• Korea Real Estate Review
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• v.24 no.1
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• pp.63-76
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• 2014

This study utilizes FGLS (Feasible Generalized Least Squares) to determine the impact of Jeju Olle trekking courses on nearby land prices. Official 2010 land price data for 7 areas surrounding different Jeju Olle Trails was examined with a GIS program to determine the exact distance of land parcels from nearby trekking courses. Distance and various other pricing factors were used as explanatory variables for increases in land prices. The dependent variable was the rate of change in land prices from 2002 to 2010. Unlike existing studies which have examined the effect of highways, subways and other transportation facilities on land prices, this paper examines the effect of Korea's first-ever trekking courses on nearby land prices. This study concludes that 7 different Olle Trails exert a significant influence on nearby land prices and that land prices decrease by 0.03% per meter as plots get further and further from Olle Trails. This result shows that not only transport infrastructure (highways, subways, etc.) but also non-traffic infrastructure such as Jeju Olle Trails and trekking courses can have positive effects on local real estate markets.

• Journal of Digital Convergence
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• v.11 no.11
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• pp.59-70
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• 2013

As people invest most of their asset in real estate, there is high interest in changing in housing and real estate prices in the future for a digital economy. Various variables are affecting the housing and real estate market. Among them, four variables : households, productive population, interest rate and index price are chosen and analyzed representatively. This study is aimed to build decision model of apartment prices in Seoul empirically. From the analysis result the stock index is the only variable which is significant statistically to apartments in Seoul. From this study, the households and productive population show the same direction as shown in the previous studies before but not significant statistically. Among the independent variables, the stock index is chosen as a major variable of determinant of Seoul apartment price. From the result of the research, prediction of stock market should be preceded to forecast the movement of housing and real estate market in the future.

• The Journal of the Convergence on Culture Technology
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• v.8 no.1
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• pp.435-440
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• 2022

This study analyzed the impact of changes in real estate prices on the soundness of Korean banks using multiple regression models. As a result of the analysis, changes in real estate prices significantly increase the banks' non-performing loans through the increase in loans. Among macroeconomic variables, short-term interest rates were found to have a significant effect on all soundness indicators such as BIS capital adequacy ratio, non-performing loans ratio, and liquidity coverage ratio. Among the bank characteristics indicators, the loan growth rate had a significant negative effect on BIS capital adequacy ratio, and the real estate mortgage rate had a significant positive effect. In additional, it was found that non-performing loans ratio and liquidity coverage ratio had a negative effect on BIS capital adequacy ratio.

• Journal of the Korean Society of Industry Convergence
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• v.25 no.2_2
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• pp.315-322
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• 2022

Apartments are being established as a universal housing type because of the perception that they are excellent in preservation of asset values and convenience. In this study, through multiple regression analysis, it is a thesis that explores whether it affects the housing market in Gimhae, a small and medium-sized city in the province, and how the price flow in neighboring cities has an effect. It is possible to examine how macroeconomic variables such as the balloon effect and the lowest interest rate caused by the government's tweezers regulation bring about changes in the housing market of small and medium-sized cities in local regions.

• Korea Real Estate Review
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• v.27 no.3
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• pp.51-70
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• 2017

This study aimed to measure street centralities with the street width, and to analyze their effects on the residential and non-residential land prices in Seoul, South Korea. Most of the studies on urban economics and policy focusing on the urban spatial structure have evolved in terms of their perspective from monocentric to polycentric models. Recently, their themes shifted to measuring street centralities and capturing their effects on urban phenomena. To expand the existing studies and discussion, this study analyzed the street centralities with the street width, and how they changed the land prices. Multilevel regression models generated a few key findings relevant to the relationship between street centralities and land prices. While a higher detour volume and closeness to wider streets commanded premium residential land prices, higher visibility and detour volume to wider streets were associated with higher non-residential land prices. These findings suggest a robust connection between street configuration and near-land prices. Thus, the results of this study suggest a few insightful policy implications for urban planners, urban designers, real estate developers, and appraisers.

• Land and Housing Review
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• v.14 no.3
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• pp.55-75
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• 2023

Based on prior studies on real estate policy, tax policy, and financial policy, this study examined how tax policy and financial policy affected real estate prices using monthly data from January 2014 to December 2021. We performed a VAR model using unit root tests, cointegration tests, as well as conducted impulse response analysis and variance decomposition analysis. The results are as follows. First, the tax regulation index and the financial regulation index had no discernible impact on housing prices. Specifically, a one-sided stabilizing regulatory policy was ineffective and, instead, led to unintended side effects, such as price increases resulting from reduced transaction volume. Secondly, mortgage rates had a negative impact on the housing sale price index. In other words, an increase in interest rates might led to a decrease in housing prices. Thirdly, an increase in the transfer difference, which involves capital gains tax, has a positive effect on housing prices. This led to rising housing prices because the transfer taxes were shifted to buyers, causing them to hesitate to make purchases due to the increased tax burden. Fourthly, both acquisition taxes and mortgage loans had relatively little impact on housing prices.

• The Korean Journal of Applied Statistics
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• v.30 no.2
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• pp.271-280
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• 2017

Real-estate values and related economics are often the first read newspaper category. We are concerned about the opinions of experts on the forecast for real estate prices. The Box-Jenkins ARIMA model is a commonly used statistical method to predict housing prices. In this article, we tried to predict housing prices by combining independent component analysis (ICA) in multivariate data analysis and the Box-Jenkins ARIMA model. The two independent components for both the selling price index and the long-term rental price index were extracted and used to predict the future values of both indices. In conclusion, it has been shown that the actual indices and the forecast indices using ICA are more comparable to the forecasts of the ARIMA model alone.

• The Journal of the Korea Contents Association
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• v.20 no.6
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• pp.38-50
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• 2020

The purpose of this study is to identify the risks to financial institutions in terms of expanding potential risks due to the deferral of exposure, by identifying the structures in which real estate finance and financial institutions affect real estate prices at low interest rates. To this end, real estate financing is categorized according to the method of financing and the type of value measurement from a risk management perspective and analyzed for each case. As a result of analysis, in the case of profitable real estate, the rate of real estate is increased by directly decreasing the cap rate and directly affecting the fair value calculation method. In the case of non-profitable real estate, the real estate price is increased by expanding the leverage width of investors or financial institutions. Through the analysis of this case, the continuous increase in real estate prices over the past 10 years has the potential to prevent financial institutions from losing under the circumstances such as the growth of real estate finance due to the advancement of the financial market and the continued low interest rate trend that has continued for 10 years. It is judged that the deferred delay is part of the cause, which leads to an increase in the risk to financial institutions.

• Journal of Distribution Science
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• v.13 no.11
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• pp.39-46
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• 2015

Purpose - In Korea, there has been a recent trend that shows housing prices have risen rapidly following the International Monetary Fund crisis. The rapid rise in housing prices is spreading recognition of this as a factor in housing price volatility. In addition, this raises the expectations of housing prices in the future. These expectations are based on the assumption that a relationship exists between the current housing prices and expected housing prices in the real estate industry. By performing an empirical analysis on the validity of the claim that an increase in current housing prices can be correlated with expected housing prices, this study examines whether a long-term equilibrium relationship exists between expected housing prices and existing housing prices. If such a relationship exists, the recovery of equilibrium from disequilibrium is analyzed to derive related implications. Research design, data, and methodology - The relationship between current housing prices and expected housing prices was analyzed empirically using the Vector Error Correction Model. This model was applied to the co-integration test, the long-term equilibrium equation among variables, and the causality test. The housing prices used in the analysis were based on the National Housing Price Trend Survey released by Kookmin Bank. Additionally, the Index of Industrial Product and the Consumer Price Index were also used and were obtained from the Bank of Korea ECOS. The monthly data analyzed were from January 1987 to May 2015. Results - First, a long-term equilibrium relationship was established as one co-integration between current housing price distribution and expected housing prices. Second, the sign of the long-term equilibrium relationship variable was consistent with the theoretical sign, with the elasticity of housing price distribution to expected housing price, the industrial production, and the consumer price volatility revealed as 1.600, 0.104,and 0.092, respectively. This implies that the long-term effect of expected housing price volatility on housing price distribution is more significant than that of the industrial production and consumer price volatility. Third, the sign of the coefficient of the error correction term coincided with the theoretical sign. The absolute value of the coefficient of the correction term in the industrial production equation was 0.006, significantly larger than the coefficients for the expected housing price and the consumer price equation. In case of divergence from the long-term equilibrium relationship, the state of equilibrium will be restored through changes in the interest rate. Fourth, housing-price volatility was found to be causal to expected housing price, and was shown to be bi-directionally causal to industrial production. Conclusions - Based on the finding of this study, it is required to relieve the association between current housing price distribution and expected housing price by using property taxes and the loan-to-value policy to stabilize the housing market. Further, the relationship between housing price distribution and expected housing price can be examined and tested using a sophisticated methodology and policy variables.

• Proceedings of the Korean Institute of Information and Commucation Sciences Conference
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• 2021.10a
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• pp.434-435
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• 2021

This study aims to suggest the future direction of the metaverse by looking at the cases of metaverse being produced. As a result, metabuses will grow as they are connected to the real-world economy, society, and culture. For example, if real estate prices in the real world rise, digital real estate prices in metabuses also rise. In the future, through the connection between the metaverse and the metaverse, the boundary between countries will be broken down and the global village will be connected as one.