Apartment Prices Research Articles

RESEARCH OF THE MARKET OF MINI APARTMENT

The purpose of the article is to investigate the development of a new segment of the real estate market in urban development projects. The definition of a mini apartment - the gostinka. The analysis of the world market of mini-apartments is carried out. There are questions of living of different social groups in society in mini-apartments. A classification of mini-apartments has been developed. Factors significantly affect the cost of a mini-apartment. Conclusions are made about the future market of mini-apartments in the city economy The development of the market of mini-apartments can be considered as a new social phenomenon. Many social groups have access to the purchase of a mini-apartment. The residential real estate market is in a difficult stage now. The economic crisis has had a strong impact on stakeholders. The market of mini-apartments in Ukraine is a new and currently unexplored social phenomenon. The market of mini-apartments is of great importance for urban development and has high uncertainty in further development. Therefore, the development of the market of mini-apartments poses many problems for urban development in the future Today in Ukraine in the real estate market of Kharkiv increased activity in such a segment of real estate as mini-apartments. The results of the research show that the cost range of 1 sq.m. for such objects is very large and ranges from 300 to 1000 US dollars. Which is 2 times lower than the average market prices for typical apartments. Let's analyze the primary and secondary markets of mini-apartments. The houses in which the mini-apartments are located can be characterized. Mini-apartments in reconstructed houses are of great interest to stakeholders. Here they are much lower than their cost. Mini-apartments are now actively bought by the following social groups and categories of people. Mini-apartments in reconstructed houses are of great interest to stakeholders. Here they are much lower than their cost. The classification of mini-apartments was carried out according to the parameters that significantly affect the prices in the studied segment. They can increase or decrease the market value of such real estate. The price is significantly affected by such a parameter as the ratio of total and living space. The author proposes factors that affect the cost of mini-apartments. Thus, in Ukraine, the market of mini-apartments (hotels) arose and developed due to the unstable economic situation, the devaluation of the hryvnia and declining incomes. Today, renting apartments is expensive, so mini-apartments are the best option for affordable housing. Many people buy mini-apartments as temporary housing. This segment of real estate has a fairly high profitability for investors. The cost of 1 sq m of mini apartments depends on the investment attractiveness of the regional center. Market research and excellent characteristics of mini-apartments. In large cities of Ukraine, especially in Kyiv and Kharkiv, the number of mini-apartments under construction is growing. The analysis of the market showed that such apartments are in demand among stakeholders today. Factors increasing demand for mini-apartments. Conclusions. 1. The researched market of small-sized housing can be considered as a new social phenomenon in large cities of Ukraine. The question of a new segment of the real estate market in urban development projects is highly relevant 2. In Ukraine, the market of mini-apartments (hotels) has emerged and is developing due to the unstable economic situation, the devaluation of the hryvnia and declining incomes. The cost of 1 square meter of mini-apartments depends on the investment attractiveness of the regional center. 3. The whole market of mini-apartments (hotels) in large cities of Ukraine is actively developing. In Kharkov, in most cases, buy small apartments for further rent. Keywords: real estate market, mini apartment, gostinka, studio, classification of mini apartments, social groups in society, factors influencing the value, municipal economy.

Religiosity and discrimination against same-sex couples: The case of Portugal's rental market

We measure and analyze discriminatory behavior against same-sex couples trying to rent an apartment in Portugal and pay special attention to the role of religiosity. This is the first correspondence field experiment investigating discrimination against this minority group in Portugal, and the first one to highlight religion as a factor of importance. In our experiment, four type of applicants varying in gender (male and female) and modality (same and opposite sex) reply to Internet ads to express interest in renting an apartment in the metropolitan areas of Porto and Lisbon. All applicant couples are presented as married, stable and professional. The main finding is that male same-sex couples face significant discrimination: The probability of getting a positive reply is 7–8 percentage points, or 23–26 percent, lower for them compared to opposite-sex couples. Interestingly, this effect is decreasing in the religiosity of a parish, suggesting that the more religious, Catholic and religiously homogenous people residing there are (with certain qualifications), the less discrimination of male same-sex couples there is. Further results reveal that discrimination is stronger when the population is older and when the rent and the square-meter price of apartments are higher. The present study extends the literature to a southern European, Catholic setting, validates previous research documenting worse treatment of same-sex couples in the housing market and demonstrates a mitigating effect of religiosity under certain conditions.

도시지역의 녹지공간이 공동주택가격에 미치는 영향 -서울시 근린공원을 중심으로-

이 연구는 서울의 근린공원과 인근 아파트 사이의 관계를 파악하기 위해 노력했으며, 우리나라에서 인구밀도가 가장 높고 주택이 가장 밀집되어 있는 서울을 대상으로 했다. 그 결과 아파트 가격에 영향을 미치는 공원의 특성은 공원의 면적과 용도, 공원의 조성 형태 등에 상당한 영향을 미치는 것으로 나타났다. 아파트의 공유 특성의 효과는 준공연도와 세대수가 큰 영향을 미치는 것으로 나타났다. 또한, 공원주변 시설에 미치는 영향도 지하철이 상당히 긍정적(+)결과를 보였지만, 학교 측은 부정적(-)인 반응을 보였다. 다양한 공원특성을 고려해 공원 거리에 미치는 아파트 가격의 영향을 확인한 결과 800m 단위로 뚜렷한 차이를 확인할 수 있었다. 공원과의 거리가 800m 이내의 아파트의 경우 공원과의 거리가 가까울수록 아파트 가격이 높은 것으로 나타났다. 공원의 결과적 특성은 공원의 직접사용과 관련된 용도 및 구성에 상당한 영향을 미치는 것으로 파악되었다. 공원과의 거리가 800m가 넘는 아파트의 경우 공원이 멀리 떨어져 있을수록 아파트의 가격이 더 높은 것을 알 수 있었다. 이것은 공원의 조망이 아파트 가격에 영향을 미친다는 것을 알 수 있었다. 이러한 특성을 고려하여 공원 공급계획과 관련되어 있는 법률, 지방행정 등에 적용되길 바라며, 특히 공원을 기준으로 아파트를 공급하고자 하는 민ㆍ공의 개발계획 및 사업에 참고가 되길 바란다.

비대칭 오차수정모형을 활용한 KOSPI지수와 아파트가격지수의 관계 분석

비대칭 오차수정모형을 활용한 KOSPI지수와 아파트가격지수의 관계 분석

서울시 아파트 실거래가와 공시가격의 차이에 불형평성이 존재하는가? 부동산 빅데이터를 활용한 실증연구

서울시 아파트 실거래가와 공시가격의 차이에 불형평성이 존재하는가? 부동산 빅데이터를 활용한 실증연구

Socio-Economic Factors as a Criterion for the Classification of Housing Markets in Selected Cities in Poland

Abstract Property prices, including, in particular, residential properties, vary across local markets. For example, according to the National Bank of Poland, in late 2018, the average unit price of an apartment on the secondary market stood at PLN 8,700 in Warsaw, 6,100 in Poznań, 4,800 in Szczecin, and 3,800 in Kielce and Zielona Góra. The level of prices on particular markets is affected by a variety of factors, primarily those of a social and economic nature. Earlier research work on the influence of such factors on the level of apartment prices was carried out on a random basis, and their results were also published in the Real Estate Management and Valuation journals (Kokot 2018). This article presents study results that help deepen and broaden such analyses, seeing as how the research work: – covers a period of 12 years (2006-2018), – proposes and then applies a city wealth synthetic measure (SMZM) in the analyses, – classifies cities according to the criterion of socio-economic factors and of average housing prices, – examines relationships within the groups of cities identified via classification. The obtained results indicate that it is justified to consider the impact of socio-economic factors on housing prices precisely in the context of their appropriate classification. Moreover, they may be an indicative tool of identifying so-called comparable or parallel real property markets.

Accessibility of public services in districts of Warsaw: a comparative study

Abstract The aim of this work is to verify whether accessibility to public services in city districts of Warsaw, corresponds to real-estate prices. We introduce a new index named the “Urban Services Accessibility Index” (USAI) which compares the availability of public services within districts of a city in three dimensions: access to healthcare, access to education, and availability of public transport. We found that the districts of Śródmieście, Ochota and Żoliborz have the highest apartment prices and USAI values. Warsaw exhibits a clear distance-decay pattern in USAI values which correlates well with average apartment prices. This pattern results from poor development of public services in peripheral city districts (e.g. Bemowo, Białołęka, Wilanów) while the central district of Śródmieście stands out as the unquestionable leader in terms of accessibility to the mentioned services. USAI proved itself to be a robust method in the comparative analysis of city districts’ development.

The impact of crime on apartment prices in Hamburg, Germany

PurposeThe purpose of this study is to examine the impact of crime on apartment prices for Hamburg, Germany, for the years 2012 to 2017.Design/methodology/approachThe authors use a panel data setting with fixed effects estimators and temporal lags to moderate the endogeneity concerns related to crime. The authors consider the effect of total crime, violent and property crime and some sub-categories of crime.FindingsThe estimates show that it takes two to three years for prices to react, with the longer run elasticity reaching −0.12 for total crime, −0.15 for property crime and −0.06 for violent crime. The elasticities are much larger in high-crime areas (−0.22 for total crime, −0.28 and −0.09 for property and violent crime) and elevated also in low-income areas.Social implicationsThe finding that property crime matters more in terms of quantitative impact for housing values than violent crime provides reasonable grounds for rethinking the resource allocation of public spending on crime clearance and prevention in Germany. Far more emphasis on preventing property crime appears in order and especially so in the lower income or higher crime areas, which are significantly more affected by crime and in particular property crime than those in high income or low crime areas.Originality/valueThe estimates for Hamburg provide the first detailed results of the impact of crime on real estate prices in Germany. It is also the first study for Continental Europe using panel data.

Applying Comparable Sales Method to the Automated Estimation of Real Estate Prices

In this paper, we propose a novel procedure designed to apply comparable sales method to the automated price estimation of real estates, in particular, that of apartments. Apartments are the most popular residential housing type in Korea. The price of a single apartment is influenced by many factors, making it hard to estimate accurately. Moreover, as an apartment is purchased for living, with a sizable amount of money, it is mostly traded infrequently. Thus, its past transaction price may not be particularly helpful to the estimation after a certain period of time. For these reasons, the up-to-date price of an apartment is commonly estimated by certified appraisers, who typically rely on comparable sales method (CSM). CSM requires comparable properties to be identified and used as references in estimating the current price of the property in question. In this research, we develop a procedure to systematically apply this procedure to the automated estimation of apartment prices and assess its applicability using nine years’ real transaction data from the capital city and the most-populated province in South Korea and multiple scenarios designed to reflect the conditions of low and high fluctuations of housing prices. The results from extensive evaluations show that the proposed approach is superior to the traditional approach of relying on real estate professionals and also to the baseline machine learning approach.

3-D spatial hedonic modelling: Environmental impacts of polluted urban river in a high-rise apartment market

The vertical dimension of the residential apartment market has been largely overlooked in spatial hedonic studies. To adequately quantify the environmental impacts brought by various urban natural elements on apartment prices using spatial hedonic models, the selection of an appropriate weights matrix, which could adequately approximate complex spatial relationship amongst apartment units in high-rise housing markets, is an important methodological challenge. Using a micro high-rise neighbourhood in Guangzhou (China) as a case, we compare the model performance of a set of 3-D spatial weights matrices in capturing the environmental impacts of a polluted river running by the residential neighbourhood on apartment transaction prices. Three 3-D spatial weights schemes are examined, including distance-based, contiguity-based, and a hybrid distance-contiguity weights matrix. Our Monte Carlo simulations and empirical comparison consistently confirm that contiguity-based weights matrices outperform distance-based and hybrid weights alternatives. Adopting the appropriate second-order queen’s cube contiguity matrix in a 3-D Spatial Autoregressive Combined (SAC) model, the spatial heterogeneity of urban river’s environmental impacts along both horizontal and vertical dimensions is revealed. We find significant negative impacts associated with the proximity and visibility of the polluted river, which are strengthened for apartments located on the 10th floor and below. Our findings highlight the urgency of restoring polluted urban rivers and provide evidence-based information for local authorities and private housing developers to restore polluted rivers in order to improve environmental amenities.

조선업 경기 변동이 울산아파트 매매가격에 미치는 영향 분석 연구*

This study analyzes apartment sales prices in Ulsan, the industrial city where many people lost a job from the recession of the shipbuilding industry. The ripple effect of an impact response function was analyzed with the Vector Error Correction Model (VECM) to find the factors like the demographical change for the last few years that influence the apartment price decrease. The apartment sales and Jeonse(lease) price index, the population, the unemployment rate, etc. were used as variables, together with the nationwide shipbuilding industry index. For analysis, monthly data were collected from August 2009 to July 2019. The findings are; unique characteristics like apartment sales and Jeonse price had major impacts. The population and the shipbuilding industry index had a positive (+) effect while the unemployment rate after Term 2 had a negative (–) effect. The finding shows the vicious circle in Ulsan; the recession in the shipbuilding industry caused the unemployment rate to increase, which resulted in the population reduction and eventually made the apartment sales price to drop. The present study may provide useful information that could help to establish a basic urban plan and a master residence plan, considering the changing industrial structure and aging of Ulsan.

Big Data Time Series Analysis of the Relationship Between News Coverage, Apartment Price and Trading Volume

본 연구는 빅데이터인 부동산 뉴스가 아파트 매매가격과 아파트거래량에 미치는 영향을 아파트매매가격, 아파트거래량, ‘상승’ 관련 기사 수와 ‘하락’ 관련 기사 수를 변수로 설정하여 벡터자기회귀모형(VAR)을 이용해 분석하였다. 본 연구의 시간적 범위는 2010년 1월부터 2019년 12월까지로 하였고 공간적 범위는 서울시로 설정하였다. 실증분석결과, 아파트거래량과 아파트매매가격은 서로 양(+)의 영향을 미치는 것을 알 수가 있었고 아파트 상승 관련 기사는 아파트매매가격과 아파트거래량에 양(+)의 영향을 미치는 것으로 나타났고 반대로 아파트 하락 관련 기사는 아파트매매가격과 아파트거래량에 음(-)의 영향을 미치는 것으로 나타났다. 또한 아파트 상승 기사 수 모형과 하락 기사 수 모형 모두에서 아파트매매가격이 차지하는 설명력이 아파트거래량보다 높은 것을 확인하였다. 본 연구결과에 따르는 시사점은 아파트거래량과 아파트매매가격은 양(+)의 관계가 있으므로 정부는 지역별 아파트거래량과 아파트매매가격을 지속적으로 모니터링 해 주택시장 상황에 맞는 정책을 펼쳐 주택시장 안정화에 노력 해야 한다. 또한, 뉴스기사와 주택시장 간에는 상당히 밀접한 관계가 있으므로 정부는 부동산 관련 뉴스 기사를 지속적으로 모니터링하여 주택시장의 움직임을 예측할 필요성이 있고 이를 위해 빅데이터를 활용한 선진화된 주택시장 예측 프로그램 구축에 정부는 장기적인 관점에서 예산을 편성하고 지원을 해야 한다.

The Hedonic Method in Evaluating Apartment Price: A Case of Ho Chi Minh City, Vietnam

The Hedonic Method in Evaluating Apartment Price: A Case of Ho Chi Minh City, Vietnam

Factors Influencing the Perception of the Selling Price of Luxury Apartments

The study aims to identify and measure factors affecting the perception of the selling price of luxury apartments in Hanoi. We conducted a questionnaire consisting of 29 observation variables with a 5-point Likert scale. Independent variables were measured from 1 “without effect” to 5 “strongly”. Based on the desk review and results of interviews, a total of 500 questionnaires were sent to research participants for collection; 458 of them met standard and were subject to be analyzed. This study employs Cronbach’s Alpha test, and regression model. The results of Exploratory Factor Analysis (EFA) and Multiple Regression Analysis (MRA) identify five main determinants influencing the perception of the selling price of luxury apartments in Hanoi, including Physical characteristics of a luxury apartment (PC); Location and position of an apartment (LP); Surrounding Area (SA); Quality of service provided by managers; (QS) and Demographics factor (DF). Based on the findings, some recommendations have been proposed to help the firm leaders design appropriate personnel policies for creating better price satisfaction for customers in the future. On this basis, the authors propose a number of recommendations to improve the quality of luxury apartments, thereby contributing to the development of the market for luxury apartments in Hanoi

Influence of Accessibilities of Multiple Urban Neighborhood Parks and their Interaction Effect on Apartment Prices : Focusing on Dongtan 1 New Town

본 연구는 복수의 도시지역권 근린공원에 대한 접근성과 그 상호작용효과가 아파트가격에 어떤 영향을 미치는지 살펴봄으로써, 공원접근성과 아파트가격의 관계에 관해 새로운 해석을 시도하였다. 따라서 위계적 다중회귀분석을 통해 동탄1신도시 내 아파트의 동탄 센트럴파크, 반석산 근린공원에 대한 접근성 그리고 그 상호작용효과가 아파트가격에 미치는 영향을 실증적으로 분석하였다. 그 결과 첫째, 도시지역권 근린공원과의 거리가 가까울수록 즉, 접근성이 높을수록 아파트가격이 높았다. 이는 공원접근성이 아파트가격의 관계에 대해 분석한 다수의 선행연구와 일치하는 결과였다. 둘째, 복수의 도시지역권 근린공원으로의 접근성 간에는 유의한 상호 작용효과가 있었다. 상호작용효과는 독립변수가 종속변수에 미치는 영향을 억제하는 방향으로 작용하여, 한 공원과의 거리가 멀어질수록 아파트가격이 낮아지는데 다른 한 공원과의 거리가 멀면 멀수록 그 감소하는 정도가 작아졌다. 헤도닉 가격모형상에서 개별 특성요인의 가격은 수치화된 효용이자 만족감이다. 따라서 복수의 도시지역권 근린공원을 배치하는 경우, 도시민의 복리증진을 극대화하기 위해 공원접근성의 상호작용효과를 고려하여 도시구조상 대칭을 이루는 지점에 설치하는 것이 바람직할 것으로 판단된다. 또한, 해당 공원 간의 연계네트워크를 구축하여 환경의 쾌적성을 한층 더 확보할 수 있을 것이다.This study empirically analyzed accessibilities of multiple urban neighborhood parks and their interaction effect on apartment prices by using the Hedonic Price Model (HPM) and hierarchical multiple regression. The results are as follows. First, it was shown that the closer the urban neighborhood park was, the higher the apartment prices were. This was consistent with findings of previous researches. Second, there was a significant interaction effect between accessibilities of multiple urban neighborhood parks, and the interaction effect worked in a way that inhibited the main effect on apartment prices. In other words, the farther away from one park an apartment was, the lower the price was, but the farther away from another park, the smaller the decrease was. This suggests that the two parks function as substitute and complementary goods. Therefore, to maximize impact on the welfare of urban residents, it is desirable to set up multiple urban neighborhood parks at locations that are symmetrical in the urban structure, considering the interaction effect of accessibilities to the parks.

On the price gap between single family houses and apartments

We provide a first decomposition of the price gap between prices for single family houses and apartments into their microeconomic determinants. Using individual data from the collection of real estate transactions data for Berlin, Germany, we find a positive price gap for houses in Berlin in 1990 which is decreasing up to 1998. When controlling for structural characteristics, no positive price gap can be identified between 1996 and 2006. The application of Oaxaca decomposition reveals a growing preference for size (favoring houses), which is – since 2006 - offset by a growing preference for a more central location.

Envy and Pride: How Economic Inequality Deepens Happiness Inequality in South Korea

This paper examines how economic inequality at the local level affects individuals’ subjective well-being (SWB) through social comparison in Seoul, South Korea. We implement a multi-level analysis combining asset inequality, calculated using the actual transaction prices of apartments, and public opinion surveys conducted by Seoul Metropolitan City between 2008 and 2016. Our analysis shows that inequality negatively affects SWB among respondents whose family income is lower than the median (the envy effect), but drives up SWB among the other half (the pride effect). Further analysis on the effect of inequality on subjective class awareness corroborates a social comparison mechanism: the haves embrace an upper-class awareness as local inequality increases, while the have-nots embrace a lower class awareness. These findings suggest that, despite concerns about economic inequality and its negative consequences, calling for policy reform to reduce inequality may be unpersuasive to the better off members of society, especially if doing so increases individual financial burdens.

Testing the Economic Consequences of Mistrust in News: An Incentivized Experiment on Housing Market Expectations

We introduce a novel experimental protocol for studying the economic effects of growing mistrust in traditional news media. In a preregistered experiment, participants first read news articles on trends in the Australian housing market from sources with either high or low trustworthiness and either with or without visible brand information. They then predicted selling prices of apartments for a monetary reward. As hypothesized, (1) reading news on declining house price trends lowered expectations about house prices, and (2) news from a trustworthy source had stronger effect on economic expectations when source brand was made visible.

A Study of the Green Building Benefits in Apartment Buildings According to Real Estate Prices: Case of Non-Capital Areas in South Korea

Recently, the importance of green building certification in consideration of environmentally friendly factors is being emphasized more when constructing buildings in South Korea. The Green Standard for Energy and Environmental Design (G-SEED) is one of the strategies used by the Korean government to effectively reduce building environmental loads. However, due to the large investment needed to acquire green building certification, building owners, stakeholders, and designers often contemplate how to balance G-SEED certification benefits and the additional costs they involve. Therefore, the purpose of this study was to assess the benefits of G-SEED certification in terms of post-occupancy financial advantages through a comparative analysis of real estate prices of apartments in the Yeongnam area. All of the major factors affecting apartment real estate prices in South Korea were considered, and the real estate price difference between G-SEED certified and non-certified apartments was determined through a one-sample t-test. The results demonstrated that G-SEED certified apartment real estate prices were 9.52% higher than non-certified apartments. This study concluded that G-SEED certification–related investment is worth the additional cost as it increases the real estate value of a building.

The Influence of Investor's Characteristics on the Perception About the Selling Price of Luxury Apartments in Hanoi

This research was conducted to investigate the impact of investor's characteristics on the perception about the selling price of luxury apartments in Hanoi, Vietnam. Data were collected through a survey with 458 real estate employees from Hanoi. With this data, we have used descriptive statistics, Cronbach's Alpha to determine the level of impact of the independent variable on the dependent variable, i.e. the perception about the selling price of luxury apartments. The results showed that the determinant is the investor's characteristics which have positive relationships with the perception about the selling price of luxury apartments in Hanoi. Based on this finding, this paper gives several recommendations for improvement the perception about the selling price of luxury apartments in Hanoi. Keywords: the perception about the selling price of luxury apartme, investor's characteristics, real estate JEL codes: G12, G13, G14, L80, L85 DOI: 10.7176/EJBM/12-9-06 Publication date: March 31 st 2020