After the economic and real estate recession, officetels were supplied in large quantities as demand for small homes increased due to the increase in small households with one or two people and the increase in demand for direct housing, along with the...
After the economic and real estate recession, officetels were supplied in large quantities as demand for small homes increased due to the increase in small households with one or two people and the increase in demand for direct housing, along with the government's easing of officetel regulations such as expanding floor heating and classifying semi-housing. Due to the continued supply, the officetel market in downtown Seoul became saturated, making it difficult to supply additional supplies, and to solve this problem, the supply of officetels in new-town in the metropolitan area increased and the market was activated.
Among the second new-town in the metropolitan area, this study aims to analyze the determinants of the sale price of officetels, focusing on the southern part of the Gyeongbu Expressway that connects Seoul. Although the supply of new officetels in the metropolitan area is steadily increasing, previous studies have been conducted around Seoul, and studies on the determinants of officetel sales prices in the second to southern areas are insufficient, targeting only the first and specific new cities in the metropolitan area.
Gwanggyo, Wirye, Pangyo, Dongtan 1, Dongtan 2, and Godeok New Town, which are located in the second new-town in south metropolitan area, were selected as targets for empirical analysis on which factors affect the sale price.
For empirical analysis, the second new-town officetel market in the south metropolitan area was identified through the hedonic price model, and which factors affect the sale price was analyzed through variables. The data used for the analysis in this study were based on 1,983 actual transactions of officetels in the second new-town in the south metropolitan area from January 2022 to December 2022, using data from the Ministry of Land, Infrastructure and Transport's actual transaction price disclosure system.
The dependent variable is the value obtained by taking the natural logarithm of the sale price per dedicated area (㎡) for the reliability of the model, and the independent variable was classified into three categories: regional characteristics, location characteristics, and building characteristics. The variables of regional characteristics consisted of the number of people by administrative building, the number of employees compared to the number of businesses by administrative building, and the distance to Gangnam Station, and the location variables were empirically analyzed by dividing them into distance from the park, distance to the subway station, and distance from large commercial facilities. Building characteristics consisted of the number of years elapsed, the number of parking spaces per household, the dedicated area, the total number of households, and the highest number of floors.
As a result of the study, it was found that the number of workers, exclusive area, total number of households, and the highest number of floors had a positive (+) effect on the sale price compared to the number of businesses by administrative dong, and the distance to the subway station, the distance to large commercial facilities, and the number of years elapsed had a negative (-) effect.
In the case of officetels in the second new-town in south metropolitan area, the closer they are to Seoul, the greater the preference for medium-sized or larger officetels that can be used as substitutes for apartments, and large companies that can achieve economic self-sufficiency in the new city are important. Through this, it was suggested that when developing a new city, it is necessary to have not only the physical characteristics of the officetel but also the economic self-sufficiency of the new city.
Keywords : Officetel, hedonic(price-determining factor), sale price, the second new-town in south metropolitan area