Forest performs the diverse functions of purifying the atmosphere, helping secure water by preserving water resources, preventing natural disasters, conserving the natural ecosystem, producing forest products and so on. So forest land is closely relat...
Forest performs the diverse functions of purifying the atmosphere, helping secure water by preserving water resources, preventing natural disasters, conserving the natural ecosystem, producing forest products and so on. So forest land is closely related to human existence and life. For this reason, Korea has traditionally adopted and maintained the basic slogan of protecting and preserving the forest land, forests and fields, and the forest.
According to the 「Act on Land Survey, Waterway Survey and Cadastral Records」, forest land is one of the land category and referred to as the land including woods, marshland, wilderness and so on composed of forests and fields. The percentage of this forest land in the real estate auction market accounted for 28.6% of total real estate for auction in 2019, which amounted to 26,734,000,000won. De jure risk factors or de facto risk factors beforehand unanticipated by participants in the tender to purchase forest land in the real estate auction market are major influencers on the determination of the sale price ratio.
The fire having recently happened in Gangwondo Province has destroyed woods and made the person wanting to engage in forestry in the future hesitate to acquire the forest land. It is made up of the land making it possible to grow as well as the forest, and so its price is influenced by the general land pricing factor. To analyze the effect on the sale price ratio of the forest land by the its auction risk, the characteristics of the auction procedure and its individual characteristic, this study set the auction risk model and constructed the determination model of the sale price ratio reflecting its related pricing factor.
For the purpose of empirical analysis, this study employed data on the sale of forest land amounting to 30,000㎡ located in Gangwondo and Chungcheongbukdo Provinces executed in the court of execution over the period between Jan, 2010 and Dec, 2019. And it set the sale price ratio of forest land as the dependent variable and the auction characteristic, the auction risk characteristic and regional and individual characteristics as independent variables affecting it. It conducted t-test analysis and one-way ANOVA, the statistical analysis method for judging the statistical significance of the difference in the mean between more than two groups. It conducted Scheffe′multiple range test, the useful testing method when making simultaneous comparison through contrasts or having different samples.
The results of this study showed that the slope of the forest land had an important effect on its sale price ratio. An attempt was made to analyze whether or not Gangwondo and Chungcheongdo Province are the alternative market as they border on each other. But it was found that there was no difference in the sale price ratio between two regions.
This study attempted to analyze the effect of accessibility through the forest trail, the farm road and the general road on the sale price ratio of the forest land under the hypothesis that accessibility to the forest land would have an important effect on it. But no significant influence was not found in both regions. In previous studies, share ownership, surface rights and the site right of graveyards were classified as the auction risk factor. But it was found in this study that only share ownership had a significant effect on the sale price ratio of the forest land.
And the results of this study showed that superficies and statutory superficies on the overhead transmission wire did not have a significant effect on the sale price ratio of the forest land, which is interpreted to be because there were only a few cases of the sale of forest land with the superficies established by its nature.
This study has its academic significance in that it made a new attempt to analyze the effect on the sale price ratio of the forest land by the superficies including the overhead transmission wire, accessibility and the slope of the forest land.