Abstract

This study conducted a demonstration of the price formation factors of small and medium-sized office buildings accessible to individual investors. The various factors that affect the price determination of real estate are fixed factors that the real estate itself has, and it is subdivided into regional conditions, traffic conditions, access conditions, and building conditions. In addition, the macro environment, regional environment, and trader environment that fluctuate according to the market environment to be focused on in this study were added. The extent to which these various factors affect the formation of the transaction price of small and medium-sized office buildings was analyzed. Let's take a look at the main analysis results of market environmental factors. As factors related to the macroenvironment, interest rates and CPI variables significantly affected the transaction prices of small and medium-sized buildings. In addition, changes in the apartment sales price index and publicly announced land prices had a statistical effect on the formation of the transaction price of small and medium-sized buildings. In addition, the transaction price of small and medium-sized buildings was formed higher in the case of corporate transactions than individual transactions.

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