A Comparative Study on the Price Fluctuations in Apartment and Commercial Buildings
Kim, Jung-wook
Department of Economics Graduate School Kyungsung University
Advisor : Kim, Myoung-Rok
Abstract
Recently Re...
Doctoral Dissertation
A Comparative Study on the Price Fluctuations in Apartment and Commercial Buildings
Kim, Jung-wook
Department of Economics Graduate School Kyungsung University
Advisor : Kim, Myoung-Rok
Abstract
Recently Real Estate Prices have risen sharply. For example, in 2017 Standard Public Land Price rose by 18.66% in Jeju, 9.17% in Busan, 7.14% in Sejong, 6.88% in Daegu etc in 16 city and as a national wide. It is natural that land prices are different from region to region greatly, which is caused to real estate characteristics. In other words, a wide range of Real estate price change by Characteristics of land and buildings. It is well known that characteristics of land are a fixation of geographical location, a non-possibility in physical increase. For instance, the building-to-land ratio and ratio of floor area to site are different by classification of area by National Land Planning and Utilization Act. The building-to-land ratio and ratio of floor area to site restrict to The width and height of buildings. Moreover the prices of real estates are also diverse by another characteristics, that are individual characteristics in buildings. For instance, apartment price and commercial building price are different rightly according to their use. The inefficient markets theory and information asymmetry of Real estate lead different pattern in price fluctuation in individual real estate. The difficulty in having access to the information of real estate enforces the information asymmetry of Real estate, causing irrational fluctuations in their price. This study consider real estate characteristics and try to adopt new factors which influence real estate price. The study also try to figure out impact of new factors in making the fluctuation in real estate by the comparative analysis of commercial building and apartment. As the results of econometrics analysis, this paper present new findings as follow. Firstly, the rate of increase on Cultural Facilities among environment variable influenced commercial building price but don’t influenced apartment price. Secondly, the rate of increase in the numbers of companies influenced positively apartment price but don’t influenced commercial building price. The rate of increase on amount of bank loan influenced apartment price, but don’t influenced commercial building price. Non-bank loan influenced commercial building price, but don’t influenced apartment price. The third, The rate of increase on the Seoul buyer among variables related real estate influenced apartment price, but don’t influenced commercial building price. The rate of increase on the neighboring land price influenced apartment commercial building price. The fourth, the price changes in the neighborhoods area are very important when we explain the price change in certain area because the variables of the neighborhoods price influence apartment price and commercial building price. we think that these findings are very important to shed light on the change in price of real estate in different regions and can provoke further research regarding these issues.
Doctoral Dissertation
A Comparative Study on the Price Fluctuations in Apartment and Commercial Buildings
Kim, Jung-wook
Department of Economics Graduate School Kyungsung University
Advisor : Kim, Myoung-Rok
Abstract
Recently Real Estate Prices have risen sharply. For example, in 2017 Standard Public Land Price rose by 18.66% in Jeju, 9.17% in Busan, 7.14% in Sejong, 6.88% in Daegu etc in 16 city and as a national wide. It is natural that land prices are different from region to region greatly, which is caused to real estate characteristics. In other words, a wide range of Real estate price change by Characteristics of land and buildings. It is well known that characteristics of land are a fixation of geographical location, a non-possibility in physical increase. For instance, the building-to-land ratio and ratio of floor area to site are different by classification of area by National Land Planning and Utilization Act. The building-to-land ratio and ratio of floor area to site restrict to The width and height of buildings. Moreover the prices of real estates are also diverse by another characteristics, that are individual characteristics in buildings. For instance, apartment price and commercial building price are different rightly according to their use. The inefficient markets theory and information asymmetry of Real estate lead different pattern in price fluctuation in individual real estate. The difficulty in having access to the information of real estate enforces the information asymmetry of Real estate, causing irrational fluctuations in their price. This study consider real estate characteristics and try to adopt new factors which influence real estate price. The study also try to figure out impact of new factors in making the fluctuation in real estate by the comparative analysis of commercial building and apartment. As the results of econometrics analysis, this paper present new findings as follow. Firstly, the rate of increase on Cultural Facilities among environment variable influenced commercial building price but don’t influenced apartment price. Secondly, the rate of increase in the numbers of companies influenced positively apartment price but don’t influenced commercial building price. The rate of increase on amount of bank loan influenced apartment price, but don’t influenced commercial building price. Non-bank loan influenced commercial building price, but don’t influenced apartment price. The third, The rate of increase on the Seoul buyer among variables related real estate influenced apartment price, but don’t influenced commercial building price. The rate of increase on the neighboring land price influenced apartment commercial building price. The fourth, the price changes in the neighborhoods area are very important when we explain the price change in certain area because the variables of the neighborhoods price influence apartment price and commercial building price. we think that these findings are very important to shed light on the change in price of real estate in different regions and can provoke further research regarding these issues.
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