Korea Real Estate Policy Association最新文献_第2页

Study on Factors Influencing Public Land Sales Risk: Focused on the Ratio of supply to announcement in the public land development project 公共土地出让风险影响因素研究——以公共土地开发项目的供公告比为例

Korea Real Estate Policy Association Pub Date : 2023-08-31 DOI: 10.54091/krepa.2023.24.2.14

Jae-Hun Jung, J. Jun

{"title":"Study on Factors Influencing Public Land Sales Risk: Focused on the Ratio of supply to announcement in the public land development project","authors":"Jae-Hun Jung, J. Jun","doi":"10.54091/krepa.2023.24.2.14","DOIUrl":"https://doi.org/10.54091/krepa.2023.24.2.14","url":null,"abstract":"This study conducted an empirical analysis by applying a VAR(Vector Auto Regressive) model to analyze the factors affecting land sale risk. As a result of the analysis, the variables that affect the successful bid price rate are identified as housing construction permit records, the real estate sentiment index, the current status of unsold homes, and interest rates. Specifically, in the case of housing construction permits, it initially has a negative(-) effect on the successful bid price rate, and then shows a positive(+) effect after a 3-month lag. The real estate sentiment index initially has a negative(-) effect on the successful bid price rate, and then has a positive(+) effect. As a result of the impact response function analysis, the influence is the largest in the negative(-) direction in the second period, the influence is in the opposite direction from the third period, and the influence converges to zero after the ninth period. In the case of unsold housing, it has a negative(-) effect on the successful bid price rate. As the number of unsold pre-sale houses increased, the successful bid price rate decreases, and the risk of land sale increases. Lastly, in the case of interest rates, it has a negative(-) effect on the successful bid price rate. What is unusual is that the effect of the loan interest rate on the successful bid price rate is greatest in the 5th period, and the direction is consistently confirmed as a negative(-) effect. It is interpreted that the impact of interest rates on the sale risk of land is consistently large.","PeriodicalId":193300,"journal":{"name":"Korea Real Estate Policy Association","volume":"102 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":"133996598","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}

引用次数: 0

Construction Loan Guarantee and Construction Cost Risk Management 建设贷款担保与工程造价风险管理

Korea Real Estate Policy Association Pub Date : 2023-08-31 DOI: 10.54091/krepa.2023.24.2.1

S. You

引用次数: 0

Establishing Performance Measures for Public Housing Policies: Developing The Performance Indicators 建立公共房屋政策的绩效衡量:制定绩效指标

Korea Real Estate Policy Association Pub Date : 2023-08-31 DOI: 10.54091/krepa.2023.24.2.54

Chunil Kim, K. Ji, Jin-soo Ko

引用次数: 0

A Study on the Analysis and Utilization Strategies of Residential Conversion Business: Focusing on Residential Conversion of Office Building in Seoul 住宅改建业务的分析和利用策略研究：以首尔办公楼的住宅改建为重点

Korea Real Estate Policy Association Pub Date : 2023-04-30 DOI: 10.54091/krepa.2023.24.1.108

Jae-eul Jung, Youngmin Lee

引用次数: 0

Appraisal of Multi-Layered MBS with Real Option Analysis: Focused on Prepayment Risk 基于实物期权分析的多层抵押贷款支持证券评估——以提前偿付风险为重点

Korea Real Estate Policy Association Pub Date : 2023-04-30 DOI: 10.54091/krepa.2023.24.1.86

Myeong-Hwan Cho, Dong-Ha Park, J. Jun

引用次数: 0

The Big Data-Based Analysis on Climate Change and Natural Disaster and Its Implications 气候变化与自然灾害大数据分析及其启示

Korea Real Estate Policy Association Pub Date : 2023-04-30 DOI: 10.54091/krepa.2023.24.1.68

Hyeonjeong Kang, Choongik Choi

引用次数: 0

Analyzing Factors Affecting the Conversion Rate for Jeonse to Monthly Payment based on the actual price of Apartments: Focusing on Gangnam 3 districts and 3 non-Gangnam districts 以公寓实际价格为标准分析全月租转换率的影响因素——以江南3区和非江南3区为中心

Korea Real Estate Policy Association Pub Date : 2023-04-30 DOI: 10.54091/krepa.2023.24.1.44

Mansik Yoon, J. Won, Sang Jin Kim

{"title":"Analyzing Factors Affecting the Conversion Rate for Jeonse to Monthly Payment based on the actual price of Apartments: Focusing on Gangnam 3 districts and 3 non-Gangnam districts","authors":"Mansik Yoon, J. Won, Sang Jin Kim","doi":"10.54091/krepa.2023.24.1.44","DOIUrl":"https://doi.org/10.54091/krepa.2023.24.1.44","url":null,"abstract":"This study examines the theoretical assumptions and previous studies on the factors affecting the conversion rate for Jeonse to Monthly Payment and conducts an empirical analysis of the determinants of the conversion rate for Jeonse to Monthly Payment. The study covers three regions in Seoul of Gangnam (Seocho-gu, Gangnam-gu, and Songpa-gu) and three regions in Seoul (Gangdong-gu, Yangcheon-gu, and Nowon-gu), which are the most active areas for apartment sales, rental, and leasing transactions. In order to empirically analyze the determinants of the conversion rate for Jeonse to Monthly Payment, this study uses the SVAR model based on theoretical constraints between variables, a methodology developed by Lee (2008). The main influencing factors of the conversion rate for Jeonse to Monthly Payment are the 3-year government bond yield, the conversion rate for Jeonse to Monthly Paymentby region, real estate market consumer sentiment index, and mortgage loan amount. The variables except for the real estate market sentiment index had an impact on the sublease conversion rate. By region, the effect was different, with the conversion rate for Jeonse to Monthly Payment in 3 regions (Gangdong-gu, Yangcheon-gu, and Nowon-gu) responding more strongly than in 3 regions (Gangnam (Seocho-gu, Gangnam-gu, and Songpa-gu).","PeriodicalId":193300,"journal":{"name":"Korea Real Estate Policy Association","volume":"76 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-04-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125954944","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}

引用次数: 0

A Study on the Criteria for Selection of the Vacant Houses for Improvement Using the Fuzzy-ANP 基于模糊anp的空置房改造选择标准研究

Korea Real Estate Policy Association Pub Date : 2023-04-30 DOI: 10.54091/krepa.2023.24.1.1

Jong-Soo Lee, Sun-Duck Kim

{"title":"A Study on the Criteria for Selection of the Vacant Houses for Improvement Using the Fuzzy-ANP","authors":"Jong-Soo Lee, Sun-Duck Kim","doi":"10.54091/krepa.2023.24.1.1","DOIUrl":"https://doi.org/10.54091/krepa.2023.24.1.1","url":null,"abstract":"The problem of increasing vacant houses in Korea is more and more severe every year. In order to solve the problem of increasing vacant houses, the Korean government is carrying forward various projects. However, it is difficult due to various reasons to expect that such projects would be effective. For an vacant house improvement project, huge public funds and administrative efforts should be used. Hence, it is important to select the vacant houses for improvement in consideration of the fitness in public purpose and effects of the project. Nevertheless, it is still to see the guidelines for selection of the vacant houses for improvement as well as the relevant researches. Thus, this study used the Fuzzy-ANP to select the indicatives that should be examined first for selection of the houses for improvement and thereby, determined their relative importance, and thereupon, suggested some guidelines for selection of the vacant houses for improvement. As a result, it was found necessary to select the vacant houses for improvement in consideration of the fitness in public purpose, the risk of being collapsed or outbreak of fire, and the easy improvement not opposed by the owners. Summing up the results of the study, the following policy suggestions are put forward. First, central and local administrations should check the safety of the vacant houses periodically. Secondly, a P.R program should be operated continuously for the owners of the vacant houses regarding the risks and relevant support projects. Lastly, the government and the people should join efforts for a periodic monitoring or managing & checking of the vacant houses, beginning from the local communities featuring their members’ stronger attachment.","PeriodicalId":193300,"journal":{"name":"Korea Real Estate Policy Association","volume":"39 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-04-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133414085","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}

引用次数: 0

Relationship between Idiosyncratic Risk and Total Rate of Return: Focused on Seoul Office Market 特质风险与总收益率的关系:以首尔写字楼市场为例

Korea Real Estate Policy Association Pub Date : 2023-04-30 DOI: 10.54091/krepa.2023.24.1.22

K. Lee, Jae-Hun Jung, J. Jun

{"title":"Relationship between Idiosyncratic Risk and Total Rate of Return: Focused on Seoul Office Market","authors":"K. Lee, Jae-Hun Jung, J. Jun","doi":"10.54091/krepa.2023.24.1.22","DOIUrl":"https://doi.org/10.54091/krepa.2023.24.1.22","url":null,"abstract":"In this paper, the excess ROI(Return on Investment) and SCL(Security Characteristic Line) ofthe Seoul office market by region are driven based on the ROI of the Seoul office market and CD(91days) rate of return(quarterly), then with this, idiosyncratic risk is extracted, and the idiosyncraticrisk-excess rate of return on investment relationship in the office market by district is analyzed. Finally,the results driven from this study is as follows; 1) Regarding the idiosyncratic risk-excess ROIrelationship by district in Seoul, the CBD shows a low risk-low return tendency, and the YBD showsa high risk-high return. Moreover, in the case of total risk-return, the risk of the ETC is higher thanthat of the GBD, but the idiosyncratic risk is lower than that of the GBD, showing different risk-returncharacteristics depending on the type of risk. 2) As to the idiosyncratic risk-excess investment returnrelationship by district in Seoul, although all districts are markets affected by idiosyncratic risk, thegrowth rate in excess return compared to idiosyncratic risk are different. 3) The excess return oninvestment/idiosyncratic risk by district differs according to the growth rate in office buildings’ salesprice, and no change in the excess return on investment per idiosyncratic risk due to the increase inNOI could be confirmed in all district but YBD. Finally, this paper is meaningful in that it verifies theexistence of idiosyncratic risk in the Seoul office market and the statistical significance betweenidiosyncratic risk-return on investment, and derives related implications through a comprehensiveanalysis relevant to the market situation.","PeriodicalId":193300,"journal":{"name":"Korea Real Estate Policy Association","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-04-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133907116","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}

引用次数: 0

An Empirical Study on the Effect of Monetary Policy Uncertainty Impact on Volatility of Land Price Using a Regime Switching Regression Model 基于制度转换回归模型的货币政策不确定性对土地价格波动影响的实证研究

Korea Real Estate Policy Association Pub Date : 2022-11-30 DOI: 10.54091/krepa.2022.23.3.2

Chasoon Choi

引用次数: 0