아파트 단지특성이 아파트 가격에 미치는 영향 분석 = The Impacts of Complex - specific Characteristics on Apartments` Prices in Seoul

다국어 초록 (Multilingual Abstract)

Following the hedonic pricing methodology, this paper focused on different aspects of housing characteristics by considering multifamily housing, that Is, apartments. Our objectives were ⅰ) to confirm whether the stylized facts observed in single family housing in western countries are consistently applied to apartments in Korea, ⅱ) to examine whether different features of apartment complexes affect housing prices, and ⅲ) to further analyze the effects of various characteristics specific to Korean apartments. Our estimation results indicate that the impacts of some of characteristics are consistent with those found in studies that Investigate housing prices In the west. Several characteristics unique to apartment complexes had statistically significant effects. The average size of apartment units in a complex increases housing price, reflecting a within-complex positive externality, and the apartment in a complex for both residential and commercial use has a lower housing price, indicating a within-complex negative externality. The housing price is found to eventually increases as housing gets older. This result reveals some of particular aspects of the Korean market for apartments. Expectations on future capital gains are capitalized Into the housing price. This capital gains effect becomes more obvious when some actions for redevelopment were actually undertaken. Our results reveal a very strong and positive Impact of this variable.