Apartment In Seoul Research Articles

Analysis of Momentum Effects in the Seoul Apartment Market

Analysis of Momentum Effects in the Seoul Apartment Market

시계열모형에 의한 서울 아파트시장 가격예측 분석

The purpose of this study is to make a model to forecasting apartment trade price and household rent price in apartment housing market using ARIMA model. On the basis of those models, I tried to forecast the fluctuations of short-term apartment trade price and household rent price in Seoul apartment market. To analyze the ARIMA model, quarterly data during 2011 1/4∼2023 4/4 are used for identification, estimation, diagnosis, and prediction of the ARIMA model. Using ARIMA model, the outcome ARIMA(1,1,0) model is applied to Sepol apartment trade price in the rate of apartment trade price forecasting model, and ARIMA(1,1,1) model is applied to Seoul apartment household rent price in the rate of apartment rent price. According to the forecast results of Seoul apartment trade price and apartment household rent price in the ARIMA model, looking at the quarterly rate of change in Seoul apartment sales prices, it appears that they will continue to go up the 2024 1/4, and will continue to rise but without significant fluctuations. Looking at the quarterly trend of Seoul apartment rental prices on the 2024 1/4 and continue until the 2024 4/4, and the upward trend will be larger than Seoul apt sale price. While the government's housing policy is sluggish, Seoul apartment sales prices and Jeonse prices are expected to be affected by a decrease in apartment supply and interest rates due to a decrease in permits and occupancy this year.

서울시 공동주택 공용관리비 영향요인 분석

The purpose of this study is to identify differences in common management fees depending on the various characteristics of apartment complexes and the factors affecting common management costs, and to seek improvement measures to impose appropriate management fees. The research method analyzed the common management costs of 2,574 apartments in Seoul from January to December 2022. As the number of households increases, common management costs decrease. The common management fees was lower for staircases than for hallways. The older the apartment complex, the lower the common management fee. The common management fees of a pre-sale apartment was lower than that of a rental apartment. In addition, the common management fees in the southeastern living areas was higher than in other living areas. As for the electricity rate contract, the common management fee was higher in the comprehensive contract than in the single contract. Additionally, management method, and heating method were found to have no significant effect on common management fees. The conclusion is as follows. Factors influencing common management fees have become more complex and diversified, and regional factors influencing management costs have increased. Additionally, management factors must be carefully considered.

Green Space and Apartment Prices: Exploring the Effects of the Green Space Ratio and Visual Greenery

Urban green spaces provide various social, economic, health, aesthetic, environmental, and ecological benefits. This study aimed to investigate the influence of green spaces on apartment prices, with a particular emphasis on visual greenery and the proportion of green spaces. Hedonic pricing models have often been used to assess the impact of green spaces on housing prices. Herein, 16 variables were considered as factors affecting housing prices and divided into housing, neighborhood, and green space characteristics. The findings indicate that the presence of green spaces enhanced the value of apartment complexes. Moreover, both visual greenery and the proportion of green spaces within apartment complexes influenced housing prices. Additional analysis demonstrated the impact of green space characteristics within Seoul apartment complexes on housing price changes from 2016 to 2022, finding that higher green space proportions and visual greenery led to approximately 20% higher price increases, and structural equation modeling revealed that the proportion of green spaces within apartment complexes, directly and indirectly, influenced housing prices through visual greenery. Overall, this study emphasized the importance of ensuring well-managed green spaces within and around apartment complexes.

Influence of aesthetic design elements on residential satisfaction in apartment based on Seoul apartment complex

ABSTRACT This study aimed to examine the influence of aesthetic design elements on residential satisfaction in urban apartment complexes, focusing on elements that are generally considered less important. A total of 65 apartment complexes in Seoul, a city predominantly characterized by middle-class apartment living, were surveyed to assess residential satisfaction. Using multiple regression analysis, the relationships between the dependent variable (post-occupancy evaluation) and 28 independent variables were analyzed. The results revealed significant correlations between residential satisfaction and various independent variables. Specifically, three out of eight aesthetic design factors, namely the main complex entrance design, exterior mass design, and landscape design, were found to have a significant impact on residential satisfaction, collectively accounting for 17.16% of the total satisfaction variance. This finding suggests that aesthetic design elements play an increasingly important role in metro cities. The practical implications of this study are twofold. Firstly, it provides housing providers with strategic guidelines, emphasizing the significance of incorporating aesthetically pleasing design elements to enhance residential satisfaction. Secondly, the study offers potential customers valuable information regarding the importance of aesthetic design in their decision-making process when choosing residential properties. Overall, this research contributes to a better understanding of the relationship between aesthetic design elements and residential satisfaction in urban apartment complexes, shedding light on the growing importance of aesthetics in the housing market.

Blinder-Oaxaca 분해법을 활용한 서울시 아파트가격지수 작성에 관한 연구

We establish a house price index for Seoul based on a Fisher Ideal aggregation of a two-way Blinder-Oaxaca (BO) decomposition, the FIBO index. Applying the BO decomposition to the apartment market decomposes the intercity differences in the mean house prices into two parts: (i) differences that are due to the differences in housing characteristics across areas (endowment effects) and (ii) differences that arise from the interarea differences in implicit prices of those characteristics (coefficient effects). Using actual transaction data for apartments in Seoul from 2017 to 2022, the FIBO index is constructed based on the estimated coefficient effects. Robustness tests show that our method is far less influenced by changes in sample sizes and selection of the reference. We also show that the FIBO index more accurately reflects the actual movement and fluctuation of apartment prices compared to existing indices, which suggests that the FIBO index could serve as a good complementary house price index.

인플레이션 발생 원인에 대한 서울 아파트 자산 헤지 효과에 관한 연구

Given the rising inflation at home and abroad, this study analyzes the effects of inflation hedges based on Seoul apartment assets to represent domestic economic entities. Unlike previous literature, the present study particularly carries out an empirical analysis by using the SVAR model with five variables, assuming that the inflation hedge effects of real estate assets may vary depending on the causes of inflation. The demand-pull inflation analysis shows that prices and Seoul apartment prices move in the same direction for the rising interest rates, and that Seoul apartment assets have effects of inflation hedges. However, cost-push inflation shows that prices and Seoul apartment prices move in opposite directions, and Seoul apartment assets have no effects of inflation hedges. These findings result from the causes of inflation because, in terms of cost-push inflation, prices may show downward rigidity or even increase if the structural problem of aggregate supply is not resolved, apart from the aggregate demand policy following the base rate hike. This scenario is regarded to reduce the effects of an inflation hedge on real estate assets.

Did new electricity progressive tariff system change energy usage pattern in Seoul apartments? Evidence from integrated multisource dataset and combined analytical models

A new electricity progressive tariff (PT) system was introduced to cities in South Korea at the end of 2016 to replace the previous one as a policy response to increased energy demand and costs in hotter summers. Public concerns have been raised over its effects on annual energy use and energy poverty. However, studies on this topic are very few due to the lack of relevant data. In the broader literature on the effect of the PT system, studies are limited in that they mostly focus on household characteristics. This study contributes to the literature and practical discussions by examining how the new PT system influences residential electricity use in 243 sample apartments in Seoul, considering a wide range of factors that impact energy use decisions. An integrated urban dataset was developed based on urban big data from multiple sources, and a combination of two models was used for analysis. The interrupted time series analysis was adopted to find whether the change in household electricity use was significant for each apartment using the dataset. A logistic regression model was then used to examine the relationships between the significance of change and influential factors in energy use and billing, household, apartment, and neighborhood. Results suggest that nearly half of the sample apartments significantly increased electricity usage, and energy and built environment factors significantly influenced the change. Furthermore, higher-income groups were found to benefit more from the new PT system. The findings provide a reference for policymakers to evaluate the new policy and develop strategies toward broad sustainability goals. Given the wicked nature of urban energy policy, suggestions were made on policy implementation design and urban data integration for more rigorous evaluation.

분양권 전매제도가 아파트 매매가격에 미치는 영향 및 정책효과에 대한 연구

(1) RESEARCH OBJECTIVES The purpose of this study is to examine the effect of the Moon Jae-in administration's regulation on the resale on apartment sales prices, and to understand the effect and policy effect of the reinforcement of the resale regulation on the sale price of apartments in Seoul and the metropolitan area since November 2016. (2) RESEARCH METHOD This study employed the fixed effect model, random effect model, and difference-in differences model to achieve the major objectives of this study. (3) RESEARCH FINDINGS The implications of this study are as follows. First, it was possible to grasp the impact of apartment sale prices in the short term as well as the policy effects in the long term due to the strengthening of regulations on the resale of the Moon Jae-in government after November 3, 2016. For this reason, it was judged that the strengthening of regulations on the resale after 2016 had short-term effects, but no long-term effects. Second, this study was possible because panel data that combined cross-sectional data and time series data was constructed, so that the restrictions on resale of presale rights could be identified regionally or temporally. 2. RESULTS As a result of this study, it was found that resale regulation had a negative (-) effect on apartment sales prices in the short term, but in the long term, it is understood that it increases apartment sales prices, so there is no policy effect.

Diachronic Changes and Factors Influencing the Exterior Design of High-Rise Apartment Buildings

High-rise apartment buildings, the preferred type of housing in South Korea, have very similar exteriors. Thus, apartment complexes tend to look similar with no unique identity of complex or city. This study aimed to identify the factors influencing the exterior design of high-rise apartment buildings in their 40-year history. I surveyed 50 apartment complexes from the 1970s to 2010, categorized important periods in Korean history, and analyzed corresponding changes in the exterior design of high-rise apartment buildings. I visited apartments in Seoul to take photos and conduct field surveys, and statistically analyzed the results by classifying the buildings’ external characteristics. I found correlations between the exterior design of the buildings and three major factors influencing their changes and development. The first is increasing institutional supply in the 1970s and developing landscapes in the 2000s. The second is an economic factor—economic growth. Third, as technology developed, apartment buildings transitioned from low-rise to high-rise, and their exterior design underwent many changes. This study reveals the relationship between changes in high-rise apartment buildings’ exteriors as they developed alongside South Korea’s growth and the influencing factors, and presents major factors that determine the direction of exterior design for high-rise apartment buildings in the future.

컬러유니버설디자인 관점에서 브랜드 아파트 지하주차장 안전사인의 색채인지 특성에 관한 연구 - 가독성, 시인성, 조화도를 중심으로

The purpose of this study is to identify the color recognition characteristics of the safety sign of the underground parking lot of the brand apartment in terms of color universal design, focusing on readability, visibility, harmony. The survey was conducted from November 2, 2021 to January 4, 2022 for 202 users of underground parking lots of brand apartments in Seoul. The collected data were analyzed by frequency analysis and descriptive statistics using SPSS 23.0. The results of this study are as follows: First, among the representative color scheme types of parking lot safety signs, the average of readability, visibility, harmony of Y-6 was the highest. Second, the types with high readability by the detailed color scheme type of safety sign were R-1, Y-3, G-1, B-1, visibility was R-1, Y-3, G-1, B-1, harmony was R-1, Y-2, G-1, B-2. Third, the average of readability, visibility, harmony of Y-6 representative types were the highest in the general color, color, elderly groups. Fourth, among the detailed color scheme types of safety signs, the highly readable types recognized by the general color scheme group were R-1, Y-3, G-1, B-1, visibility R-1, Y-3, G-1, B-1, harmony R-1, Y-2, G-1, B-2. The highly readable types recognized by the colored acronym D group were R-3, Y-3, G-1, B-2, visibility R-2, Y-2, G-1, B-2, harmony R-3, Y-3, G-1, B-2&3. The highly readable types of F-type group recognized by the colored acronym group were R-2, Y-3, G-1, B-1&2, visibility R-2, Y-3, G-1, B-1&2, harmony R-2, Y-3, G-1, B3. The high readability types recognized by the elderly group were R-1, Y-3, G-1, B-2, Positive R-1, Y-3, G-1, B-2, Harmony R-1, Y-3, G-2, and B-3. In conclusion, this study provides implications for establishing color guidelines for all users to optimize the color of the safety sign of the underground parking lot of the apartment.

Internationalising the Local: An Architectural Scenario for the First Metropolitan Apartments in Seoul’s Manhattan

As urban regeneration projects of the late 1960s proceeded in an expanding Seoul, the Yeouido Apartments Project was in 1972 envisaged as the city’s the first international high-rise housing complex. The project was a joint venture between a government-sponsored architectural organisation and a US firm, collaborating to realise the architecture of the American metropolis in Korea. To create diverse and user-specific living environments, the architects embraced participatory design. In response to local conditions, the architecture’s structural, technological, and systematic ideas and details, views, mobilities and flows, and attention to future changes and growth were analysed and developed for emotive living environments. The Yeouido Apartments Project indexes a variety of contemporary architectural and urban concerns across time and place: from the international to the local, from the collective to the individual. Its narrative is one of internationalising the local by imagining a sustainable metropolitan apartment complex in the urban core of Seoul.

Comparative Analysis on the Efficiency of Seoul Apartment Sale Price Movements

주택시장의 향후 가격 변동을 예측할 수 있느냐는 문제는 연구자들은 물론이고 일반인들도 크게 관심을 가지는 중요한 현실문제이다. 본 연구에서는 주택가격 중에서도 가격 변동이 가장 심한 서울지역 아파트 매매가격 움직임을 예측할 수 있는지를 시장의 효율성 정도를 기준으로 다음과 같은 몇 가지 관점에서 비교연구를 하였다. 첫째, 서울 아파트가격 움직임의 효율성은 과거보다 개선되었는가 아니면 오히려 더 나빠졌는가? 둘째, 서울 아파트 매매시장은 서울지역 다른 유형의 주택시장보다 효율적인가? 셋째, 서울 아파트 매매가격 움직임은 다른 지역의 아파트매매가격 움직임보다 더 효율적인가? 이 문제들에 대한 답을 얻기 위하여 본 연구에서는 1986년 1월부터 2021년 4월까지 서울의 주택유형별(아파트, 단독주택, 연립주택) 매매가격과 전국 아파트 매매가격 데이터를 이용하여 표본이동(rolling window) 허스트 지수(Hurst exponent)를 측정하고 분석하였다. 실증분석 결과를 요약하면 다음과 같다. 첫째, 서울지역 아파트 매매가격은 물론이고 다른 주택 유형과 전국 아파트 경우에도 효율성 정도는 시간 흐름에 따라 매우 불규칙한 움직임을 보인다. 둘째, 서울지역 아파트 매매가격을 포함하여 분석대상 주택가격 움직임은 분석기간 내내 장기기억 특성과 예측 가능성을 보여주고 있고, 최근에도 높은 비효율성과 예측 가능성을 보인다. 셋째, 서울 아파트 매매가격은 전국 아파트 매매가격보다는 예측 가능성이 작지만 다른 주택유형(단독주택과 연립주택)보다는 예측이 더 쉬운 것으로 나타났다.

Analysis of the Dynamic Correlation between Housing Market and Office Market

This study demonstrated the dynamic correlation among the Seoul housing sales price, the Seoul housing rent price, the Seoul apartment lease price, the large office building rent pice, and the vacancy rate from the first quarter of 2009 to the last quarter of 2020 by a time series analysis. As the result of analysis, it is confirmed that there are no cointegration relation among the variables, so VAR model is selected for the next analysis. Also, from Granger causality test, this study confirmed that SRLI Granger Cause SRRI, SRRI Granger Cause SRSI, SRSI Granger Cause SOV and SOV Granger Cause SOR sequentially. Based on the results of Granger causality this study choose the ordering of variables for the impulse response function and analyzed it. Main results from the analysis are as follows. First, for the shock to SRLI, SRRI has positive response by 7 quarters and then, converge to 0 and SRSI has negative response after 2 quarters, and then the effect disappeared. Second, for the shock of SRLI, SOV and SOR have positive responses respectively, and then, the magnitude of the effects is not significant.

Herrings, High-Rises, and Hongeo

Herrings, High-Rises, and <i>Hongeo</i>

서울지역 아파트의 경매낙찰가율에 영향을 미치는 요인에 관한 연구 - 시점수정 낙찰가율과 법원경매 낙찰가율에 미치는 영향요인에 대한 비교연구 -

Existing studies on the real estate auction market commonly use the auction successful bid price of court auction. However, there is a limitation on using the auction successful bid price rate as an indicator for real estate market participant's decision-making due to the time difference between the timing of appraisal and the date of pricing the auction bid. From this perspective, this study identified the factors affecting the auction successful bid price rate in the Seoul apartment auction market through comparative verification regarding the factors affecting both the time-adjusted auction successful bid price rate and that of the court auction. The results of the analysis are as follows. First, it was found that the rate of change in the actual transaction price index had a negative (-) effect on the corrected auction winning price rate, however, a significant positive (+) effect on the auction winning price rate of the court auction information. Second, it was found that trading volume, change rate of land price, and elapsed years, had a positive(+) effect on the auction winning price rate.

노후 공동주택 리모델링 시 외부차양 개선을 통한 냉방에너지 및 온열쾌적성 평가

Purpose: It is intended to improve energy performance and thermal comfort by remodeling old apartments of installing external louvers. And it is intended to present design guideline of louvers for each apartment’s height. Method: Select one apartment in Seoul. One of the most vulnerable apartments is selected by reflecting the climate of Seoul. Using Ladybug, algorithms for each performance element of vertical and horizontal louvers were planned. Through this, the cooling energy demand calculation and PMV were evaluated using EnergyPlus simulation. Result: As a result of the simulation, it was found that the horizontal shade was superior to the vertical shade in terms of energy performance and thermal comfort. In addition, as a result of analyzing by building height, it was found to be more effective in the case of high-rise areas.

Comparative Analysis of Determinants of Seoul Apartment Subscription Competition Rate

This study looked at what factors determine the competition rate for apartment subscriptions by dividing the period into the Moon Jae-in government and the Park Geun-hye government. Logistic regression analysis was conducted by setting purchasing capacity, loan repayment ability, purchase tax, price outlook, selling price, unsold lease, lease rate, government dummy as independent variables and subscription competition rate as subordinate variables. A full-term model, including a dummy of government, and a separate model divided by the current and former government periods were formed to determine if there were any differences in the factors determining the subscription competition rate depending on the period. Dummy variables by the government were significant at 99% confidence levels, showing significant differences in subscription competition rates depending on the government. Depending on the timing of the apartment sale, the factors behind the subscription decision also differed. In the previous Park Geun-hye government, 6 out of 10 variables were significant at the 99% confidence level, including home purchasing capacity, loan repayment ability, purchase tax, sale price, transaction volume and lump-sum housing lease price. This can be interpreted as the principle of self-adjustment in the market played a role as the government minimizes market intervention. On the other hand, it was analyzed that only 2 of the 10 independent variables and the purchasing power index were noted during the Moon Jae-in government period, when the ceiling on the sale of private apartments, the subscription price point system, and the priority supply for the homeless were implemented. If the lump-sum housing lease price rises, the probability of a higher competition rate for subscription has increased, while on the contrary, it has been confirmed that the competition rate for subscription has increased due to a lower purchasing power.

Possible aerosol transmission of COVID-19 associated with an outbreak in an apartment in Seoul, South Korea, 2020

BackgroundScientists have strongly implied that aerosols could be the plausible cause of coronavirus disease-2019 (COVID-19) transmission; however, aerosol transmission remains controversial. The studyWe investigated the epidemiological relationship among infected cases on a recent cluster infection of COVID-19 in an apartment building in Seoul, South Korea. All infected cases were found along two vertical lines of the building, and each line was connected through a single air duct in the bathroom for natural ventilation. Our investigation found no other possible contact between the cases than the airborne infection through a single air duct in the bathroom. The virus from the first infected case can be spread to upstairs and downstairs through the air duct by the (reverse) stack effect, which explains the air movement in a vertical shaft. ConclusionsThis study suggests aerosol transmission, particularly indoors with insufficient ventilation, which is underappreciated.

The Unequal Impact of Natural Landscape Views on Housing Prices: Applying Visual Perception Model and Quantile Regression to Apartments in Seoul

Natural landscape views have positive sides, such as providing restorative effects to urban residents, and negative sides, such as deepening wealth inequality. Previous studies have mainly focused on the positives and rarely on the negatives. From this perspective, this study aimed to analyze the unequal impact of natural landscape views on housing prices for apartments in Seoul. We proposed a visual perception model to analyze natural landscape views and, based on a hedonic price model, we used ordinary least squares and quantile regression to estimate the marginal impacts on housing prices. The results show that: (1) natural landscape views had positive impacts on housing prices, but their impacts did not reach the level of structural and locational characteristics such as apartment area and the distance to subway stations; (2) natural landscape views had different marginal impacts by housing price range and, in particular, had much higher value-added effects on higher-priced apartments, meaning that if old apartment complexes are redeveloped into high-rise ones, the improvement in natural landscape views generates great profit for apartment owners and intensifies wealth inequality; (3) the geographic information system-based visual perception model effectively quantified the natural landscape views of wide areas and is thus applicable for the rigorous analysis of various landscape views.