아파트 전세가격에 미치는 영향에 관한 연구 : 창원시를 중심으로

성주한(Sung, Joo-Han) 한국부동산정책학회 2020 不動産政策硏究 Vol.21 No.2

The purpose of this study is to influence the chonsei price of an apartment in Changwon City through the core contents of the Changwon City housing market, such as the apartment chonsei price in Changwon City, the apartment sale price in Changwon City, the corporate bond yield (interest rate), the number of population in Changwon City, the housing construction permit in Changwon City, and the volume of apartment transactions in Changwon City. I would like to study and see what factors have the greatest influence. Before 2016, the variable that had the greatest influence on the change rate of chonsei price in Changwon city (GCHACHONSEI) was the rate of change in sales price of apartment in Changwon (GCHASALE), which was found to have a positive effect. And it was found that the change rate of the Changwon housing construction permit (GCHAHC) had a negative (-) effect. The next order was the change rate of unsold apartments in Changwon (GCHUNSOLD), which was found to have a negative (-) effect. In the following order, it was found to have a positive (+) effect as the Changwon Population Change Rate (GCHPOP). On the other hand, after 2016, the variable that has the greatest influence on the change rate of chonsei price in Changwon city (GCHACHONSEI) is the rate of change in the sale price of apartment in Changwon (GCHASALE), which was found to have a positive effect. The next order was the change rate of unsold apartments in Changwon (GCHUNSOLD), which was found to have a negative (-) effect. The next order was the Changwon Population Change Rate (GCHPOP), which was found to have a positive (+) effect. Before 2016, unlike other variables, there was no significant influence, but the continued decrease in the population change rate in Changwon City after 2016 is believed to have lowered the rate of change in apartment jeonse prices in Changwon.

기업형 임대주택(뉴스테이)의 주거서비스가 입주의향에 미치는 영향에 관한 연구

성주한(Sung, Joo Han),정상철(Jeong, Sang Cheol) 한국부동산학회 2018 不動産學報 Vol.75 No.-

본 연구의 목적은 일반 서민이 기업형 임대주택을 이용함에 따라 어떠한 주거서비스가 기업형 임대주택의 입주의향에 영향을 미치는지에 대한 연구를 하는데 있다. 본 연구결과를 요약하면 다음과 같다. 첫째, 연령이 적을수록 기업형 임대주택의 입주의향에 긍정적인 영향을 주는 것으로 나타났다. 둘째, 자가가 아닌 임차로 살고 있는 사람은 기업형 임대주택 입주의향에 긍정적인 것으로 파악되었다. 셋째, 희망할 경우 8년까지 장기거주가 가능한 경우와 양호한 입지여건(교통, 주변환경)의 경우에는 기업형 임대주택 입주의향에 긍정적인 것으로 판단되었다. 넷째, 본 논문에서 가장 중요한 보육 돌봄 서비스 연계 지원, 파출부·청소·소독 등 지원 서비스, 휘트니스 센터 및 헬스장이 기업형 임대주택의 입주의향에 긍정적인 것으로 판단된다. 다섯째, 통영의 9개 지역 중에서 용남면과 봉평동이 기업형 임대주택의 입주에 긍정적인 것으로 파악되었다, 그리고 이 두 지역이 다른 지역보다 기업형 임대주택을 건설할 때 의미있는 지역이라고 볼 수 있을 것이다. 1. CONTENTS (1) RESEARCH OBJECTIVES The purpose of this study is to investigate what kind of residential services affect the intention to move of the tenant to use the Enterprise Type Rental Housing(New Stay) (2) RESEARCH METHOD This study employed the regression analysis and logistic regression analysis to achieve the major objectives of this study (3) RESEARCH FINDINGS The implications of this study are as follows : First, as the results of this study are examined, it is concluded that the residential service is one of the most important factors in deciding the intention of moving of the enterprise type rental housing. Second, this study has a great implication which is the first empirical analysis paper on the effect of residential service on the intention to move in the enterprise type rental housing. 2. RESULTS The results of this study are as follows : First, the lower age, the more positive effect is on the intention of moving. Second, those who live in a lease, not a ownership, are found to be positive for the intention to move into an enterprise type rental housing. Third, it is considered that the long - term residence permit up to 8 years and the favorable location conditions (traffic and surrounding environment) are positive for the intention to move into an enterprise type rental housing. Fourth, in this paper, it is considered that the most important support services such as support for childcare service, support services such as cleaning and disinfection, fitness center and gym are positive for the intention to move into an enterprise type rental housing. Fifth, Yongnam-myeon and Bongpyeong-dong were found to be positive for the intention to move into an enterprise type rental housing among 9 areas of Tongyoung, and these two areas can be regarded as a meaningful area when constructing an enterprise type rental housing.

GARCH(1, 1) 모형을 이용한 전국 아파트 전세가격의 거시적 동태모형에 대한 연구

성주한 ( Sung Joo Han ),윤영식 ( Yoon Young Sik ) 한국부동산학회 2014 不動産學報 Vol.57 No.-

본 연구는 거시경제변수와 부동산변수를 이용한 전국 아파트 전세가격의 거시적 동태모형을 분석하기 위해 GARCH(1, 1) 모형을 적용하여 분석하였다. 분석 결과, 1분기 선행시차인 실질GDP 성장률(정(+)의 영향)과 회사채수익률(부(-)의 영향), 소비자물가상승률(부(-)의 영향)이 영향을 주었고, 동차에서 주가변화율(부(-)의 영향)과 실업률(부(-)의 영향), 전국 아파트 매매가격 변화율(정(+)의 영향)이 영향을 주었으며, 12분기 선행시차인 주거용 건축허가면적 변화율(부(-)의 영향)이 영향을 준 것으로 나타났다. 또한 시기별 비교를 통해 금융위기 이전에는 전국 전세가격 변화율이 거시경제변수와 부동산변수가 관련을 맺고 있는 것을 볼 때, 펀더멘탈(fundamental)을 반영하는 지표로서 이용할 수 있지만, 금융위기 이후에는 펀더멘탈의 기능을 기대할 수 없는 것으로 예전의 시장과는 매우 다른 양상을 보여주는 것으로 나타났다. 1. CONTENTS (1) RESEARCH OBJECTIVES The purpose of this study is to investigate the macroeconomic dynamic model of national apartment chonsei price by using the macroeconomic variable and the real estate variable by using the GARCH(1, 1) model. (2) RESEARCH METHOD This study employed the GARCH(1, 1) Model to achieve the major objectives of this study. (3) RESEARCH FINDINGS It also finds national apartment chonsei price change rate was correlated with macroeconomic and real estate variables, functioned as an indicator to reflect market fundamentals in the years before the Global Crisis of 2008. But, no the relationship was found in the years after the Crisis and doesn’t work anymore as a barometer of market conditions. 2. RESULTS As a result, the return of corporate bond(negative(-) effect), inflation (negative(-) effect) and the growth rate of real GDP(positive(+) effect), the leading difference of the first quarter, had an effect on the Chonsei price. And the rate of change in the stock price and the rate of unemployment(negative(-) effect), the rate of change in the selling price of nationwide apartment housing(positive(+) effect) had an effect on the Chonsei price. And it was found that the rate of change in the permitted area of residential building had an effect on the Chonsei price. It also finds national apartment chonsei price change rate was correlated with macroeconomic and real estate variables, functioned as an indicator to reflect market fundamentals in the years before the Global Crisis of 2008. But, no the relationship was found in the years after the Crisis and doesn’t work anymore as a barometer of market conditions.

임분구조 조정에 의한 평창지역 천연 활엽수림의 이단림 조성 방안

성주한 ( Joo Han Sung ),이영근 ( Young Geun Lee ),박고은 ( Ko Eun Park ),신만용 ( Man Yong Shin ) 한국산림과학회 2015 한국산림과학회지 Vol.104 No.3

This study was conducted to provide a method of establishing two-storied forests by the adjustment of stand structures in natural deciduous forests of Pyeongchang area. Three permanent sampling plots of 0.09 ha were established in study site and some tree variables were measured in each sampling plot before the treatment of two-storied system. Stand attributes and stand structures before treatment were estimated based on the data measured in sampling plots. The results indicate that the current stand status is different from typical stand structures of two-storied forests. A simulation technique was applied to predict stand attributes and stand structures after the treatment of two-storied system. Results suggest that significant time is required to accomplish target stand structures even after applying the treatment of two-storied system. Number of trees in the upper canopy class after treatment was predicted to be 170 trees/ha, which adequately meets the target of two-storied forests. It was predicted, however, that the lower canopy class trees has much less trees compared with the typical stand structures of two-storied forests. This problem could be solved with ingrowth of infant trees over time or by under-planting of tolerant species. It is confirmed that the target growing stock volumes of the upper canopy class should be approximately 150 m3/ha considering stand status after treatment. It is predicted that twenty years of conversion period is required to accomplish this goal. The changes in stand structures over time should be assessed based on stand inventory carried out every five years, and additional treatments for inducing two-storied forests should be applied if necessary.

패널데이터를 이용한 금융위기 이전과 이후 수익용 부동산의 임대수익 영향요인에 관한 연구

성주한(Sung Joo Han),정삼석(Chung Sam Seok),정상철(Jeong Sang Cheol) 한국부동산학회 2017 不動産學報 Vol.71 No.-

금융위기 이전과 이후를 비교하면, 금융위기 이전에는 경제적 특성에서 부채 총액에서 임대수익에 정(+)의 효과가 나타난 것은 부채를 빌려 부채 이상의 더 많은 수익률을 높이기 위한 정(+)의 레버리지 효과가 작용하는 것으로 생각되고, 금융위기 이후의 부채 총액에서 임대수익에 부(-)의 효과가 나타난 것은 금융위기 이후 부동산 경기가 좋지 않아 부채를 빌려서 투자하더라도 그 만큼의 임대수익으로 연결되지 않아 정(+)의 레버리지 효과가 나타나지 않은 것으로 파악된다. 금융위기 이후는 이전과 금융위기 이전과 비교할 경우 관계적 특성에서도 약간의 차이가 난다. 금융위기 이전에는 개인적인 여가활동과 현재 건강이 좋을 경우 임대수익에도 긍정적으로 작동하는 반면, 금융위기 이후 주거환경과 사회경제적 지위가 높은 경우가 관계적인 면에서 좋기 때문에, 그것에 의해 임대수익에도 좋은 것으로 파악되었다. 1. CONTENTS (1) RESEARCH OBJECTIVES The purpose of this study is to investigate the effects of population and social, regional, economic, and relational characteristics on rental income for the factors affecting rent income of real estate for profit. (2) RESEARCH METHOD This study employed the random effect model through the housman test to achieve the major objectives of this study. (3) RESEARCH FINDINGS The implications of this study are as follows. First, in the study on the factors affecting rental income before and after of the financial crisis, the factors affecting the rental income are not the physical characteristics, This research is based on the perspective of individual suppliers. It is a highly scarce study of population and social characteristics, regional characteristics, economic characteristics, and relational characteristics. Second, the results show that the leverage effect is positive (+) before the financial crisis, while the leverage effect does not have a leverage effect after the financial crisis. Third, there is no case in which panel analysis is performed using panel data so as to examine rental income of real estate for profitability. 2. RESULTS The results of this study are summarized as follows. The positive effect of leverage on the total liabilities in the economic characteristics before the financial crisis seems to be due to the positive leverage effect in order to increase the yield more than debt by borrowing the debt. The negative effect of lease income on the total debt after the financial crisis is because the real estate market is not good after the financial crisis, so even if the debt is borrowed, Respectively. After the financial crisis, there is a slight difference in relational characteristics when compared with before and before the financial crisis. It is also good for rental profits because it is good for the relationship between private leisure activity and current lease income before the financial crisis, while the residential environment and socioeconomic status after the financial crisis is good.

지역 주택시장의 변화에 관한 연구

성주한(Sung, Joo Han),정삼석(Chung, Sam Seok),정상철(Jeong, Sang Cheol) 한국부동산학회 2018 不動産學報 Vol.74 No.-

1. CONTENTS (1) RESEARCH OBJECTIVES The purpose of this study is to investigate the factors influencing the change of Local housing market through the dynamic comparison between Changwon and Seoul. (2) RESEARCH METHOD This study employed the Vector Error Correction Model to achieve the major objectives of this study. (3) RESEARCH FINDINGS The implication of this study is that it is meaningful to compare the housing market of Seoul and Changwon with the opposite housing market. The housing market in Seoul began to decline in 2011, and recently housing prices have risen steadily since 2017 and 2018. Since the merger of Changwon, Masan, Changwon and Jinhae, housing prices have risen sharply. Recently, housing prices have fallen the most in the country from 2016 to 2018, so it would be worth comparing the two areas. 2. RESULTS The results of this study are as follows. The price change rate of Seoul apartment is the most influential variable in Seoul apartment sale price, followed by the change rate of Seoul unsold housing . Since the financial crisis, the Seoul apartment market has not been affected by the fundamentals, and the effects of unsold housing and chonsei prices have become more important than the effects of macroeconomic variables. On the other hand, the most influential variable on the sale price of apartment in Changwon City is Gyeongnam Housing Construction(completed), followed by chonsei price change rate of Changwon apartment. In other words, the Housing Construction(completed) of the apartment in Changwon City is the biggest impact, and the sales price of the apartment in Changwon City is falling when the construction of the house is increased. 본 연구의 목적은 서울시와 통합창원시의 동태적 비교를 통해 지역 주택시장의 변화에 영향을 미치는 요인이 어떠한 것이고, 영향력은 어떠한지 알아보는데 있다고 하겠다. 연구결과의 요약으로는 서울시 아파트 매매가격에 가장 큰 영향을 주는 변수는 서울 아파트 전세가격 변화율이고, 그 다음이 서울 미분양 변화율인 것으로 나타났다. 금융위기 이후 서울 아파트 매매시장은 펀더멘탈(fundamental)의 영향을 받지 않는 것으로 거시경제변수에 의한 영향보다는 미분양, 전세가격의 영향이 더 중요하게 부각되었다. 반면, 통합창원시 아파트 매매가격에 가장 큰 영향을 미치는 변수는 경남 주택건설실적(준공)이고, 그 다음으로는 창원 아파트 전세가격 변화율인 것으로 나타났다. 즉, 통합창원시 아파트 매매가격에 준공시의 주택건설실적이 가장 큰 영향을 미치는 것으로, 주택건설실적이 증가할 경우 통합창원시 아파트 매매가격이 하락하는 것을 알 수 있다.

구조방정식 모형을 이용한 수도권의 부동산 중개서비스 품질에 관한 연구

성주한(Sung, Joo Han),윤영식(Yoon, Young Sik) 한국도시행정학회 2015 도시 행정 학보 Vol.28 No.1

본 연구는 구조방정식 모형을 이용하여 수도권의 부동산 중개서비스 품질에 영향을 미치는 요인들을 살펴보기 위한 것이다. 부동산 중개서비스 품질의 요인인 윤리성, 전문성, 공감성, 신뢰성, 유형성, 확신성을 통해 성과변수인 서비스 품질과 미래 이용, 구전효과를 측정하고자 하였다. 구조방정식 모형을 이용한 수도권의 부동산 중개서비스 품질에 관한 연구의 분석 결과는 다음과 같다. 부동산 중개서비스 품질의 요인(차원) 중 부동산 중개서비스 품질에 영향을 미치는 것은 윤리성, 유형성, 신뢰성이었다. 특히, 그 중에서 가장 큰 영향력을 주는 요인(차원)은 윤리성으로 나타났다. 부동산 중개서비스 품질 성과변수들 간에도 부동산 중개서비스 품질이 미래 이용에 영향을 주고, 구전효과에도 영향을 미친 것으로 나타났다. 윤리·도덕적으로 깨끗한 윤리성을 지닌 부동산 중개업자는 부동산 중개서비스 품질을 높여 소비자로 하여금 미래에 반복적으로 이용하게 만들 것이고, 다른 사람에게 추천함으로서 구전효과를 높이게 될 것이다. 이 논문에서 연구의 시사점은 첫째, 부동산 중개서비스 품질에 대한 중요한 요인(차원)들이 많음에도 불구하고 탐색적 요인분석과 신뢰성 분석, 확인요인분석, 구조방정식 모형을 통해 6개의 요인(차원) 중에서 윤리성이 부동산 중개서비스 품질에 가장 큰 영향을 미친다는 것이 가장 큰 시사점이라고 할 수 있을 것이다. 이는 지금까지 선행연구에서 볼 수 없는 새로운 결과이다. 둘째, 최근 부동산 중개업의 상황과 맞물려서 적절한 논문이라는 것이다. 현재 부동산 중개업의 상황에서 부동산 중개업자가 가장 중요시 여겨야 할 것이 무엇인지를 알 수 있게 하는 논문이라고 생각된다. This study used structural equation modeling to examine the factors affecting the real estate brokerage service quality in the metropolitan area. Through the ethical factor of service quality, professionalism, empathy, reliability, tangible, certainty, service quality, the future use and from mouth to mouth effect used as performance variables was to be measured. Results of this research on the brokerage service quality in the metropolitan area applying structural equation modeling are as followed. ethics, tangible, reliability are appeared to be affected, Especially the most influential factor of those is to be appeared ethics. Even between the brokerage service quality performance variables, the brokerage service quality is appeared to affect the future use and from ‘mouth to mouth’ effect. Ethical and morally clean agent will improve the quality of brokerage services, thereby causing the consumer will make repeated visit in the future and would recommend it to others by word of mouth effect. Implications of the research from these results. First, despite the important dimensions (factors) are plenty for the brokerage service quality and By exploratory factor analysis and reliability analysis, confirmation factor analysis, structural equation modeling (SEM), that ethical factor of six dimensions is affected the largest influences to brokerage service quality will be called to the great implications. This is a new result without the prior studies so far Second, this paper is the proper study of the recent situation combined with the brokerage. This paper is considered to be able to know what real estate agent cherish the most important in the context of the current brokerage service.

특성별 서울 아파트 전세가격 결정모형에 관한 연구

성주한(Sung, Joo Han),서철수(Seo, Chul Soo),윤정득(Yoon, Jung Duck) 한국지적학회 2014 한국지적학회지 Vol.30 No.2

전세가격은 전세시장의 전반적인 상황을 나타내 주는 대표적인 지표이며, 전세가격의 변동은 여러 가지 요인에 의해 영향을 받는다. 또한, 전세가격의 변동은 다양한 요인들의 복합적인 변화를 전세 소비자에게 전달하는 신호 역할을 한다. 본 연구의 궁극적인 목적은 최근의 전세가격 상승 원인을 분석하여 미래에는 어떤 방향으로 변할 지에 대한 예측을 가능케 하고, 전세가격 변화에 대한 예고 지표로 활용될 수 있는 전세가격 결정모형을 설정하는 것이다. 즉, 횡단면 자료를 이용한 서울 아파트 전세가격 결정모형을 통하여 미시적인 측면에서 어떠한 요인들이 전세가격에 영향을 미치는지 헤도닉 가격 모형(Hedonic Price Model)을 적용하여 실증 분석을 하였다. 분석 결과, 4개의 특성(아파트 특성, 가격 특성, 수요ㆍ공급 특성, 사회적 특성) 중 아파트 특성이 가장 중요한 요인으로 나타났으며, 특히, 아파트 특성 중에서 물리적 특성과 경과 연수, 접근성에 대한 부분이 유의성 있는 것으로 분석됨에 따라 거주에 대한 효용 측면을 중요시 하는 것으로 판단되었다. 가격 특성에서는 전국지가변동률과 아파트 매매가격변동률, 아파트 전세가격변동률이 서울 아파트 전세가격에 영향을 주는 것으로 분석되었다. 그리고 수요ㆍ공급 특성에서는 수요 측면의 인구수와 공급 측면의 멸실주택수, 재건축입주량, 재개발입주량이 서울 아파트 전세가격에 영향을 주는 것으로 나타났다. 사회적 특성에서 장기전세주택 Shift가 있는 지역은 서울 아파트 전세가격에 영향을 주었다. 또한 OLS 및 PLS 회귀분석 결과를 살펴보면, 서울 아파트 전세가격에 영향력을 크게 미치는 변수들은 교육적인 측면, 쾌적성 측면, 가격특성 측면, 접근성 측면인 것으로 나타났다. The hedonic price model was applied to get the apartment Chonsei price decision model for Seoul by using cross-sectional data at the microstructural level. As a result of analysis, the apartment characteristic of four ones(apartment characteristic, price characteristic, demand and supply charac- teristic and social characteristic) was found to be the most important one. Especially, it was found that physical properties, the number of years of passage, accessibility were significant, which implies that value was put on the utility of residence. And it was found that price characteristics such as the fluctuation rate of land price, selling price and Chonsei price had an effect on the Chonsei price. And it was found that the number of the population had an effect on the Chonsei price in terms of demand and that the number of disappeared houses, quantities of occupied rebuilt houses and quantities of occupied redeveloped houses had an effect on the Chonsei price. The region where the shift, long-term Chonsei, had an effect on the Chonsei price in terms of social characteristics. In addition to, looking at OLS and PLS regression, Seoul apartment chonsei prices significantly are influenced by educational aspects, comfort aspects, characteristic aspects of price, aspects of accessibility, respectively.

창원시 아파트 미분양에 미치는 영향에 관한 연구 : 2016년 구조적 변화를 중심으로

성주한(Sung, Joo-Han),윤영식(Youn, Young-Sik) 한국부동산정책학회 2020 不動産政策硏究 Vol.21 No.3

The purpose of this study is to analyze the impact on unsold apartments in Changwon City before and after structural changes, and to examine the difference between the two periods. Through these differences, I would like to add policy suggestions for the management of unsold sales in Changwon City. The effect of this study on unsold apartments in Changwon before and after 2016 is as follows. Prior to 2016, the variable that had the greatest influence on the unsold apartments in Changwon city was the change rate of housing construction permit in Changwon City (GCHAHC), followed by the rate of change in the apartment chonsei price in Changwon City (GCHASCHONSEI). The change rate of housing construction permit in Changwon (GCHHC) has a negative (-) effect, and the performance of housing construction permit in Changwon was concentrated from 2011 to 2013. For this reason, even though there are many Changwon housing construction permit, it was found to have had a negative (-) effect because unsold sales in Changwon were reduced because all of them were satisfied by demand. In addition, the rate of change in apartment chonsei prices (GCHACHONSEI) in Changwon has a negative (-) effect. As the chonsei price rises and the sale price rises, the unsold apartments decreased even if the supply volume increased. Since 2016, the variable that has the greatest influence on the unsold apartments in Changwon City is the change rate of housing construction permits (GCHAHC) in Changwon City, followed by the rate of return on corporate bonds (GCPR). The change rate of housing construction permits of Changwon-si(GCHHC) has a negative (-) effect. Since 2016, demand has declined due to the stagnation of the Changwon city s economy, and the unsold apartments in Changwon city increased because the supply of housing construction completed in Changwon before 2016 continued to stagnate after 2 years and 6 months to 3 years. In addition, the corporate bond yield (GCPR) has a negative (-) effect, and the decline in interest rates was found to increase unsold sales in Changwon. It was found that the decline in interest rates increased the housing price, which increased the performance of the housing construction license in Changwon, thereby increasing unsold sales in Changwon.

서울 아파트 전세가격과 매매가격의 차이에 관한 연구

성주한(Sung, Joo Han),박필(Park, Pil) 韓國不動産學會 2014 不動産學報 Vol.57 No.-

이 논문은 서울 아파트 전세가격과 매매가격의 차이를 살펴보기 위한 연구로서 헤도닉가격모형을 이용하였고, 방법론으로는 다중회귀분석을 적용하였다. 본 논문의 결과에서 전세가격은 물리적 특성(향, 난방, 연료)과 경과년수, 입지특성 중 접근성(인근공원, 하천, 한강, 고등학교, 역)이 매우 의미있게 나왔는데, 이는 임차인들이 주거공간을 이용할 때 편안함과 편리성을 중시하기 때문이고, 이로 인해 효용성(utility)이 높아지는 중요한 변수이다. 반면, 매매가격은 단지 특성 중 경과년수(+ ; 재건축효과)와 입지특성 중 조망권(하천조망권, 한강조망권), 재건축입주량(+ ; 재건축효과)이 의미있게 나왔는데, 이는 아파트 소유자들이 아파트를 선택할 때, 효용성보다는 자산가치를 상승시키는 측면을 선호하므로, 자본이득(capital gain)을 얻을 수 있는 변수들이 중요하게 나타났다. 1. CONTENTS (1) RESEARCH OBJECTIVES The purpose of this study is to investigate the difference of the Chonsei price and Sale Price of apartment in the Seoul by using the hedonic price model. (2) RESEARCH METHOD This study employed the multi regression analysis to achieve the major objectives of this study. (3) RESEARCH FINDINGS As a result of analysis, The difference of the Chonsei Price and Sale Price was focused on either utility or capital gain. Chonsei Price was focused on the utility with relation to physical characteristics and accessibility. On the other hand, Sale Price was focused on the capital gain with regard to site characteristics and view right 2. RESULTS Multiple Regression Analysis is applied for our study to check the difference of Chonsei and Sale price. As a result of analysis, this study offers each difference. Chonsei Price was found that physical properties(direction, heating system, heating fuel), the number of years of passage, accessibility were significant, which implies that value was put on the utility of residence. On the other hand, Sale Price was focused on the capital gain with regard to site characteristics(the number of years of passage(+ ; rebuilding effect) and view right(Han River view right, river view right), quantities of occupied rebuilding house(+ ; rebuilding effect), and it had an effect on the Sale Price.