아파트 매매가격 및 전세가격의 지역별 파급효과: GVAR 모형 접 근법

윤재형 강원대학교 경영경제연구소 2022 Asia-Pacific Journal of Business Vol.13 No.3

We analyze the regional ripple effects of both the sale prices and cheonsei prices using the global VAR(GVAR) model. The interest rate shock causes the regional sale prices to fall. Moreover, the greatest responses to the shock are those of Gangnam-gu, etc. because of there were many transactions for investment purpose. When interest rate rose, the cheonsei price in Gangnam-gu reacted greatly. Conversely, if interest rates fall, the cheonsei demand to live in Gangnam-gu increases. Furthermore, the response of sale price to the interest rate shock are greater than those of the cheonsei prices. Whereas, a positive shock on the sale price in Gangnam-gu increases the sale price there. It also raises the sale prices of the surrounding area in a similar pattern. The shock on the sale price in Gangnam-gu also increases the cheonsei price in Gangnam-gu. In addition, an increase in the sale price in Gangnam-gu leads to increases of cheonsei prices in other regions. Therefore, the recent rise of the base rate can negatively affect the sale prices, and thus a decrease in the sale price spreads to the surrounding areas. Accordingly, it is time for policy alternatives to make a soft landing in sale prices.

임대주택법상 분양전환가격 규정의 강행규정성

오영준 사법발전재단 2011 사법 Vol.1 No.17

이 사건은 원고들이, “임대아파트의 임대의무기간(5년) 경과 후 원고들(무주택 임차인)과 대한주택공사 사이에 체결된 분양계약은 그 분양전환가격이 임대주택법의 ‘분양전환가격 산정기준’에 위반되어 일부 무효이다.”라고 주장하며, 대한주택공사(피고)를 상대로 법정 분양전환가격을 초과하여 납입한 분양대금 상당의 부당이득반환을 청구한 사건이다. 그 쟁점은 임대주택법 관련 법령의 분양전환가격 규정이 강행규정인지 여부이다. 종래 대법원 2004다33605 판결은, 임대주택법 시행규칙이 정한 기준에 위반하여 분양전환가격을 산정하였다는 사정만으로 분양전환가격 약정을 무효로 볼 수 없고, 임차인의 우선분양권을 사실상 박탈하는 정도에 이르러야만 무효라고 판시하고 있다. 위 판결의 판시 법리를 유지하는 한, 분양대금의 10% 정도를 법정 분양전환가격보다 높게 책정한 이 사건 분양계약을 가리켜 “그 분양전환가격이 지나치게 높아서 임차인의 우선분양권을 사실상 박탈하는 정도”라고 보기 어렵다. 따라서 이 사건 분양계약은 유효라고 보아야 하고, 원고들의 부당이득반환청구는 배척되어야 한다. 그런데 종래 판례의 주류적 경향은, (i) 공급자의 횡포를 방지하고 일반 소비자를 보호할 필요가 있는 경우, 특히 사회적 약자 층을 보호할 공익적 요청이 강한 경우, (ii) 그것이 거래의 안전을 해한다는 등의 특별한 사정이 없는 한 혹은 거래의 안전을 해한다 하더라도, (iii) 거래가격 통제 법령(예: 부동산중개업법상의 중개수수료 규정, 임대주택법상의 임대료 및 임대보증금 규정)을 강행규정으로 보고 이를 위반한 사법적 계약을 무효로 보아 왔다. 특히 임대주택법은 ① 국가ㆍ사회적으로 심각한 供給不足 財貨인 土地ㆍ住宅의 適正한 分配를 둘러싸고, ② 주거취약 계층인 무주택 서민의 주거안정을 도모하기 위하여, ③ 국가가 각종 재정적 지원(장기저리 융자)과 세금감면 등을 통하여 임대주택건설사업을 적극 지원하고, ④ 임대사업자로 하여금 공공건설임대주택을 건설한 후 이를 무주택 서민에게 임대ㆍ우선분양하도록 하며, ⑤ 그 임대과정에서 각종 지원을 받은 임대사업자의 횡포를 방지하고 임차인들을 보호하기 위하여 임대보증금ㆍ임대료 액수와 분양전환가격을 법적으로 통제하고, ⑥ 분양전환가격을 위반하여 분양전환한 임대사업자들을 2년 이하의 징역 등에 처하도록 하는 형사처벌 규정까지 마련하고 있다. 이러한 임대주택법의 입법목적과 취지 등을 종합하면, 분양전환가격에 관한 임대주택법 관련 규정은 강행규정이라고 풀이하는 것이 종래 판례의 경향에 부합해 보인다. 더구나 종래 판례는 국가로부터 아무런 지원을 받지 않은 사경제주체(공급자)가 일반 소비자와 거래하면서 법령상의 가격한도 규정(예 : 중개수수료 등)을 위반한 경우 그 한도 초과분의 약정을 무효로 보았는바, 임대주택법과 세법 등에 의하여 각종 지원과 혜택을 받은 임대사업자가 법정 분양전환가격 규정을 위반하여 분양계약을 체결하더라도 그것이 사법상 유효하다고 보는 해석은 균형을 상실한 측면이 있다. 또한 대법원 2004다33605 판결은 “분양전환 산정기준”에 관한 법령상 근거 규정이 마련되었음에도 불구하고, 그에 관한 법령상의 근거가 없었던 시절에 임차인들을 보호하기 위하여 창안한 대법원 95다38110 판결의 판시 법리를 그대로 답습한 것이어서 이론적으로 문제가 ... The plaintiffs of this case claim for the return of unjust enrichment which exceeds the legal unit sale conversion price against the Korea Land Housing Corporation(the defendant) alleging that “the unit sale contract between the plaintiffs (lessees without houses) and the Korea Land Housing Corporation after 5 years of mandatory lease period is invalid since the unit sale conversion price against ‘the unit sale price determination criterion’ of the Rental Housing Act.”The issue is whether the Rental Housing Act related to the unit sale conversion price provision is mandatory. The Supreme Court Decision 2004Da33605 held that the unit sale conversion price agreement does not become invalid merely because the unit sale conversion price is determined against the Rental Housing Act Enforcement Rule, and it becomes invalid when a priority unit purchase right is actually taken away. Under the above decision's legal principle, the unit sale contract of this case with 10% higher than the legal unit sale conversion price is hard to be viewed as “a lessee's priority unit purchase right is actually deprived due to its high unit sale conversion price.” Thus, the unit sale contract of this case is valid and the plaintiffs' claim for return of unjust enrichment should be rejected. The main stream of prior precedents has held that (i) where a supplier's high-handedness needs prevention and ordinary consumers need protection, especially where the public demand is highto protect the socially weak class, (ii) barring special circumstances such as harming transaction security or even if the trade security is harmed (iii) since the transaction price control rules (example: the Real Estate Brokerage Act's brokerage fees rule, the Rental Housing Act's rental fees and security money provision) are mandatory provisions, the private contract has been regarded as invalid if they are violated. The Rental Housing Act intends ① in the distribution of land and houses which are seriously in short supply, ②to help housing stability of low income class without houses, ③ to support the rental house construction business with financial assistance(low interest rate loan) and tax reduction, ④ to let the rental business enterpriser build, lease or sell public construction rental house to low income classes without houses, ⑤ to control rental business enterpriser's wrongdoing to protect lessees and lease security money, rent and unit sale conversion price legally, ⑥ to impose criminal punishment up to 2 years to rental business enterprisers violating a unit sale conversion price. In light of the above Rental Housing Act, its unit sale conversion price complies with the precedents if interpreted as mandatory provisions. Further, the precedents saw the agreement violating legal limits between private economy entity (supplier) and consumers (example: brokerage fees) as invalid as related to the excess and thus, it is not fair to hold that the unit sale contract which violated the legal unit sale conversion price is valid despite diverse assistance and benefits from the Rental Housing Act and the tax laws. Further, the Supreme Court Decision 2004Da33605 is problematic theoretically since despite the legal ground of “sale conversion criterion”, it repeats the reasoning of Supreme Court Decision 95Da38110 rendered at the time without the ground to protect a lessee. Further, the Supreme Court Decisions 2003DA11813 and 2010Da23425 saw the Rental Housing Act's standard security money and rent as mandatoryprovisions and invalidate private contracts which violate them, and so the overruling is necessary. The Decision is proper to overrule Supreme Court Decision 2004Da33605 and saw the Rental Housing Act's unit sale price determination criterion as mandatory provision. The Decision will exercise a positive influence on the smooth sale of rental houses to lessees without houses upon the exercise of a priority unit sale conversion right under the R...

주택 전세/매매가격비율 변동분석에 관한 연구

전해정(Chun, Hae Jung) 한국부동산학회 2013 不動産學報 Vol.53 No.-

1. CONTENTS (1) RESEARCH OBJECTIVES This study is to theoretically and empirically analyze the dynamic correlation between house lease price (on a deposit basis), house sale price, and house lease price to house sale price ratio. (2) RESEARCH METHOD In this study, research method was through time series analysis (VECM). (3) RESEARCH FINDINGS As a result of the impulse response analysis, the house lease price to house sale price ratio shows positive (+) response against 1 unit impulse of house lease price, and the house lease price to house sale price shows negative (-) response against 1 unit impulse of house sale price. Therefore, it is shown that the results of theoretical models and empirical analysis are same because sale price increase gives negative impact to house lease price to house sale price as the previous theoretical models and cointegration coefficients. In addition, as a result of the examination on the size of the reaction of the house lease price to house sale price ratio against 1 unit impulse of house sale price and 1 unit impulse of house lease price, it is shown that the signs are in the opposite direction, but the impact and extent of sale price are greater than those of the lease price 2. RESULTS The signs of the theoretical models and empirical models are consistent on the whole. There is differences between regional but there is a possibility that the current increase of house lease price to house sale price causes the further increase of house sale price. Therefore, the government should prepare the policy measures for the stabilization of house price and the effective and immediate counter plan by continuously watching house market.

지역특성이 전세·매매가격비율에 미치는 영향요인분석 -수도권 아파트 규모 및 지역별 중심으로-

강남훈 ( Kang Nam Hoon ),김영중 ( Kim Young Jung ) 한국부동산학회 2012 不動産學報 Vol.49 No.-

1. CONTENTS(1) RESEARCH OBJECTIVES Recently, in spite of falling the housing price, the price of rent and Jeon-se are rising in Seoul Metropolitan area. The government makes an effort to be stable housing market but, after March, 2009 the Jeon-se price keep increasing. Because of the flows of sale price and Jeon-se price change different way, the study for ratio of Jeon-se to sale price is necessary. The ratio of Jeon-se to sale price consist of two different prices. So, it can consider Jeon-se and sale price at once.(2) RESEARCH METHODThis study suggests that we need to introduce a region-specific housing policy. The results are means that each sub-market are affected by different factor. Therefore, the policy has to focus to solve the imbalance with a respective way.(3) RESEARCH FINDINGSThe data consist of 62 districts in Seoul Metropolitan area. Data were analyzed with descriptive, bivariate correlation, cluster, PLS regression by SPSS 18.0 for window. The housing sub-market is divided to 2 groups by cluster analysis according to the housing sale price, Jeon-se price, and ratio of Jeon-se to sale price. And the housing categorized according to size which divided into under 60㎡, between 60 to under 85㎡, over85㎡.2. RESULTSThrough the analysis of PLS regression, the following results were obtained. Firstly, the characteristic of industry, location, public transportation and opportunity of development has positive effect to ratio of Jeon-se to sale price in all Seoul metropolitan area and size of apartment. These factors represent to monetary facilities, industry, subway, park and university and that means the ratio of Jeon-se to sale price in Seoul metropolitan area are sensitive to physical environment. Secondly, the ratio of Jeon-se to sale price is consisting of the price of Jeon-se and sale. So, it cans analysis to the regional characteristics impact different way to Jeon-se and sale price. Lastly, The cluster analysis shows the spatial pattern of the ratio of Jeon-se price to sale price is different in the regions and size of apartment.

점포세일에 대한 소비자태도 : More than Price Benefits

박경애,허순임 한국의류학회 2003 한국의류학회지 Vol.27 No.6

The purposes of this study were to explore the consumer attitude toward the retail sales, to examine the relationships between the sale attitude and the price-related variables(i.e., price consciousness, sales proneness, and value consciousness), and to examine to effects of the sale attitude and the price-related variables and the price-related variables on the perceived price value during the retail sales. Data were collected from 790 undergraduate students using the two types of questionnaires representing the sale and non-sale situations, and 776 responses were analyzed. Factor analysis of the sale attitude extracted five dimensions including price benefit, limited product assortment, impulse buying, low service quality, and disordered store atmosphere. The price benefit and the impulse buying factors were related with all the 3 price-related variables, and all the sale attitude factors were related with the value consciousness. The price benefit and the impulse buying factors positively affected the perceived price value under the sale situation.

곡물법 논쟁, 그리고 아파트 시장가격과 분양가격의 선후 논의

조훈희 한국부동산연구원 2008 부동산연구 Vol.18 No.1

The study began from the initial question of effectiveness between the market price vary by builder's pre-sale price and the pre-sale price influent from the market price. The Corn Law debate, a serious altercation between two famous classical economists, T. R. Malthus and D. Ricardo, was a clue of the solution. The logical superiority of Ricardo's opinion, which received wider support historically, applied to the house market, deducted a hypothesis that the builder's pre-sale price can be adjusted by a the high market price and is causative of using expansive land and supplies, and this logic is set as a direction of this study. The hypothesis is in agreement with the statistical meaning. The general price in the housing market is predominant and precedes the decision of pre-sale price from the analytical model of the market price and builder's pre-sale price. The leading effect of market price to the pre-sale price is empirically and logically superior conclusion than the leading of sale price. 아파트 시장가격과 분양가격 간의 선후관계를 규명하고 이로부터 정책방향에 대한 시사점을 얻고자 하는 것이 본 연구의 목적이다. 고전학파 경제학자인 맬더스와 리카도 사이의 곡물법 논쟁을 실마리로 삼아 문제에 접근하여 분양가격이 시장가격에 영향을 미친다는 주장보다는 시장가격이 높기 때문에 높은 분양가격을 결정할 수 있다는 논리가 보다 타당성이 높을 것이라는 추론을 하고 이를 연구가설의 방향으로 설정하였다.실증분석 결과 시장가격이 분양가격으로 일방적인 인과관계를 가지며 분양가격에 선행하여 가설의 타당성이 통계적으로 유의함이 인정되었다. 연구의 시사점은 분양가격 억제를 통하여 시장가격의 안정을 도모하고자 하는 정책수단의 한계를 발견하였다는데 있다. 감정평가연구 73

不動産信託資産 公賣 落札價格 決定要因에 關한 硏究

정장진(Jung, Jang Jin),민규식(Min, Guy Sik) 한국부동산학회 2013 不動産學報 Vol.55 No.-

1. CONTENTS (1) RESEARCH OBJECTIVES The purpose of t his study is to evaluate factors determining th e winning bid of real estate trust property. (2) RESEARCH METHOD Investigating winning bid case of real estates trust company and using Excel2007 program as a actual proof analysis tool, this research analyzed by building option model optimized for Public sale of real estates trust company. (3) RESEARCH FINDINGS It is the most important in this research that this research is the first research about factors which affect the winning bid of collateral trust estate which is the largest part of trust estate amounting to about 179 trillion won. when disposing of property for public sale resulting from the loss of benefit of time. 2. RESULTS To research about factors which affect the winning bid when disposing of property for public sale in South korea. This research analyzed biddropping(the winning bid/the first public sale price) as a dependent variable. a total of 16 factors (region, land area, land category, legal floor area ratio, use district, the first public sale price, amount of loan/the first public sale price, officially assessed land price/the first public sale price, a priority beneficiary, the number of public sale, public sale period, trust period, mean price of the last 3 dealing, KOSPI variable-cost ratio, average CD interest rate, rate of increase in land price) as independent variables. And as a meaningful variable which affect biddropping, a total of 12 independent variables (region, land area, legal floor area ratio, use district, the first public sale price, amount of loan/the first public sale price, the number of public sale, public sale period, KOSPI variable-cost ratio, average CD interest rate, rate of increase in land price) are discovered.

The Impact of Base and Add-on Pricing on Sales Performance and Direct and Mediating Role of Product Heterogeneity: An Empirical Investigation of the Mobile Application Market

( Seongsoo Jang ),( Jaihak Chung ) 한국소비자학회 2013 한국소비자학회 학술대회 Vol.2013 No.5

Pricing is one of the most popular research agenda in economics and marketing literature. However, add-on pricing, which is imposed on add-on product after a base product is purchased, has been studied by few researchers either conceptually or theoretically. Base and add-on products may exist between bundling and unbundling, and have several characteristics. First, base product has a capability to provide optional add-on products. Second, add-on products cannot be purchased independently. Third, in case of goods, base and add-on prices are revealed (e.g., automobile and computer), but in case of service, base price is revealed, but add-on prices are mostly hidden (e.g., hotel internet fee, online game virtual items). Forth, their pricing types can be defined as individual pricing for base and add-on products (unbundled pricing), individual pricing for add-on products (add-on pricing), and aggregate pricing for base and add-on products (bundled pricing). Then, why is add-on pricing needed for firms and customers? From firms’ perspective, firms can cross-sell various products, and product quality can be upgraded. In addition, adoption of add-on pricing can soften competition and increase profits. Finally firms can sell many add-on products without advertising them costly. From customers’ perspective, customers can enjoy a simple product and pricing system because add-on products and prices are hidden. Unsophisticated customers are not good at making price comparisons across firms and easy to buy add-ons at the point of sale. Finally, customers can decide whether to purchase add-on products at their discretion. Therefore, both firms and customers are satisfied with add-on pricing mechanism. Customers purchase and use base and add-on products while considering market age, launch timing and product heterogeneity as well as pricing levels of base product and add-on products. Hence, it is worthwhile to conduct a comprehensive research on how base and addon pricing activities influence sales performance and under what context those activities work better. This study explores the effects of base and add-on pricing activities on sales performance of individual-level base and add-on products and aggregate-level add-on products, and further investigates how product characteristics and launch timing directly influence sales performance and indirectly mediate the relationship between pricing activities and sales performance. A hierarchical log regression model is used with transaction dataset of 105 base products and 721 add-on products. Specifically, 1,698 weekly transaction data is used for the analysis of sales performance of individual base product and aggregate add-on product (Models A and C respectively), and 10,937 weekly transaction data is used for the analysis of sales performance of individual add-on product (Model B). Results of Model A (individual base product sales) show that first, pricing activities (e.g., base price, number of add-on products, average add-on price, variance of add-on prices, ratio between base price and add-on price) have little relationship with base product sales; second, earlier market age is positively related to base product sales, implying that first mover advantage certainly exists in a less competitive environment; third, coupon issued for base product is positively related to base product sales; and finally, even though product characteristics and launch timing have no relationship with base product sales, they have mediating effects on the relationship between market age and sales performance. Results of Model B (individual add-on product sales) indicate that first, base price has little relationship with add-on product sales; second, add-on price is negatively related to add-on product sales; third, both instantaneous and accumulated sales volume of base product is strongly and positively related to add-on product sales; forth, as same with Model A, earlier market age is positively related to add-on product sales; fifth, bigger software size, better product quality, and role-playing genre, more complicated product structure, are positively related to add-on product sales; sixth, interestingly add-on product launched in later timing sells well, meaning that those add-on products launched later tend to be more addictive and hedonic; and finally product characteristics such as software size and genre have various mediating effects on the relationship between pricing activities and add-on sales performance. Results of Model C (aggregate add-on product sales) are similar with those of Model A showing that first, pricing activities have little relationship with aggregate-level add-on product sales which is bound with one base product; second, earlier market age is positively related to the aggregate sales; third, more coupons issued have a positive impact on the aggregate sales; forth, contrary to results of Model B, sports genre is strongly, positively related to aggregate add-on product sales, and role playing genre is less significantly, positively related to it according to Bayesian p-value; and finally, it seems interesting that role playing genre has negative mediating effect on the relationship between average add-on price and the aggregate sales.

소규모 상가 분양가 할인율 결정 모형 -서울시 소규모 상가의 1층 대비 분양가를 중심으로-

조용경(Cho, Yongkyung),김재환(Kim, Jaehwan) 한국주거환경학회 2020 주거환경(한국주거환경학회논문집) Vol.18 No.4

The transaction price can be seen as a reasonable price formed in the market, but the pre-sale price is a price determined by the supplier in consideration of the market price. However, in practice, the pre-sale price of a small-scale retial store is determined by multiplying the pre-sale price on the first floor by a certain discount rate after estimating the price of the first floor based on the market price. Therefore, in this study, we tried to find the factors affecting the pre-sale price ratio (1-discount rate) of the other floors of small-scale retail store, centering on Seoul, and to clarify the relationship through empirical evidence. Therefore, based on the hedonic model, an empirical analysis was conducted using data on the characteristics of real estate and sale prices by floor as variables. For empirical analysis, when a floor-related variable is simply input as a ratio variable (Model 1), when it is divided into two or more floors and a basement floor (Model 2), and when it is divided into two or more floors and three or more floors (Model 3 ), and multiple linear regression analysis was performed. As a result of the analysis, the ratio of pre-sale prices (1-discount ratio) of the first floor of small retail store in Seoul to the other floors (1-discount ratio) is larger in retail store, office retail store, and other retail store than neighborhood retail store. In addition, the larger the total number of stores, the greater the number of parking spaces, and the larger the 2nd and 3rd floors, the larger than the basement floor. In general, the discount rate for the sale price of other floors is 61.78% compared to the first floor.

부동산 실거래가격은 공시가격을 대신할 수 있는가? -공시제도에서 실거래가격과 감정평가가격의 추상적 지위에 관하여-

정수연 ( Su Yeon Jung ) 한국감정평가학회 2009 감정평가학논집 Vol.8 No.2

It`s been four years since the introduction of the Actual Sales Price System in the Korean real estate market. For the further development of the Korean Property Tax System, we need to determine whether the Actual Sales Price or the Appraisal Price is the more dominant factor. Under the US Tax System, Actual Sales Prices are subordinate to Appraisal Prices, as Actual Prices are simply used as a reference for estimating the latter. A Mass Appraisal System that utilizes Actual Sales Prices is a tool that simply saves appraisers time and money. Assessed values are based on market values while market values are in turn influenced by assessed values. This paper will examine the relationship between Actual Sales Prices and Appraisal Prices under the US Tax System as well as a number of related concepts. By clarifying the relationship between Actual Sales Price and Appraisal Price in the US, we can better understand this same relationship under the Korean Property Tax System. The major findings of this paper are as follows: 1) After collection and analysis of Actual Sales Price data, it is apparent that maintaining the current Property Tax system is unsustainable. 2) Even when Actual Sales Price data has been accumulated over a long period of time, appraisals are still necessary. 3) Rather than debate whether or not to include Appraisal Prices in the Property Tax System, it would be more constructive to focus on ways to raise the quality of appraisals.