Pub Date : 2023-11-30DOI: 10.54091/krepa.2023.24.3.50
Sangmin Shin, Seongyoun Shin, Hyunrim Ko
The purpose of this study is to analyze the effect of the characteristics of business support facilities on the sales price of knowledge industry centers in Seoul and Gyeonggi-do. For this study, the characteristics of regions, locations, buildings, individual units, timing, and business support facilities are used as independent variables, and the sale price of the Knowledge Industry Centers is used as the dependent variable. This study analyzes 7,180 units of the Knowledge Industry Centers using the multiple regression analysis. As a result, It is found that the higher the area of business support facilities and the ratio of commercial facilities, the more positive factors affect the sale price. Therefore, if the ratio of business support facilities and commercial facilities can be properly combined, it will increase the productivity and work efficiency of tenant companies, leading to the improvement of sales income.
{"title":"The Effect of the Characteristics of Business Support Facilities on the Sales Price of Knowledge Industry Centers in Seoul and Gyeonggi Area","authors":"Sangmin Shin, Seongyoun Shin, Hyunrim Ko","doi":"10.54091/krepa.2023.24.3.50","DOIUrl":"https://doi.org/10.54091/krepa.2023.24.3.50","url":null,"abstract":"The purpose of this study is to analyze the effect of the characteristics of business support facilities on the sales price of knowledge industry centers in Seoul and Gyeonggi-do. For this study, the characteristics of regions, locations, buildings, individual units, timing, and business support facilities are used as independent variables, and the sale price of the Knowledge Industry Centers is used as the dependent variable. This study analyzes 7,180 units of the Knowledge Industry Centers using the multiple regression analysis. As a result, It is found that the higher the area of business support facilities and the ratio of commercial facilities, the more positive factors affect the sale price. Therefore, if the ratio of business support facilities and commercial facilities can be properly combined, it will increase the productivity and work efficiency of tenant companies, leading to the improvement of sales income.","PeriodicalId":193300,"journal":{"name":"Korea Real Estate Policy Association","volume":"20 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139198532","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-11-30DOI: 10.54091/krepa.2023.24.3.69
Hyun-Tae Joo
According to the population projections by Statistics Korea, the working-age population is expected to decline by over 3.5 million people from its peak in 2019 to 2030. Additionally, Republic of Korea has the lowest total fertility rate of 0.84 births per woman among OECD countries. The population decline in Korea is a significant challenge accompanied by population aging. However, there are some regions in the metropolitan area where population growth is observed. In this study, we aim to identify the key factors influencing population change using machine learning analysis. The factors consider include population composition by age group and various social factors such as employment, housing, culture, health-care, and welfare at the community level. The analysis results show that changes in population size in the age groups of 50∼54 and 45∼50 had a high degree of influence on the change in the population of the region. These age groups have a high proportion in the population composition of Korea and are associated with active economic activities in the working-age population. On the other hand, age groups with older individuals have less influence on population change. In terms of regional characteristics, the analysis reveals that the supply of housing, particularly apartments, had a strong impact on population change. The availability of apartments indicates not only increases housing supply but also the development of convenient facilities and job creation. Rental prices are found to have a negative influence, while property prices have a positive influence on population change. Although this study aims to examine multiple factors affecting population change, further analysis based on regional characteristics and typologies could yield more improved research outcomes.
{"title":"Analysis of the Impact of Age and Regional Characteristics on Population Change: Focusing on the Resident Population Census from 2009 to 2020","authors":"Hyun-Tae Joo","doi":"10.54091/krepa.2023.24.3.69","DOIUrl":"https://doi.org/10.54091/krepa.2023.24.3.69","url":null,"abstract":"According to the population projections by Statistics Korea, the working-age population is expected to decline by over 3.5 million people from its peak in 2019 to 2030. Additionally, Republic of Korea has the lowest total fertility rate of 0.84 births per woman among OECD countries. The population decline in Korea is a significant challenge accompanied by population aging. However, there are some regions in the metropolitan area where population growth is observed. In this study, we aim to identify the key factors influencing population change using machine learning analysis. The factors consider include population composition by age group and various social factors such as employment, housing, culture, health-care, and welfare at the community level. The analysis results show that changes in population size in the age groups of 50∼54 and 45∼50 had a high degree of influence on the change in the population of the region. These age groups have a high proportion in the population composition of Korea and are associated with active economic activities in the working-age population. On the other hand, age groups with older individuals have less influence on population change. In terms of regional characteristics, the analysis reveals that the supply of housing, particularly apartments, had a strong impact on population change. The availability of apartments indicates not only increases housing supply but also the development of convenient facilities and job creation. Rental prices are found to have a negative influence, while property prices have a positive influence on population change. Although this study aims to examine multiple factors affecting population change, further analysis based on regional characteristics and typologies could yield more improved research outcomes.","PeriodicalId":193300,"journal":{"name":"Korea Real Estate Policy Association","volume":"476 ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139204131","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-11-30DOI: 10.54091/krepa.2023.24.3.25
Sangjin Kim, Jaebum Jun
Among REIT investment types, housing REITs are becoming more influential in the private sector as public support private rental REITs and private rental REITs gradually participate in the public sector. However, after the housing measures on June 17th(2020), the quantitative growth rate of housing REITs decreased remarkably. This is because REITs are operated in the form of a stock company, so they are subject to the same tax regulations as speculative corporations to block speculative demand. The REITs industry carried out policy suggestions, and some of them were reflected in policies. But it's still not enough. Purchase-type housing REITs require the same benefits as construction-type housing REITs. Additional measures are needed to revitalize private housing REITs, such as raising housing rents and realizing normal procedures, the need for unsold housing REITs, and the introduction of housing REITs with local residents. If the above proposed measures are reflected in policy, private participation in housing REITs is expected to increase further.Housing REITs in the private sector will increase the supply of rental housing and play a major role in stabilizing the housing of the common people.
{"title":"Suggestions for Vitalizing Housing REITs: Focusing on the Private Sector","authors":"Sangjin Kim, Jaebum Jun","doi":"10.54091/krepa.2023.24.3.25","DOIUrl":"https://doi.org/10.54091/krepa.2023.24.3.25","url":null,"abstract":"Among REIT investment types, housing REITs are becoming more influential in the private sector as public support private rental REITs and private rental REITs gradually participate in the public sector. However, after the housing measures on June 17th(2020), the quantitative growth rate of housing REITs decreased remarkably. This is because REITs are operated in the form of a stock company, so they are subject to the same tax regulations as speculative corporations to block speculative demand. The REITs industry carried out policy suggestions, and some of them were reflected in policies. But it's still not enough. Purchase-type housing REITs require the same benefits as construction-type housing REITs. Additional measures are needed to revitalize private housing REITs, such as raising housing rents and realizing normal procedures, the need for unsold housing REITs, and the introduction of housing REITs with local residents. If the above proposed measures are reflected in policy, private participation in housing REITs is expected to increase further.Housing REITs in the private sector will increase the supply of rental housing and play a major role in stabilizing the housing of the common people.","PeriodicalId":193300,"journal":{"name":"Korea Real Estate Policy Association","volume":"41 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139207965","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-11-30DOI: 10.54091/krepa.2023.24.3.101
JongHan Jeon, Jinsoo Ko
In 2003, the National Land Planning And Utilization Act was enacted, but the non-urban area management system through the use area system has problems due to the too wide range of restrictions on management areas, small-scale development using loopholes in the existing legal system, and double administrative procedures due to the lifting of conservation areas. To solve this problem, it is necessary to re-establish the permit standards of non-urban areas or incorporate management areas into the vertical use area classification system to clearly distinguish the identity of the management area. In order to prevent waste of administrative power, it is necessary to give special-purpose areas to areas released from preserved mountainous districts and agricultural promotion areas without separate administrative procedures, strengthen diversion requirements for in preserved mountainous districts, and reorganize the management system so that accommodation facilities can only be made possible through planned locations such as district unit planning areas or growth management planning areas. The growth management plan is an auxiliary means for Permission for Development Activities and can designate non-permissible uses, but it cannot relax permitted uses, so it has limitations as a means of inducing location. In the case of planning management areas, most facilities are permitted due to negative use regulations, so it is difficult to induce location through additional relaxations. Therefore local governments and residents will actively establish growth management plans only when restrictions on behavior in existing special-purpose area are strengthened and ease of allowable use through growth management plan. The planned development of non-urban areas is possible only by planting the perception that regional development in non-urban areas is possible only through district unit plans and growth management plans.
{"title":"Study on the Improvement of Non-Urban Area Management System","authors":"JongHan Jeon, Jinsoo Ko","doi":"10.54091/krepa.2023.24.3.101","DOIUrl":"https://doi.org/10.54091/krepa.2023.24.3.101","url":null,"abstract":"In 2003, the National Land Planning And Utilization Act was enacted, but the non-urban area management system through the use area system has problems due to the too wide range of restrictions on management areas, small-scale development using loopholes in the existing legal system, and double administrative procedures due to the lifting of conservation areas. To solve this problem, it is necessary to re-establish the permit standards of non-urban areas or incorporate management areas into the vertical use area classification system to clearly distinguish the identity of the management area. In order to prevent waste of administrative power, it is necessary to give special-purpose areas to areas released from preserved mountainous districts and agricultural promotion areas without separate administrative procedures, strengthen diversion requirements for in preserved mountainous districts, and reorganize the management system so that accommodation facilities can only be made possible through planned locations such as district unit planning areas or growth management planning areas. The growth management plan is an auxiliary means for Permission for Development Activities and can designate non-permissible uses, but it cannot relax permitted uses, so it has limitations as a means of inducing location. In the case of planning management areas, most facilities are permitted due to negative use regulations, so it is difficult to induce location through additional relaxations. Therefore local governments and residents will actively establish growth management plans only when restrictions on behavior in existing special-purpose area are strengthened and ease of allowable use through growth management plan. The planned development of non-urban areas is possible only by planting the perception that regional development in non-urban areas is possible only through district unit plans and growth management plans.","PeriodicalId":193300,"journal":{"name":"Korea Real Estate Policy Association","volume":"40 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139202394","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-11-30DOI: 10.54091/krepa.2023.24.3.119
Sang-Sun Kang, Jaebum Jun
This study aims to promote efficient asset management performance by analyzing whether the risk tolerance limit set by investment institutions is appropriate considering the economic crisis situation. To this end, this study, under a total of six economic crises over the past 15 years, analyzes the sensitivity of each asset group by measuring the expected change in return for each investment institution's strategic asset allocation plan in the event of a global economic situation. After that, a virtual portfolio according to sensitivity is established, the MVO financial model is applied, and a back test is conducted to analyze the appropriateness of the risk tolerance limit by the investment institution. As a result of the analysis, it is found that the current risk tolerance limit of the Financial Mutual Aid Association, the one-year Shortfall Risk(limit value of 10%), satisfies all risk limits except for systematic risk. However, it is analyzed that the 5-year Shortfall Risk(limit value of 2.5%) satisfies the limit only in some portfolios when invested in a normal market. This means that the limit of the 5-year shortfall risk is set lower than the 1-year shortfall risk. Finally, it is appropriate to maintain the current risk tolerance limit of the Financial Mutual Aid Association, Shortfall Risk(primary≤10.0%) for one year, and Shortfall Risk(CPI≤2.5%) for five years is expected to need to be raised.
{"title":"Appropriateness of the Risk Tolerance Limit for Institutional Investors Considering the Crisis Situations: Focusing on the Case of Risk Management of Investment Institutions in Korea","authors":"Sang-Sun Kang, Jaebum Jun","doi":"10.54091/krepa.2023.24.3.119","DOIUrl":"https://doi.org/10.54091/krepa.2023.24.3.119","url":null,"abstract":"This study aims to promote efficient asset management performance by analyzing whether the risk tolerance limit set by investment institutions is appropriate considering the economic crisis situation. To this end, this study, under a total of six economic crises over the past 15 years, analyzes the sensitivity of each asset group by measuring the expected change in return for each investment institution's strategic asset allocation plan in the event of a global economic situation. After that, a virtual portfolio according to sensitivity is established, the MVO financial model is applied, and a back test is conducted to analyze the appropriateness of the risk tolerance limit by the investment institution. As a result of the analysis, it is found that the current risk tolerance limit of the Financial Mutual Aid Association, the one-year Shortfall Risk(limit value of 10%), satisfies all risk limits except for systematic risk. However, it is analyzed that the 5-year Shortfall Risk(limit value of 2.5%) satisfies the limit only in some portfolios when invested in a normal market. This means that the limit of the 5-year shortfall risk is set lower than the 1-year shortfall risk. Finally, it is appropriate to maintain the current risk tolerance limit of the Financial Mutual Aid Association, Shortfall Risk(primary≤10.0%) for one year, and Shortfall Risk(CPI≤2.5%) for five years is expected to need to be raised.","PeriodicalId":193300,"journal":{"name":"Korea Real Estate Policy Association","volume":"49 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139198245","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-11-30DOI: 10.54091/krepa.2023.24.3.89
Choongik Choi
This article aims to explore the impact of COVID-19 on the real estate market and the changes necessary to navigate the post-pandemic world. The COVID-19 pandemic has significantly impacted the real estate market, causing changes in consumer preferences, behaviors, and economic factors that have affected various sectors, including residential, commercial, and retail properties. As a result, the industry has had to adapt to a new reality, with challenges and opportunities arising in response to the pandemic's effects. The residential real estate market has seen a shift towards suburban and rural areas, with homebuyers prioritizing space, privacy, and features that accommodate remote work and virtual schooling. Meanwhile, commercial and retail properties have faced challenges as businesses adapt to remote work and changes in consumer behavior. This paper supports that as the world transitions into a post-pandemic era, the real estate industry must continue to evolve to meet the changing needs of consumers and businesses alike.
{"title":"Adapting to a New Reality: Real Estate in the Post Pandemic Era","authors":"Choongik Choi","doi":"10.54091/krepa.2023.24.3.89","DOIUrl":"https://doi.org/10.54091/krepa.2023.24.3.89","url":null,"abstract":"This article aims to explore the impact of COVID-19 on the real estate market and the changes necessary to navigate the post-pandemic world. The COVID-19 pandemic has significantly impacted the real estate market, causing changes in consumer preferences, behaviors, and economic factors that have affected various sectors, including residential, commercial, and retail properties. As a result, the industry has had to adapt to a new reality, with challenges and opportunities arising in response to the pandemic's effects. The residential real estate market has seen a shift towards suburban and rural areas, with homebuyers prioritizing space, privacy, and features that accommodate remote work and virtual schooling. Meanwhile, commercial and retail properties have faced challenges as businesses adapt to remote work and changes in consumer behavior. This paper supports that as the world transitions into a post-pandemic era, the real estate industry must continue to evolve to meet the changing needs of consumers and businesses alike.","PeriodicalId":193300,"journal":{"name":"Korea Real Estate Policy Association","volume":" 47","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139197465","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-11-30DOI: 10.54091/krepa.2023.24.3.137
D. D
This study used data from the Household financial welfare survey to conduct a regression analysis on the factors affecting disposable income of self-employed households and compared them with the analysis results of workers' households before, and after COVID-19. As a result of the analysis, gender, number of household members, less than 132.2㎡, residential housing prices, and financial assets had a positive effect on disposable income in common before and after COVID-19, regardless of the distinction between self-employed and worker households, and on the contrary, ‘jeonse’ all had a negative effect. The age of the head of the household had the opposite negative effect in self-employed and worker households, respectively. All but self-employed households showed a positive effect on 132.2㎡ in 2019. Apartments showed a positive effect in 2022 except for self-employed households. Monthly rent was negatively affected only in 2019 for both self-employed and worker households. Mortgage loans were positive in 2019 for self-employed households and negative in 2022 for worker households. Housing expenditure showed a positive effect only on self-employed households in 2019. This study is significant in that it analyzed the effect on disposable income, which is the real income of self-employed people, in multiple dimensions through comparison with worker households before and after COVID-19.
{"title":"A study on the Factors Influencing Disposable Income of Self-employed Households : Focusing on Comparison with Workers' Households before and after COVID-19","authors":"D. D","doi":"10.54091/krepa.2023.24.3.137","DOIUrl":"https://doi.org/10.54091/krepa.2023.24.3.137","url":null,"abstract":"This study used data from the Household financial welfare survey to conduct a regression analysis on the factors affecting disposable income of self-employed households and compared them with the analysis results of workers' households before, and after COVID-19. As a result of the analysis, gender, number of household members, less than 132.2㎡, residential housing prices, and financial assets had a positive effect on disposable income in common before and after COVID-19, regardless of the distinction between self-employed and worker households, and on the contrary, ‘jeonse’ all had a negative effect. The age of the head of the household had the opposite negative effect in self-employed and worker households, respectively. All but self-employed households showed a positive effect on 132.2㎡ in 2019. Apartments showed a positive effect in 2022 except for self-employed households. Monthly rent was negatively affected only in 2019 for both self-employed and worker households. Mortgage loans were positive in 2019 for self-employed households and negative in 2022 for worker households. Housing expenditure showed a positive effect only on self-employed households in 2019. This study is significant in that it analyzed the effect on disposable income, which is the real income of self-employed people, in multiple dimensions through comparison with worker households before and after COVID-19.","PeriodicalId":193300,"journal":{"name":"Korea Real Estate Policy Association","volume":"21 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139197834","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-11-30DOI: 10.54091/krepa.2023.24.3.1
Sung-Hyun Kwak, Ho-Byung Lee
This study is to verify the effects of residential environment characteristics before and after COVID-19 on residential satisfaction, intention to continue living, and intention to recommend among residents of Helio City Apartment in Songpa-Gu, Seoul, the largest scale apartment complex in Korea. As a result of the analysis, among the residential environment characteristics, location characteristics before COVID-19 and physical characteristics after COVID-19 have the greatest positive(+) significant effect on residential satisfaction, and social characteristics has a significant impact on residential satisfaction before and after COVID-19 has a stronger negative(-) significant effect. This seems to reflect the characteristics of valuing the internal environment rather than the external environment due to the residential characteristics of Helio City apartments and the influence of COVID-19, and as a change of the times, it reflects the reality that a personal culture that values ‘space’ and ‘me’ rather than a collectivistic culture has become more important. It was confirmed that the online information service characteristics, which is differentiating variable, has a positive(+) significant effect only on the recommendation intention after COVID-19. Housing satisfaction has a positive(+) significant effects on the intention to continue living, and the intention to continue living has a positive(+) significant effect on the recommendation intention. As a result of analyzing the double mediation effect, physical characteristics and social characteristics have a positive(+) and negative(-) significant effect on the recommendation intention by mediating the residential satisfaction and the intention to continue living. In addition, it was confirmed that the Heliocity apartment is a residential environment that meets the ‘pedestrian daily rights’.
{"title":"Effects of Residential Environment Characteristics Before and After COVID-19 on Residential Satisfaction, Intention to Continue Living, and Intention to Recommend: Focusing on Helio City Apartment in Songpa-Gu","authors":"Sung-Hyun Kwak, Ho-Byung Lee","doi":"10.54091/krepa.2023.24.3.1","DOIUrl":"https://doi.org/10.54091/krepa.2023.24.3.1","url":null,"abstract":"This study is to verify the effects of residential environment characteristics before and after COVID-19 on residential satisfaction, intention to continue living, and intention to recommend among residents of Helio City Apartment in Songpa-Gu, Seoul, the largest scale apartment complex in Korea. As a result of the analysis, among the residential environment characteristics, location characteristics before COVID-19 and physical characteristics after COVID-19 have the greatest positive(+) significant effect on residential satisfaction, and social characteristics has a significant impact on residential satisfaction before and after COVID-19 has a stronger negative(-) significant effect. This seems to reflect the characteristics of valuing the internal environment rather than the external environment due to the residential characteristics of Helio City apartments and the influence of COVID-19, and as a change of the times, it reflects the reality that a personal culture that values ‘space’ and ‘me’ rather than a collectivistic culture has become more important. It was confirmed that the online information service characteristics, which is differentiating variable, has a positive(+) significant effect only on the recommendation intention after COVID-19. Housing satisfaction has a positive(+) significant effects on the intention to continue living, and the intention to continue living has a positive(+) significant effect on the recommendation intention. As a result of analyzing the double mediation effect, physical characteristics and social characteristics have a positive(+) and negative(-) significant effect on the recommendation intention by mediating the residential satisfaction and the intention to continue living. In addition, it was confirmed that the Heliocity apartment is a residential environment that meets the ‘pedestrian daily rights’.","PeriodicalId":193300,"journal":{"name":"Korea Real Estate Policy Association","volume":" 47","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139207074","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-08-31DOI: 10.54091/krepa.2023.24.2.26
Eun Jung Kim
This study examines previous studies on the relationship between neighborhood walkability and the real estate to find out what academic discussions have been made between these two issues, and to explore the implications of walkable environments in the real estate studies. For systematic literature review, a selection process was conducted using PRISMA (Preferred Reporting Items for Systematic Review and Meta-Analyses) guideline, and a total of 23 academic papers were selected. According to the citation report, articles related to walkability in the real estate studies began to appear more than a decade ago, and the number of publications and citations has tended to increase in recent years. In addition, the issue of walkable environment, which was mainly dealt with in the urban planning studies, was also being discussed in the fields of economics and business finance. The 23 articles were largely divided into three thematic groups: walkability and housing prices, walkable and property values, and making walkable environment projects and housing prices. In these three topics, it was found that the walkable environment plays a positive role in increasing housing prices and property values. This study is meaningful in that it comprehensively reviewed previous studies that discussed neighborhood walkability and real estate, which have not been reviewed much from the academic perspective. Based on this study, it is expected that making walkable environment will emerge in the field of real estate industry.
本研究通过对以往关于社区步行性与房地产之间关系的研究，找出两者之间的学术讨论，并探讨可步行环境在房地产研究中的意义。系统文献综述采用PRISMA (Preferred Reporting Items For systematic review and meta - analysis)指南进行筛选，共筛选出23篇学术论文。根据引用报告，房地产研究中与步行性相关的文章在十多年前就开始出现，近年来的出版物和引用数量有增加的趋势。此外，主要在城市规划研究中讨论的适宜步行的环境问题，也正在经济和商业金融领域进行讨论。这23篇文章大致分为三个主题组:步行性与房价、步行性与房地产价值、打造步行环境项目与房价。在这三个主题中，我们发现可步行环境对提高房价和房地产价值具有积极作用。本研究的意义在于全面回顾了以往学术界对社区步行性与房地产关系研究的不足。在此基础上，预计在房地产行业领域将出现可步行环境。
{"title":"Does Neighborhood Walkability Matter in Real Estate Studies?: Focused on A Literature Review","authors":"Eun Jung Kim","doi":"10.54091/krepa.2023.24.2.26","DOIUrl":"https://doi.org/10.54091/krepa.2023.24.2.26","url":null,"abstract":"This study examines previous studies on the relationship between neighborhood walkability and the real estate to find out what academic discussions have been made between these two issues, and to explore the implications of walkable environments in the real estate studies. For systematic literature review, a selection process was conducted using PRISMA (Preferred Reporting Items for Systematic Review and Meta-Analyses) guideline, and a total of 23 academic papers were selected. According to the citation report, articles related to walkability in the real estate studies began to appear more than a decade ago, and the number of publications and citations has tended to increase in recent years. In addition, the issue of walkable environment, which was mainly dealt with in the urban planning studies, was also being discussed in the fields of economics and business finance. The 23 articles were largely divided into three thematic groups: walkability and housing prices, walkable and property values, and making walkable environment projects and housing prices. In these three topics, it was found that the walkable environment plays a positive role in increasing housing prices and property values. This study is meaningful in that it comprehensively reviewed previous studies that discussed neighborhood walkability and real estate, which have not been reviewed much from the academic perspective. Based on this study, it is expected that making walkable environment will emerge in the field of real estate industry.","PeriodicalId":193300,"journal":{"name":"Korea Real Estate Policy Association","volume":"46 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115710988","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-08-31DOI: 10.54091/krepa.2023.24.2.42
Chasoon Choi
This paper empirically investigates the effect of the number of households on housing sales prices from a long-run perspective using the DOLS(Dynamic Ordinary Least Squares) model. Estimation results show that most of the variable estimators included in the DOLS model are consistent with the theoretical sign and are statistically significant at the 1% significance level. First, it is found that a cointegration relationship exists between housing prices, the number of households, the population, the average wage of regular workers, and the interest rate of mortgage loans. Second, the growth rate coefficient of the number of households representing the number of households showed a positive(+) value, and the t-value was greater than 2, so it was statistically significant at the 1% significance level. This means that a 1% increase in the number of households will increase housing prices by 0.18% in the long run. Therefore, for housing policies to show significant effectiveness in stabilizing housing prices, It is necessary to proactively implement housing policies by developing a prediction and evaluation simulation model based on close monitoring of the trend of growth rate of households.
{"title":"A Study on the Effect of the Change of Households on Housing Prices","authors":"Chasoon Choi","doi":"10.54091/krepa.2023.24.2.42","DOIUrl":"https://doi.org/10.54091/krepa.2023.24.2.42","url":null,"abstract":"This paper empirically investigates the effect of the number of households on housing sales prices from a long-run perspective using the DOLS(Dynamic Ordinary Least Squares) model. Estimation results show that most of the variable estimators included in the DOLS model are consistent with the theoretical sign and are statistically significant at the 1% significance level. First, it is found that a cointegration relationship exists between housing prices, the number of households, the population, the average wage of regular workers, and the interest rate of mortgage loans. Second, the growth rate coefficient of the number of households representing the number of households showed a positive(+) value, and the t-value was greater than 2, so it was statistically significant at the 1% significance level. This means that a 1% increase in the number of households will increase housing prices by 0.18% in the long run. Therefore, for housing policies to show significant effectiveness in stabilizing housing prices, It is necessary to proactively implement housing policies by developing a prediction and evaluation simulation model based on close monitoring of the trend of growth rate of households.","PeriodicalId":193300,"journal":{"name":"Korea Real Estate Policy Association","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128330309","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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