A Study on the Determinant Factors of The Actual Transaction Price of Apartment in Sejong Special Self-Governing City

Abstract

According to the Statistics Korea 2020 Population and Housing Census , 51.5% of the total households in Korea are living in apartments. This was 0.4% increase from the previous year and 14.9% increase from 2000. Most of the new city development and reconstruction redevelopment of existing cities are also supplied mainly to apartments, so the proportion of households living in apartments is expected to increase even more. In accordance with these changes in residence, various studies have been continuously conducted to identify factors that influence apartment prices. This study has a fundamental purpose to understand the objective evidence that there is a difference in the apartment real transaction price of an apartment according to the characteristics of the apartment. The purpose of this study is to provide information so that apartment buyers can make rational decisions in the apartment sales market. At the same time, it is expected that it will serve as a reference for apartment providers to supply apartments of the quantity and quality suitable for the needs of apartment real demander. According to the results of this study, the characteristics factors affecting the actual price of apartments in Administrative Complex City were found to have a greater impact on the locational characteristics than physical characteristics, and the effects of the supply characteristics and urban characteristics were found to be greater than the above two characteristics. Especially, among the supply characteristics, special design competition was the highest. Next, it was confirmed that the Sejong BRT road and Geumgang waterfront of urban characteristics were high. Therefore, the main factors affecting the apartment sales price of the have reached the conclusion that the unique characteristics of the Administrative Complex City have more influence. The implication of the study is that the government should preemptively identify the characteristic factors that affect apartment prices in complex administrative cities and come up with alternatives to solve the problem of imbalance in apartment prices.