• Journal of the Korean Regional Science Association
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• v.34 no.1
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• pp.3-17
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• 2018

This paper empirically investigates time-varying regression parameter of hedonic price model for Seoul office rental market in distinct periods of a market cycle. Office rental index is constructed and the index indicates that the global financial crisis differentiates the analysis period into decline stage and recovery stage. Pre-crisis period is classified into decline stage and post-crisis is classified into recovery stage. Structural break-point test suggests structural change of hedonic model of rent determinants occurred in 2008. Evidence indicates that individual regression parameters of hedonic price model for decline stage are significantly different from those for recovery stage. Changes in the regression parameters of land price, distance to metro, building size, building age, and conversion rate are consistent. In recovery stage, the effect of locational advantage on office rent decreases whereas the effect of building characteristics on the rent increases.

• Land and Housing Review
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• v.12 no.4
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• pp.31-40
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• 2021

In the present article we examine life-cycle housing demand for Korea. Distinguished in this work from prior research is the consideration of non-monocinity in the life-cycle housing demand. To this end, we adopt spline logistic regression models. Our findings suggest that life-cyclicity is most clear in Korean housing demand; namely, 1) small (mid-large) house ownership falls (grows) dramatically as households age into middle aged; 2) middle aged households do not participate in the rental or purchase market actively; 3) elderly population does not dispose of their housing to the same extent as younger generations acquire housing.