• Journal of Distribution Science
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• v.12 no.9
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• pp.47-52
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• 2014

Purpose - There has been little research on the variables influencing studio apartment values. This study aims to identify variables affecting the value of studio apartments in Seoul by empirically examining the interaction between sale prices and characteristics studio apartment characteristics. Research design, data, and methodology - We have analyzed data pertaining to 142 studio apartments in September 2010. A regression analysis model is constructed to test the significance of the variables in relation to the studio apartment sale prices per m2 in Seoul. Results - The age of the building is comparatively more significant than land use as the explanatory variable. Land price is the key variable affecting studio apartment sale prices and investors are willing to pay high implicit sale prices for locations that are associated with high land prices. Conclusions - The age of buildings explains a significant portion of the variability of the sale prices of studio apartment. Higher land prices result in higher sale prices for studio apartments. The older the buildings, the lower the sale prices of the studio apartments.

• Journal of Environmental Policy
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• v.12 no.1
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• pp.3-35
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• 2013

Through Influence between the qualitative Environment-friendly Planning Elements (Independent variable) of eighty Apartment House on the four boundary areas in Metropolitan 2th Newtown as representative case of domestic Composition case of Eco-City and the quantitative deal price of Apartment House (dependent variable), it was analyzed empirically with use of the statistical measuring technique. This study has been meaning that it was groped the scheme of quantitative measuring analysis on environmental economics through the developmental extention for he classification system of the qualitative Environment-friendly Planning Elements on urban & architecture. And, As the result of empirical analysis, it was confirmed empirically that the economical induction effect was much more weight and worthy of notice through Environment-friendly Planning Elements in Metropolitan 2th Newtown influenced to the deal price of Apartment House, particularly it was found noticeable meaning that Environment-friendly Planning Elements of applicabled the green new techniqe like New & Renewable Energy were used already and it was influenced much to the deal price of Apartment House.

• Journal of the Korean Association of Geographic Information Studies
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• v.11 no.1
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• pp.68-79
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• 2008

Because local cities are different from large cities, they need to reflect their own characteristics of housing market. Thus in order to obtain useful implications for the establishing sound housing market in Jinju City, this paper investigated the characteristics of spatial distribution and determinant factors that affect apartment price in Jinju City. GIS representation of the apartments showed that most of old and small apartments were built in 'land readjustment project' areas executed in 1970s. On the contrary, new and large scale apartment complexes were built quite recently and distributed in the western and southern parts of the city. Next, in order to examine the factors which affect apartment price, this paper subtracted firstly several variables from the related studies. However in order to avoid multi-colinearity, variables were summarized by means of factor analysis. Then, setting apartment price as a dependant variable, 12 hedonic price models were established with 33 independent variables. As results, building age, floor area, accessibility to university and hospital, accessibility to arterial road, and stair-type building were turned out to be significant. These results will be used in making the supply and allocation plan of urban facilities and housing. Finally as conclusions this paper emphasized the need of periodic analysis of local housing market and establishing detailed housing information systems.

• Management & Information Systems Review
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• v.37 no.1
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• pp.155-175
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• 2018

Lots of previous researches on determinants of apartment prices in Korea consider spatial dependence while few studies regard endogeneity of spatial lag by adding a spatial lag to an OLS regression. Thus, this study intends to include this spatial lag in its analysis of determinants of apartment price in Busan by using a two-stage quantile regression. The empirical results are : the coefficient of spatial lag variable is more than 0.5 and is statistically significant at 1% level. From this result we can confirm that the effect of the price of nearby apartment on that of another apartment is very big. We also find that apartment buyers prefer larger size, height in both the total floors and living floor, south-facing living room with a ocean view, and proximity to metros, high school and coast. Unlike our expectation, however, mountain view is less favored than building view, which we can guess is because apartments with mountain views are mostly located in the low-priced apartment area where some of their living rooms face north. Quantile regression also explains the effect of hedonic characteristics on apartment price better than OLS estimation. For instance, the effect of south facing living room variable on the price is twice larger in high-price apartments than in low-price counterparts. And the effect of vicinity to the coast or the ocean is ten times bigger in high priced apartments.

• Journal of the Korean housing association
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• v.21 no.1
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• pp.79-88
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• 2010

The purpose of this study is to examine the design characteristic about the public space of privately-built apartment housing after the enforcement of price deregulation in Daegu. The public space of the multi-family housing is monotonous and closed according to the position of an elevator and a stair hall by the 1990's. However, the housing has been gentrified since 2000 because of demands of residents and purpose for selling in lots. Thus, the recognition of the apartments has changed and this change has led to extend the living territory and magnify the role of the public space where help interact with neighbors. This study is based on the survey of thirty nine apartment complex. Also, by using an analysis derived from a precedent study, design elements in approach and interior space of apartment residents are comprehended. The characteristic of the porch is researched and divided according to a roof of porch, form as the door, material of roof, wall, the ceiling and floor. Interior space is analyzed by several elements; forms of core, forms, materials and lights of ceiling, materials of walls and floors, existence and nonexistence of windows, and extra interior components etc. As a result of the study, After the enforcement of price deregulation, the public space of apartments has had improved quality in materials and design and the community center for residents such as waiting rooms and spots facilities has appeared. However, the traffic line of interior space has been very intricate. Also, sports facilities and waiting areas are limited to some apartments.

• Journal of the Korean Home Economics Association
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• v.28 no.1
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• pp.57-66
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• 1990

The purpose of this study was to investigate the analytical model of the implicit price according to objective and subjective characteristics of housing. The hedonic price regression was used for estimating the implicit price. The subjectives of this study were 1,143 dwellers who live in Seoul metropolitan area. Taejeon, and Jeonju. Satistical analyses were conducted using frequencies, percentiles, mean, and multiple regression. The major findings were as follows: 1. There was a significant difference in the implict price of the apartment between owners and renters. 2. There was a sginificant difference in the implicit price of the apartment among Seoul metropolitan area, Taejeon, and Jeonju. 3. Using a stepwise multiple regression method, the order of variables as they were entered in the model were different between tenure types (owner/renter), and regions(Seoul metroplitan area/Taejeon/Jeonju). 4. The linear model was the most appropriate noe which explained the housing price. 5. Subjective characteristics of housing in Taejeon and Jeonju had an effect on the housing price more than those in Seoul metropolitan area.

• Land and Housing Review
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• v.14 no.1
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• pp.33-46
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• 2023

This study investigated price factors for large apartment complexes in Seoul during the COVID-19 pandemic and compared Gangnam and non-Gangnam areas, which have been recognized as heterogeneous markets. We find that the change in apartment prices in large-scale complexes did not significantly affect the individual characteristics of apartments, unlike previous studies, but was affected by macroeconomic variables such as interest rates and money. On the other hand, considering the units of the interest rate and total monetary volume variables, the effects of two variables on the apartment sales price is significantly high. In addition, the Gangnam area model analysis shows that apartment prices are greatly affected by interest rates and currency volume, and, the non-Gangnam area model analysis shows that apartment prices are greatly affected by interest rates and currency volume, but the degrees are different from the Gangnam area model. Overall, our study shows that interest rates and money supply were the main factors of apartment price changes, but apartment prices in non-Gangnam areas are more sensitive to changes in interest rates and money supply.

• Proceeding of Spring/Autumn Annual Conference of KHA
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• 2011.04a
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• pp.285-289
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• 2011

he purpose of this study is to assess the effects of real estate policy on apartment price index in Seoul. To meet the research goal, this research reviewed real estate policy of the government from January of 1986 to August of 2010, and then it collected monthly apartment price index in 25 local districts of Seoul from January of 2003 to August of 2010. After 25 districts were grouped into 2 areas (14 districts in Gangnam and 11 districts in Gangbuk), the data of two areas were analyzed by using the SAS program, Cluster analysis with Ward method showed 3 clusters on each area, and with 6 clusters in total, the effects of real estate policy in the period were examined by using residual analysis. The analysis indicated two major shocks (one was from May to October of 2003, and the other was from March of 2006 to January of 2007), and the results showed that the intervention of government in the market had the asymmetric effects in bullish and bearish times. It implies that the market volatility is substantially influenced by irrational sentiments. Thus, it's suggested to devise the consumer sentiment index suitable in real estate market.

• Korean Journal of Construction Engineering and Management
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• v.12 no.5
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• pp.127-136
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• 2011

The purpose of this study is analyzed the importance ratio factors of sales price for apartment building construction projects. For this Study, Nine apartment buildings that sold in Seoul, Gyenggi, Chuncheong is selected. The study suggested eight influence factors through interview with experts, research related references, and analysis of cases. Based on those factors, Importance analysis is performed by using AHP method. The result of this study are as follows: 1) Influence factors of sales price are drawn as cost, site, housing, transportation, region, ground, policy, investment factor. 2) In the case of Seoul, The priority order of price influence factors consist of investment factor(16.0%), policy factor(14.6%), and cost factor(13.9%). In the case of Gyenggi, The priority order of sales price influence factors consist of region factor(15.9%), transportation factor(13.8%), and investment factor(13.4%). In the case of Chungcheong, The priority order of sales price influence factors consist of region factor(17.1%), transportation factor(16.4%), and housing factor(14.9%).

• Journal of the Korean Data and Information Science Society
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• v.26 no.6
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• pp.1239-1247
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• 2015

In this study, 64 administrative regions with high frequencies of apartment trade in Seoul, Korea are classified by the apartment sale price. To consider distributions of apartment price for each region as well as the mean of the price, the symbolic histogram-valued data approach is employed. Symbolic data include all types of data which have internal variation in themselves such as intervals, lists, histograms, distributions, and models, etc. As a result of the cluster analysis using symbolic histogram data, it is found that Gangnam, Seocho, and Songpa districts and regions near by those districts have relatively higher prices and larger dispersions. This result makes sense because those regions have good accessibility to downtown and educational environment.