• The Journal of Economics, Marketing and Management
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• v.12 no.2
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• pp.11-18
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• 2024

Purpose: The purpose of this study is to suggest the activation plan of the post-construction sales through the results of a survey on the perception of Seoul citizens and experts. Research design, data and methodology: The purpose of this study is to suggest the activation plan of the post-construction sales through the results of a survey on the perception of Seoul citizens and experts. Results: According to a survey of Seoul citizens' perceptions, 76.7% of Seoul citizens were well aware of post-construction sales and recognized that post-construction sales would reduce pre-sale speculation and confusion in the real estate market. Second, 73.6% of Seoul citizens were willing to buy houses through post-construction sales, and third, 79.6% of Seoul citizens recognized that a post-sale system was necessary. Experts' opinions generally responded to the expansion of the introduction of post-construction sales, saying, 'It is necessary for both the public and the private sectors'. Second, while experts say that there are also positive effects, negative effects such as polarization centered on large corporations, an increase in sales prices, and a decrease in housing supply are also concerned. Third, experts responded that 'diversification of financing methods' is the most important task in revitalizing the post-sale system. Conclusions: The policy implications are that it is necessary to mandate the post-construction sales in the long term, and that the quality assurance system needs to be supplemented even if the sale is promoted post-construction sales. In addition, private participation is essential to revitalize the post-construction sales, and government support such as initial financing, low-interest rates, and various financing measures should be sought to expand private participation.

• Asia-Pacific Journal of Business
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• v.15 no.1
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• pp.209-223
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• 2024

Purpose - This article analyzes the impact of macroeconomic variables of the United States, China, and Korea on KOSPI and VKOSPI, in that United States and China have a great influence on Korea, having an export-driven economy. Design/methodology/approach - The influence of US, China, and Korea interest rates, industrial production index, consumer price index, US employment index, Chinese real estate index, and Korea's foreign exchange reserves on KOSPI and VKOSPI is analyzed on monthly basis from Jan 2012 to Aug 2023, using multifactor model. Findings - The KOSPI showed a positive relationship with the U.S. industrial production index and Korea's foreign exchange reserves, and a negative relationship with the U.S. employment index and Chinese real estate index. The VKOSPI showed a positive relationship with the Chinese consumer price index, and a negative relationship with the U.S. interest rates, and Korean foreign exchange reserves. Next, dividing the analysis into two periods with the Covid crisis and the analysis by country, the impact of US macroeconomic variables on KOSPI was greater than Chinese ones and the impact of Chinese macroeconomic variables on VKOSPI was greater than US ones. The result of the forward predictive failure test confirmed that it was appropriate to divide the period into two periods with economic event, the Covid Crisis. After the Covid crisis, the impact of macroeconomic variables on KOSPI and VKOSPI increased. This reflects the financial market co-movements due to governments' policy coordination and central bank liquidity supply to overcome the crisis in the pandemic situation. Research implications or Originality - This study is meaningful in that it analyzed the effects of macroeconomic variables on KOSPI and VKOSPI simultaneously. In addition, the leverage effect can also be confirmed through the relationship between macroeconomic variables and KOSPI and VKOSPI. This article examined the fundamental changes in the Korean and global financial markets following the shock of Corona by applying this research model before and after Covid crisis.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.19 no.2
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• pp.77-85
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• 2018

Recently, many people have attempted to combine the 4th industry in various fields. Citizen participation has also become more important in the policy making and decision making process. Therefore, this study examined ways to encourage citizen participation by integrating the 4th industry in the field of urban planning and design. The research method was to design street space using virtual reality, and to examine the preference of design and the satisfaction of using a virtual reality device for Cheongju citizens and residents. The main result is that the use of VR in the design process of street space can achieve a sufficient outcome in terms of inducing resident participation. The opinions of the respondents before and after the VR experience were different from each other. After the VR experience, understanding, participation and interest in design were improved. On the other hand, during the course of the study, there are many difficulties in obtaining a place that satisfied the conditions of the PC-VR equipment. Although it can be used by connecting a smart phone and a VR device, the constraint of free movement and degradation of the graphic quality are inevitable. In addition, it is difficult to operate simple interfaces because VR devices are not yet popularized. Accordingly, it will be necessary to popularize and commercialize VR equipment and establish a legal basis.

• Korea Real Estate Review
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• v.28 no.2
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• pp.35-47
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• 2018

Securing a stable residential location is one of the most important decisions that must be made in the modern society. On this matter, both individuals and their families must decide on where to live after taking into consideration various analyses. Contributing attributes in the selection of our dwelling place are crucial. In this research, influencing variables were derived from the intention to move by focusing on the characteristics of the household and traffic conditions, while implications were suggested through a comparison of urban characteristics. Suwon was selected as the case study. The result of the analysis showed the city of Suwon has longer communal satisfaction, relies on self-sufficiency, and is conscious of parking regulation. Preferences for rental housing, having infants and elementary school kids, high savings, and commuter convenience in Suwon and Gyeonggi-do ranked higher in the hierarchy of the intention to move. Compared to Gyeonggi-do, Suwon was influenced by commuters in the city and parking regulation-related variables. Meanwhile, Gyeonggi-do was affected by the lack of public transportation facilities and traffic congestion. Suwon, on the other hand, has a high share of passenger car ownership, so it seems that the psychological stability of parking space is significant. This research will contribute in the policy-making of Suwon, especially on the subject of migration prediction of citizens and real estate location selection, through analyses of variables related to the intention to move to a new residence.

• The Journal of Industrial Distribution & Business
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• v.11 no.11
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• pp.29-38
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• 2020

Purpose: The problem of housing poverty among young people is a very important problem for the nation. Therefore, the main purpose of this paper is to identify the problems of the government's housing support policy for young people. And it is in presenting specific solutions by fully reflecting the opinions of experts. Research design, data and methodology: This study consisted of analyzing the following three research topics: 1) the differences of youth residential support housing policy impact on young adults' housing stability, 2) the problems and solutions of youth housing support policy, and 3) the differences of experts' opinions on the impact of government policy on youth housing stability. The subject of this study is the government's seven housing policies for young people. The targets include Happy Public Rental Housing (Happiness Housing), Station Area Rental Housing for youth (Station Area 2030), Public Dormitory for College Students (Public Dormitory & Hope Dormitory), Jeonse Rental Housing for College Students (Subject Lease Rental Housing for College Students), Social Housing for Young People, and Share House. The data was organized through expert surveys from 1st to 30th June 2020. The experts surveyed include professors & researchers, public officer & public institutions staff, and private developers of young adults' housing. The methodology of analysis on the problem and the solution of government policy was Frequency analysis. And analysis methods on differences of experts' opinion were ANOVA, Levene' test, and Schefe test. Results: Problems in Government's youth residential support housing policy include high rents, lack of supply, difficulty in acquiring rental housing, inconvenience in using shared spaces, conflicts with cohabitants, and invasion of privacy. Solutions include expanding supply to urban areas, establishing long-term plans, securing privacy, diversifying business methods, establishing platforms for rental housing transactions, and expanding various public support (financial support, etc). Conclusions: There was a difference in perception among groups of experts on the impact of public rental housing (called 'happiness housing') in youth housing stability. It is very urgent to come up with the most reasonable policy to support youth housing. This requires in-depth discussions by experts to narrow their differences.

• Journal of Digital Convergence
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• v.11 no.8
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• pp.53-64
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• 2013

This study was conducted from the time when discussion of improvement and keeping heavy taxation on multiple home owners was began, experts who may express professional opinion such as realtors, tax accountants and revenue officers were picked up besides the direct interested parties such as single and multiple home owners. This study collected their various opinions regarding whether keeping the heavy taxation system on multiple home owners or not and the effect of it. As a result of the survey, people living in Seoul who owned more houses showed higher awareness about heavy taxation on multiple home owners, and people agreed more about abolishing the heavy taxation when they own more homes. From this study, it was found out that different recognition about heavier transfer income tax on multiple home owners of each person concerned and necessity of rearranging this uncertain condition of temporary regulation in the future. The tax law should be improved to supply clear policy signals to the market for recovery of housing transactions and supply expansion of jeonsei to monthly rental housing and managing of taxation policy which reflects taxpayers' opinion may correspond to more effective and fair taxation principle.

• Korea Real Estate Review
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• v.27 no.4
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• pp.35-50
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• 2017

The Korean society is currently at the level of discussing the living environment and the housing welfare as factors for improving the quality of life, in addition to most individuals or households residing in a living environment and housing welfare, according to industrialization and urbanization. However, even though the overall housing welfare of Korea has improved, the number of households with disabilities belonging to the social special class is not as high as that of the non-disabled households. It is a reality that cannot be done. Therefore, this study aims to identify the present condition and demand characteristics of the housing for disabled people whose social importance is currently emphasized among the social special people who can be called the social special class, as well as present the housing welfare policy to them and explain the purpose of the improvement plan. In this study, 4,277 out of 8,004 households with disabilities surveyed by the Ministry of Land, Infrastructure, and Transport in 2015 were analyzed. The result of the analysis showed that the economic characteristics (permanent income indicating the income and the user cost indicating the expenditure) of the housing demand of a household with a handicapped individual are important. This analysis will provide more effective policy formulation and policy direction for the families of the disabled.

• Korean Journal of Construction Engineering and Management
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• v.13 no.6
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• pp.153-164
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• 2012

Since the sub-prime mortgage crisis from the US in 2008, Korean housing market has plummeted. However, Korean local lease contract, Chonsei, price has been increasing. This increase of Chonsei price can be a threat to the low-income people because most of them prefer to live at the house with a Chonsei contract. In order to solve this problem, the Korean Government implemented several Chonsei policies to secure low-incomers' residence by decreasing the price of Chonsei; however, due to the lack of understanding on housing and Chonsei market, Korean government policy seemed to fail on getting effective results. In the housing and Chonsei market, there are many stakeholders with their own interest, hence, simple thoughts about housing and Chonsei market, such as more house supply will decrease house price, would not work in a real complex housing market. In this research, we suggests system dynamics conceptual model which consists of causal-loop-diagrams for the Chonsei market as well as the housing market. In addition, we tries to explain why the policy did not work effectively using the examples from the government's past measures. In results, Chonsei price has its own homeostasis characteristic and different price movement with housing price in the short and long term period. Unless government does not have a structural causation mind in implementing policies in the real estate market, the government may not attain intended effectiveness on both markets.

• Korean Journal of Construction Engineering and Management
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• v.19 no.4
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• pp.21-33
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• 2018

In 2018, the real estate markets have hardly been transacted according to the government's tight regulations of real estates, and have the high possibility to reach a low hit due to the hike of loan interest rates following the U. S rise of base money rate. The key profits for the large construction companies mainly come from the overseas plant projects and the domestic non-governmental construction projects. They suffered a lot such as the lowering of their credit ratings due to the large losses caused by the frquent design changes and work delay. Even in the domestic non-governmental construction projects, the general business risks are on the rise due to the property marketing moving over to the decreasing phase. The small and medium sized security companies has realized a lot of operaring profits as they participated in the PF market to make up for the losses in the securities trading business. But, now as the housing market is not so good around the nation except Seoul and the financial states of large construction companies are not good enough, they can face the liquidity crisis if there happens the problems in the PF backed securities which they have handled. As Korean economy experienced the crisis in the savings banks before, it is recommended that Financial Supervisory Service proposes the preemptive control method and supervision direction to overcome the crisis.

• KDI Journal of Economic Policy
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• v.39 no.3
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• pp.43-62
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• 2017

This paper proposes an integrated risk-management framework that includes 1) measuring the risk of credit portfolios, 2) implementing a (macro) stress test, and 3) setting risk limits using the estimated systematic latent factor specific to capture the housing market cycle. To this end, we extract information from a set of real-estate market variables based on the FAVAR methodology proposed by Bernanke, Boivin and Eliasz (2005). Then, we show the method by which the estimated systematic factor is applied to risk management in the housing market in an integrated manner within the Vasicek one-factor credit model. The proposed methodology is well fitted to analyze the risk of slow-moving and low-defaultable forms of capital, such as alternative investments.