This study was conducted to reveal the determinants of the price of the small and medium-sized building. Gangnam station all sides 1,170,000 square meters and since 2007, sold 109 small and medium-sized buildings were included in this study. This stud...
This study was conducted to reveal the determinants of the price of the small and medium-sized building. Gangnam station all sides 1,170,000 square meters and since 2007, sold 109 small and medium-sized buildings were included in this study. This study, 25 variables divided into three characteristics, the hedonic model of Semi-log function as multiple regression analysis was performed. Institutional characteristics and characteristics of natural characteristics and the humanities were divided into the three. Logistic regression analysis showed the coefficient of Adjusted R-squared 0.892, revealed 10 significant variables at the 5% level of significance. The results of the analysis are as follows.
First, it was able to identify on the price determinants of the small and medium-sized building. Results of the multiple regression analysis, the institutional characteristics of the commercial area and the official land price ratio, and natural characteristics, location, land area, the road width, Walking time variables were significant. And Humanities characteristics were statistically significant of the gross floor area, stories, type of ownership patterns and the ratio mortgages. However, the residential area, Parking lot, elevator and building types, Direction, Roads who statistically significant did not. In addition, the design, the period of the building using variables on the first floor did not significantly
Second, this study could be found that the ratio mortgages, and ownership patterns affecting the trading price of the small and medium-sized building. As a result, the pricing of the small and medium-sized building, the amount of the transaction and the zoning and the location of the building greatly influenced. And ownership patterns, Walking time from the metro station, Stories and road width had an influence.
Third, to understand the characteristics of small-and medium-sized building and were able to define the concepts and features. Small and medium-sized buildings, compete with each other and complement and communicate through human relationships and creating the urban landscape, work and residence unites. In addition, the supply is always shifting and changing demand of the real estate space, depending on the system and the flow of fashion and social environment, neighborhood formation, office and asset features. Classification based on medium-sized building 10,000㎡ Gross Floor Area of less than and is proportional to the Gross Floor Area on the 20th floor of less than. Classification based on small building 5 floors of less than and is proportional to the area, was defined based on the Gross Floor Area 1,000 ㎡ under
These findings revisited the small and medium-sized buildings able to cope with the changing real estate environment, and are able to discover the possibilities. In addition, the sale of the building to study in applying case of actual transaction price, and similar studies or the price of a building exponentiation and various real estate activities will contribute to the future.
Key Words : Hedonic price model, small and medium-sized building, Determinants of
building price, actual transaction price