL, M3, STOCK and LOAN may be considered as causal factors to affect real estate market. Conclusions - The findings indicate that both stock market and real estate market can be modelled as vector error correction specification for USA. In addition, we can detect causal relationships among variables and compare dynamic differences between countries in terms of stock market and real estate market.

• Journal of the Korean Wood Science and Technology
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• v.19 no.4
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• pp.34-42
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• 1991

Protection of tropical forest affects on significant reduce of tropical hardwood supply, and softwood resources will be increasingly important for the timber security in Korea. U.S. softwood log was most favorite species for Korean softwood log importers in overall import conditions except price stablization and consistency of export policy. Reduced export volume from Pacific Northwest to Korean market has been immediately replenished by rediata pine from New Zealand and Chilean plantation. Siberian timber will hardly play major roles in Korean timber market unless budding structure. softwood plywood and softwood furniture uses are enhanced. Recent rapid rise of labor cost and reducing tariff rrate in Korea provided better opportunities for import lumber in building materials market. Dry dimension lumber was relatively profitable when processed from import U.S. soft-wood log while green lumber was favorable products processed from radiata pine log in Korean lumber market. This means U.S. softwood lumber would have better opportunity to market for '2${\times}$'4 studs when wood frame housing is introduced. On the other hand while radiata pine is competitive on temporary construction lumber such as supporter and concrete forming frame in Korea. Shortage of raw material for the new capacity of board plants in Korea will be it bottle neck. Major log export countries to Korea as U.S. New Zealand and Chile showed high trade intensity indices of composite hoard produces for Korean market. As Korea efforts to diversify import sources, and tariffs are reduced to 8% as scheduled by 1994. countries of scoring higher comparative advantages as Portugal. Brazil, Austria as well as New Zealand will have better opportunity to penetrate into promised Korean composites hoard market.

• Journal of the Architectural Institute of Korea Planning & Design
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• v.36 no.3
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• pp.91-102
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• 2020

This study examined the apartment sale in lots system from 1960s to 1970s in Seoul from a historical perspective, with the focus on the concept and changes of pre-sale in lots system. By tracing back historical context and application of the system in that period through the analysis of the advertisements for apartment sale, we found out the hidden side of the apartment pre-sale in lots system from the public's point of view, and its impact and meaning on the formation of our current residential culture. In the 1960s and 1970s, the apartment sale in lots system based on the pre-sale in lots system formed strong seller's market and it has been the main reason for imposing the wrong residential awareness that led the public to recognize housing as a means of property growth. Even now, the current apartment sale in lots system remains to be a supplier-oriented one, and lots of people tend to regard housing as investment method. That is, this mechanism is not only still working but one of the fundamental causes of impoverishing our residential culture. It is necessary to reconsider the pre-sale in lots system and the apartment sale in lots system in relation to the public of housing.

• Land and Housing Review
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• v.4 no.1
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• pp.43-54
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• 2013

This This paper investigates the variation of the factors to determinate housing price in Seoul metropolitan area after sub-prime financial crisis, in Korea, using a VAR model. The model includes housing price and housing rent (Jeonse) in Seoul metropolitan area from 1999 to 2011, and uses interest rate, real GDP, KOSPI, Producer Price Index and practices to impulse response and variance decomposition analysis to grasp the dynamic relation between a variable of macro economy and and a variable of housing price. Data is classified to 2 groups before and after the 3rd quater of 2008, when sub-prime crisis occurred; one is from the 1st quater of 1999 to the 3rd quater of 2008, and the other is from the 2nd quater of 1999 and the 4th quater of 2011. As a result, comparing before and after sub-prime crisis, housing price is more influenced by its own variation or Jeonse price's variation instead of interest rate and KOSPI. Both before and after sub-prime financial crisis, Jeonse price is also influenced by its own variation and housing price. While after sub-prime financial crisis, influences of Producer Price Index, KOSPI and interest rate were weakened, influence of real GDP is expanded. As housing price and housing rent are more influenced by real economy factors such as GDP, its own variation than before sub-prime financial crisis, the recent trend that the house prices is declined is difficult to be converted, considering domestic economic recession and uncertainty, continued by Europe financial crisis. In the future to activate the housing business, it ia necessary to promote purchasing power rather than relaxation of financial and supply regulation.

• Korean Journal of Construction Engineering and Management
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• v.10 no.5
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• pp.16-27
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• 2009

Recently construction companies expand position for apartment house in construction market because of house supply rate increase and its amount. In addition, because the focus of house sale market has moved to customer from supplier, the importance of defect management is being issued currently. However, current apartment defect management is not satisfied with customer's demand for the lack of business process management, management organization, information feedback, and readiness for defect in construction phase. To solve this problem, this study proposed business process management improvement model for defect management. Proposed improvement model make information feedback, defect management business quality improvement, and improper process improvement through integrating defect management and quality management. It is expected to contribute to customer's satisfaction improvement and reliance improvement for construction companies.

• Proceedings of the Korean Institute of Building Construction Conference
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• v.y2004m10
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• pp.91-94
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• 2004

The demand for apartments is decreasing as the condition of housing market in Korea has changed. Therefore, construction companies have to understand the needs of the customers to win over them. It is important for construction companies not only to supply customers with high quality apartments but also to provide them high service quality for a long range plan. One of the important service of the construction companies is after-service(A/S) that includes the defect management. The inhabitants' unsatisfactory defect management will worse the image of the company among the future customers. Also A/S is one of the best way for the company to create good impression to the customers. so the defect management carried out by construction firms has to satisfy the inhabitants. In this study. the degree of association between inhabitants satisfaction and the company's image is proved and the factors of the inhabitants dissatisfaction in defect-management are presented. The major factor that causes dissatisfaction is the long service time of the defect management. Therefore, shortening the time of process taken to deal with the defects would allow construction outfits to satisfy their customers effectively and to be more competitive ones in the Korean apartment market.

• Proceedings of the Korean Institute Of Construction Engineering and Management
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• autumn
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• pp.549-554
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• 2002

As the rate of housing supply is increased and consummer's diversified demand is changed. the direction of management of construction company is changed into marketing-based and the development of distinguished product. Therefore, this study purpose to establish the marketing strategy of apartment by the method of market segmentation. This study purpose to (1) analyze general methodology of apartment market-segmentation and positioning, (2) propose an alternative plan of apartment positioning for the effective marketing strategy. The method which was proposed in this study will be applied in strengthening the popularity of construction companies and the development of distinguished products.

• Journal of Korean Society of Transportation
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• v.36 no.2
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• pp.129-140
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• 2018

In this study, we analyzed the electric vehicle (EV) purchasing behavior with market segmentation in Seoul using the binary logit model. For the model estimation, the experimental design of SP survey generated 24 scenarios with purchase price, charging station availability, and driving range of EVs. The results of market segmentation analysis indicated that the owners of subcompact and compact size cars were primarily affected by the purchasing price while those of mid and full size cars were more sensitive to the charging station availability. By housing type, the charging station availability was the most important factor for the residents of apartment while the purchase price was the most important factor to choose the EVs. These results presented that the EV supply strategy of the automobile manufacturer should be diversified according to the marketing target and the expansion of the public charging infrastructure should be the top priority in the government policy.