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다국어 초록 (Multilingual Abstract)

1. CONTENTS (1) RESEARCH OBJECTIVES In Korea real estate becomes a useful asset for investment. Investment is to obtain net gain of the transaction. Net gain of the transaction is the price difference between sale and purchase. In order for an apartment to be considered as investment target, the net gain should be high. Such a net gain in the transaction may be determined by various characteristics of the houses. Until now, transaction price is used as dependent variable in the studies on price determination principle of houses. But this study is to study the principles determining the net gain of the house transaction. (2) RESEARCH METHOD empirical analysis : Hedonic Model, Liner model, Semi-logarithm model, Inversed semi-Iogarithm model, Double logarithm model (3) RESEARCH RESULTS In Busan. 5,570 houses were discretionarily selected as sample and various functional forms including linear model, semi-logarithm model, inversed semi-logarithm model and double logarithm model were applied to estimate the model of transaction price and the model of net gain of transaction. Of the functional forms estimated, the best model was determined to be double-logarithm model by AIC and SC standard. 2. RESULTS In case of the model of net transaction gain, the independent variables which were estimated to have a positive effect on the price are Door location, direction to the south, fine view, apartment brand, parking capacity, number of years since construction, number of households, education and regional dummy variable. The independent variables which were estimated to have a negative effect on the price are size, noise, apartment accommodating commercial areas, elementary school, subway station, large-scale discount store and distance to city centre. The size variable showed a positive sign in the transaction price model, whereas it became negative in the net gain model. The sign of dummy variable which indicates the apartment accommodating commercial areas was positive in the transaction price model, but it showed a negative sign in the net gain model. The distance to the city centre had a positive effect on the transaction price, but it had a negative effect on the net transaction gain.

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