In land price appraisal, the comparison approach of the standard land has been mainly used in Korea. Even though there have been several problems, relevant studies are not sufficient. The whole amendment of ‘the rules on appraisal practice’ was on...
In land price appraisal, the comparison approach of the standard land has been mainly used in Korea. Even though there have been several problems, relevant studies are not sufficient. The whole amendment of ‘the rules on appraisal practice’ was on the legislative notice by the Ministry of Land, Transport and Maritime Affairs in 2012. Therefore this is the time to discuss the problems on the comparison approach of the standard land and ‘the rules on appraisal practice’. The purpose of this study is to analyze the problems on the comparison approach of the standard land and to find the improvements. The results of the study are as follows: First, factors influencing the land price have to be divided into regional factors and individual factors. Natural, social, economical and administrational factors has to be included in regional factors, too. Second, circumstances correction is needed in the comparison approach of the standard land. Third, the comparison date of factors influencing the land price has to be like this: comparison date ofthe standard land is the basic date for official notice, comparison date of object land is the date of price. Fourth, the correction of the other factors is unnecessary, so it has to be left out.