Apartment Prices Research Articles

Determinants of youth unemployment rate: case of Slovakia

Research background: The employment rate of young individuals in the labour market has considerably decreased in developed countries recently. Due to lower labour capital, skills, and generic and job-specific work experience, youth consider finding suitable job challenging. If they fail to succeed in the labour market soon after graduation, it leads to long-term unemployment, unstable and low-quality jobs, and even social exclusion. Purpose of the article: This paper aims to analyse the unemployment rate of high school-graduated students and the factors impacting this unemployment rate, such as GDP per capita, total unemployment rate, apartment price per square meter and results from state exams. Identifying the determinants affecting youth unemployment is crucial for theoretical knowledge and for policymakers to ensure youth inclusion in the economic mainstream. As a result, society can reduce social and economic costs and avoid structural problems in the future. Methods: Data about 464 Slovak high schools from National Institute for Certified Educational. Data include the graduate unemployment rate for each high school in Slovakia. Furthermore, two logistic regression models have been developed to investigate the impact of selected factors on high school graduates? unemployment rate immediately after graduation and nine months after graduation. Findings & value added: This paper indicates the existence of statistical dependency between unemployment of high school graduates and overall unemployment rate in the region, GDP per capita in the region, quality of high school education and cost of living in the region immediately after graduation. Analysis of the period nine months after graduation has shown the important decline of education quality provided by high schools. To reduce youth unemployment, the state should focus primarily on improving overall unemployment itself by implementing a dual-learning system, simplifying business opportunities, making part-time work available, or introducing lifelong learning to help transform the economy into a knowledge base.

An Analysis of the Price Determinants of Multiplex Houses through Spatial Regression Analysis

This study established a model for price determinants with the combination of the GIS technique and spatial regression model based on the parcel prices of multiplex houses in an effort to integrate and utilize spatial data and choose a suitable model. This study established a spatial weights matrix to apply interrelation with adjacent areas and performed row standardization to specify the effect of adjacent areas. Moran’s I was used for measuring the spatial autocorrelation of the parcel prices of multiplex houses. Through this, the parcel price of multiplex houses was analyzed to have a strong spatial autocorrelation and be related to the jeonse price of an apartment. A lot of multiplex houses are supplied to Seoul. In previous studies, multiplex houses studies were analyzed through simple regression analysis excluding spatial effects, however, in this study, a suitable model was derived through spatial regression analysis. Moreover, the jeonse price of an apartment, which is a representative housing type, was firstly analyzed as a variable added and found whether the jeonse price of apartments would have an effect on the other housing types in the neighborhood. This study also found if the jeonse price of apartments would have an effect on the other housing types in the neighborhood. For creating a sustainable residential environment when redeveloping an aging residential area, there is a need to find various ways for coexistence by identifying the interrelation with the neighboring residential areas rather than simply focusing on the supply amount. In addition to this, it suggests that policies addressing the rise of housing prices should not be limited to a specific area or a specific dwelling and should not overlook the spatial interaction relationship.

Income, Housing and Inequality in Barnaul and Tomsk in the early 1910s. Based on the Materials of the Presence on the Apartment Tax

The subject of the study is the degree of severity of stratification of the urban population in pre–revolutionary Russia. The authors set the task to calculate the decile coefficient and identify other indicators useful for understanding the degree of inequality among the citizens of two large Western Siberian cities of the early XX century. For this purpose, rarely used sources are taken, some of which are introduced into scientific circulation for the first time. The advantageous difference between apartment tax documents is that they allow you to estimate the income of citizens for the period when there was no income tax in Russia yet. The advantage of the "Statements of homeowners on apartment tax" in comparison with other sources on this tax is that they contain information not only about rich citizens (tax payers), but also about those who were exempt from tax due to poverty. The authors conclude that the decile coefficient indicators in two large Western Siberian cities work rather in favor of the pessimistic tradition that considers inequality in pre-revolutionary Russia to be high. The difference between Tomsk and Barnaul was revealed by the following characteristics: the gap in apartment prices between homeowners and tenants ("housing scissors"), the share of tenants among citizens, the share of householders living "on the settlement" with tenants. These differences are associated with a higher level of development of the rental housing market in Tomsk, which can be explained by its greater attractiveness as an economic, cultural and administrative center. The authors consider it useful to study living standards as one of the ways to study inequality.

Does energy efficiency matter for prices of tenant-owned apartments?

In this study, we use Energy Performance Certificate (EPC) information to investigate the effect of energy efficiency on the selling price of Swedish tenant-owned apartments. While there is a large body of literature on how energy efficiency affects the sales price of single-family houses, none has exclusively focused on tenant-owned apartments. For owners of tenant-owned apartments in Sweden, heating is for a large share included in the monthly fee paid to the tenant association, which usually does not change on a short-term basis. This raises the question whether homebuyers’ incentives for acquiring energy-efficient tenant-owned apartments are large enough to be capitalized into the prices. By hedonic models and matching methods, we found mixed results. In our most optimistic scenarios, tenant-owned apartments enclosed in energy-efficient buildings are sold with a premium of approximately 0.8 to 1.2% compared to apartments in non-efficient buildings. The results in this study are not robust to all model specifications and vary across regions. In comparison with recent studies using data for single-family houses in Sweden, our detected capitalization is smaller. Our results highlight a need for targeted measures if EPCs are to be fully capitalized in prices for all dwelling types in which buyers have different economic incentives for reducing their energy consumption.

Municipal amalgamations and local housing prices

In this paper, we examine the relationship between housing prices and municipal amalgamations. Due to consumer preference for access over amenity value, there is a spatial disparity of housing prices, reflecting the value of land in specific locations. According to \citet{tiebout1956} local amenity values will increase if the services of a municipality improve without a comparable rise in taxes or service fees, or if taxes or service fees decrease while the service level remains the same. The bid-rent curve is a framework frequently used to capture a presence of goods or bads such as amenities, disamenities, and externalities. Accordingly, the present study will be used to detect a possible social benefit or loss following amalgamations of municipalities. Macro panel data from Iceland will be used, representing several essential variables of the house market for 79 municipalities in Iceland during the period from 1992 through 2006. The research shows a significant positive relationship, ceteris paribus, between regional municipal amalgamations and local real prices of apartments.

서울 아파트 가격은 거품인가?*

This study analyzed whether the rise in apartment prices in Seoul could be interpreted as a housing bubble since 2017. In terms of the fact that the housing price bubble was difficult to be explained by observable changes in the market environment, this study examined the explanatory power of the endogenous relationship between the change in housing prices and economic variables in the pertinent period. To do so, this study set a model which interpreted how far the rate of change in actual housing prices deviated from the explainable change in basic market environments and applied the model to housing bubbles right before the U.S. subprime crisis (the early and mid 2000’s) and to apartment markets in Seoul after 2017. According to the result, the increase of housing prices in the U.S. markets in the mid 2000’s significantly exceeded the rise anticipated by the change in markets, while the change in apartment prices in Seoul was not considerably different from the conditions that were explained by the change in market circumstances. This suggested that the rise in housing prices in Seoul was caused not by bubbles from excessive expectations or self-realizing predictions but by factors affecting changes in the fundamental values for housing, such as government interventions or monetary policies.

보행친화적 근린환경이 주택가격에 미치는 영향*

The purpose of this study is to analyze which factors of pedestrian-friendly neighborhood environments can affect housing prices on apartment complexes and low or multi-family housings in Daegu and to examine differences in between the two types. A dependent variable is the average of actual market prices per m² sold in Daegu, 2020 by each complex and independent variables consist of architectural characteristics and pedestrian environment (accessibility, comfortability, convenience and safety). The spatial regression model was used for analysis in terms of spatial relations for housing prices. As a result, the prices of apartments were likely to rise as they were close to a subway station or the density of small commercial facilties was low or the density of crosswalks was high. The prices of low or multi-family housings were possible to ascend as they were near to a subway or bus station or a high school or the density of streetlights was high. The results demonstrated that the pedestrian-friendly environment that people preferred was different from housing types and heightened housing prices. This study is very important as it analyzed the influence of the pedestrian-friendly environment on housing prices based on different housing types. This study is expected to be used for basic data of measures to create sound housing markets and promote sustainable diversification of housing types.

A Study on the Determinants Apartment price in Jeju Special Self-Governing Province

최근 제주자치도의 부동산 시장은 전국 또는 다른 지역과 다른 움직임을 보이고 있어서 본 연구에서는 아파트의 특성을 대상으로 하여 제주자치도 아파트 가격 결정요인을 분석하였다. 분석결과 아파트의 구조 특성에서 제주자치도와 제주시는 재건축의 영향으로 소형면적에 비해 중형면적의 가격이 낮고 서귀포시는 소형면적에 비해 대형면적의 가격이 높다. 거주층이 높을수록, 복도식에 비해 계단식 아파트의 가격이 높은 것으로 나타났다. 제주자치도, 제주시와 서귀포시 모두 시간이 경과함에 따라 가격이 하락하다가 다시 상승하는 것으로 나타났고 아파트 단지의 세대수가 많을수록 가격이 높다. 제주시는 세대당 주차대수가 많을수록, 브랜드 아파트일수록 가격이 높다. 서귀포시는 위탁관리 방식에 비해 자치관리 방식의 아파트 가격이 높다. 제주자치도, 제주시와 서귀포시 모두 아파트 단지와 버스정류장과의 거리, 중학교와의 거리, 관공서와의 거리는 아파트 가격에 부정적인 영향은 미치는 것으로 나타났다. 제주자치도 주택시장의 동향에 대한 검토와 분석결과를 토대로 제주자치도의 주택 가격 안정화를 위해서는 단지형 아파트 공급을 위한 신규택지 공급이 시급하다고 할 수 있다.

Multidimensional Analysis of Real Estate Prices in Seventeen Cities in Poland in Terms of Economic Security

The article presents a multidimensional comparative analysis of apartment prices in seventeen cities in Poland from the first quarter of 2017 to the first quarter of 2021 in terms of the maintenance of economic security. Prices were analyzed in two aspects: value and dynamics of changes, referring to the first period under consideration in spatial terms (in each of the seventeen cities). The research used multidimensional comparative analyzes, such as: Chernoff faces and normalization with the use of stimulants. This, in turn, made it possible to examine the similarities and differences in the prices of 1 m2 of residential real estate in respective cities in Poland in a dynamic approach.

A Study on the Determinants of Apartment Price by Living Area in Sejong City's Multifunctional Administration City

본 연구는 행정중심복합도시의 아파트 가격 결정요인을 찾는 것은 물론 지역적 특성에 따른 생활권별가격 차이를 결정하는 결정하는 요인을 분석하는데 목적이 있다. 이에 본 연구에서는 세종특별자치시 행정중심복합도시 1-3생활권의 2016년도부터 2020년도까지의 아파트 실거래가격을 연구 범위로 한정하였다. 본 연구의 방법은 헤도닉 가격모형을 활용하여 선형·반로그·이중로그 모형을 수행한 이후 세 모형 중에서설명력이 높고 유의성이 적합한 모형을 선택하였다. 분석결과에 의하면, 생활권별 아파트 가격은 세종BRT 도로, 금강수변, 특화설계공모 등이 주요한 결정요인으로 확인되었다. 따라서 생활권별 아파트 가격의 차이는 세종BRT도로와 금강 수변을 접하고 있는 3생활권이 가장 높고, 다음으로 세종BRT도로와 특화설계공모에 해당하는 2생활권이고, 세종BRT도로만 접하고 있는 1생활권이 가장 낮게 나타났다. 본 연구는 생활권별아파트 가격은 물리적·입지적 특성보다는 공급적·도시적 특성에 의해서 결정된다는 것을 결론으로 도출하였다. 특히, 공급적 특성의 특화설계공모와 도시적 특성의 세종BRT도로에 의한 생활권별 가격 차이에가장 큰 영향을 미친 것으로 파악되었다. 이에 따라 행정중심복합도시의 생활권별 아파트 가격의 차이로인한 지역간의 불균형을 해소하기 위해서 기존 사업에 대한 보완과 이후 사업에 대한 대안을 적극적으로모색이 필요하다는 점을 연구의 시사점으로 제언한다. 또한 본 연구가 행정중심복합도시의 건설 과정 중에수행되었다는 점을 고려하여 지속적인 후행 연구의 필요성을 향후 과제로 첨언한다.

Analysis of sales of vertical residential real estate projects in Goiânia and its influencing factors

Abstract Several topics were analyzed to produce this article, such as Evaluation Engineering, Data Modeling, Data Mining and Big Data. Although the literature on these theories is extensive, there is no record of their simultaneous use in favor of conducting an analysis of the real estate market in a city or region. The present work aims to use these theories to elaborate and implement quantitative criteria which group real estate projects according to their sale speed in order to classify them as high or low demand in the market. Thus, a database was used to develop the proposal, containing the number of units sold from 268 real estate developments in Goiânia with a launch date between January 2016 to December 2019, recorded month by month, generating a total of 4746 entries in the database. Data Mining and Big Data techniques were used to determine the database to perform the research and enable direct comparison between the analyzed enterprises. It was possible to accurately define the greatest market opportunities by studying the characteristics of the number of bedrooms, private square footage, price per square meter, apartment price and location.

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

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.

Dynamic Characteristics of Excess Returns in Seoul Housing Market

In Korea, the increase in individuals incomes appears to lead to the bigger accumulation of housing assets than in other developed countries. And the accumulation is more concentrated in Seoul, especially in South Seoul. This study analyzes the development process of excess returns of apartment prices in Seoul and South Seoul compared to the national housing price based on the threshold regression model and the ESTAR model. The analysis result shows that excess returns in Seoul and South Seoul increase non-linearly as national income increases. This implies that apartment growth rates in Seoul and South Seoul continue to rise more than in other regions as the economy develops. In this case, the economic wealth will be concentrated in the Seoul area. In addition, if national income enters a high-growth regime with the appreciation of the won, housing investment will be strengthened in the Seoul area. This result implies that the dynamic accumulation of excess returns with a spillover effect from Seoul is the cause of housing instability of non-homeowners and imbalanced regional development.

ТЕНДЕНЦІЇ ТА СУЧАСНІ ЗРУШЕННЯ В ІНВЕСТИЦІЙНОМУ СЕРЕДОВИЩІ НА РИНКУ ЖИТЛОВОЇ НЕРУХОМОСТІ

The article analyzes the development trends of the primary and secondary residential real estate market in Ukraine for 2020-2021 and identifies the main changes in the investment environment in this market. The economic essence of the concept of "investment attractiveness" and related concepts "investment process", "investment activity" and "investment climate" are clarified. A comparative analysis of the investment attractiveness of residential real estate in different regions of Ukraine revealed that in 2020 the secondary housing market was more attractive for investment, but in 2021 the investment attractiveness of the primary and secondary residential real estate market generally deteriorated. It was found that the main reason for the decline in the investment attractiveness of the national housing stock is that in 2020-2021 apartment prices in the most attractive regions of Ukraine continued to grow, although their pace slowed down. It is substantiated that in order to intensify investment activity in the real estate market in Ukraine it is necessary to create a favorable investment climate for all business entities on a civilized basis and in accordance with the principles of transparency and social conditions. To improve the investment climate and improve the investment attractiveness of the residential real estate market, the Ukrainian government is recommended to develop effective measures aimed at significantly reducing mortgage interest rates to a level where mortgages will be available to most citizens.

Inflation and Hyperinflation Countries in 2018–2020: Risks of Different Assets and Foreign Trade

Since the global financial crisis (2008–2009), central banks and governments in developed countries have relied upon loose monetary and financial policy. In the coronavirus pandemic era, these policies were taken even more to the extreme. In 2021, countries around the world started to experience product availability issues, and inflation in some cases was extremely high. There has been debate about the possibility of persistent high inflation. However, risks to assets and foreign trade in this new situation are unknown as all important hyperinflation cases are from decades to century-old. It is important to know what kind of implications high inflation has on modern economies. Therefore, in this study, 10 countries with the highest inflation were selected to be examined in the period of 2018–2020. In these countries, currencies lost a considerable amount of their value against US dollar in 2018–2020. Stock market indexes in many cases provided very high returns in local currency terms; however, against the US dollar, the index yield changed for the substantially negative. Apartment prices in general declined as well. In foreign trade, imports generally declined, while exports were mixed or even increased. However, it should be noted that all of these observations are influenced by the pandemic era and special circumstances of a particular country.

Which Residential Clusters of Walkability Affect Future Population from the Perspective of Real Estate Prices in the Osaka Metropolitan Area?

In Japan, where the population is declining and aging significantly, walkability has attracted attention as a way to improve residents’ lifestyles. Therefore, it is essential to identify the residential clusters where walkability improvement would contribute to the maintenance of the population in order to select urban areas for the implementation of walkable designs. This study aimed to identify the residential clusters in which walkability affects the future population from the perspective of real estate prices. The reason for focusing on real estate prices is that they are expected to be a confounding factor connecting walkability and the future population. The method we used was to analyze the structural equation modeling of the impact of walkability index, real estate prices, and future population change ratio. This analysis was based on the neighborhood association scale. This study clarified that effective residential clusters are the business center cluster and the sprawl cluster. In the business center cluster and the sprawl cluster, the price of apartments for sale is the real estate value, through which the walkability index positively impacts the future population change ratio. This means that it is expected to contribute to the maintenance of the future population through a combination of walkable designs and housing policies that encourage people to change their residence types to apartments for sale when rebuilding old building stock using the location optimization plan policy.

지역 하위시장의 아파트 가격 특성 분석: 부산시 수영구 사례를 중심으로

This study examines the factors and characteristics that affect the actual transaction price of apartments in Mangmi-dong and Namcheon-dong which are administrative dongs within the same autonomous district, which are sub-markets of real estate in Busan by region and We want to check how it appears and the difference between branded and non-branded apartments. and additionally check whether there is a price difference between the upper apartment and the lower apartment above the average actual transaction price in the same autonomous district. As a result of the analysis, the ratio of branded apartments to the factors that form high apartment prices in the actual transaction price for each regional submarket is slightly different. The result that the brand value was not significantly reflected in the apartment price compared to the complex or location characteristics on the regional sub-market was derived. First, small apartments of old construction appear low apartment appear high apartment prices in Mangmi-dong. Second, because of high expectation and the possibility of new brand apartments after reconstruction brand apartment preference is clearly visible Namcheon-dong. When examining the price in the price ceiling system, it is needed to review brand value ratio and to devise additional improvement measures.

An Empirical Analysis on the Effect of the Abandoned Building Maintenance Project on the Price of Neighboring Apartments

This paper empirically analyzes the changes in the price of apartments which are adjacent to an abandoned building before and after the selection of the building as a target of a maintenance project by the Ministry of Land, Infrastructure and Transport in Korea. The analytic model to capture a public value from the project is a difference-in-differences framework, and the data used for the analysis correspond to the actual transaction prices. According to the empirical results, after the selection of the abandoned building by the maintenance project, the prices of the neighboring apartments increased by approximately 82.6 dollars per one square meter of the apartments compared to those of apartments which are across a river. The existence of such positive external effects would support the public intervention in managing the abandoned buildings.

도보거리를 활용한 신도시 내 광역버스 정류장과의 접근성이 주택가격에 미치는 영향*

Previous studies on the relationship between accessibility to public transport and house price focused on the distance to a subway station. However, intercity buses play a paramount role in transportation before a subway line opens in a new town in the Capital Region. Therefore, it is assumed that accessibility to intercity bus would have significant impact on house price. The purpose of this study is to identify the relationship between accessibility to intercity bus stop and house price. The findings are as followed; First, it is shown that accessibility to intercity bus stop adds a great merit to apartment price. Particularly, a walking distance method has more persuasive result than a straight line distance method in terms of assumption of influence on price. Second, a radius distance model based on a non-liner relationship shows influence assumption with distance-decay only in a walking distance method. The price premium is generated for real estate located within 400m from a bus stop. A walking distance method shows a clear spatial pattern while there is no specific pattern found in a straight line method. Therefore, it is reasonable to use a walking distance in estimating influence of accessibility, rather than a physical distance.

Effects of Educational and Cultural Facilities on Housing Prices in Seoul from an Accessibility Perspective

Background and objective A great deal of previous research has highlighted the value of educational and cultural facilities embedded in housing prices, by taking a large spatial area as the focus, such as the city or district level. However, few studies have investigated the extent to which educational and cultural facilities influence the formation of housing prices from an accessibility perspective. This study aims to identify the value of educational and cultural facilities embedded in the housing prices in Seoul Metropolitan City with a focus on the concept of the residents’ neighbourhood and accessibility. Methods To this end, this research used a spatial regression model with educational and cultural facilities as the independent variables and housing prices as the dependent variable. The model assessed the accessibility of cultural and educational facilities by considering geographic effects. Results The findings are as follows. First, the spatial error model was found to be the best fit for multi-unit housing, while the spatial lag model was more appropriate for single-unit housing and apartments. Second, private educational facilities and art museums had positive effects on single- and multi-unit housing prices, while historical sites had a negative effect. Finally, private educational facilities positively influenced apartment prices, whereas public libraries and urban park areas had a negative effect. Conclusion These findings indicate that the accessibility of educational and cultural facilities reflects residents’ preferences and needs, which will ultimately influence housing prices.