분양아파트 수익률 결정요인 분석에 관한 연구 = A study about analysis of key variables determining the capital gain rate of apartments from off-the-plan pre-sale point to construction completion

국문 초록 (Abstract)

영문초록 :This study set out to analyze the causal relations of price forming for an apartment for installment sales between the time when the decision of installment sales was made and the time when the residents moved in it. It also aimed to develop an objective model with which to predict for price earning rates for the time of moving in by conducing an empirical analysis of the price fluctuations from the selling point to the moving-in point. The geographical scope was limited to the Seoul Metropolitan City and the Gyeonggi Province, and the subjects were those apartments that were sold in installments since 2000. The model to decide earning rates was tested for its appropriateness based on the apartment complexes that were sold in installments and had residents move in. The model was also tested excluding the unpredictable variables in order to develop another model with which to predict earning rates of apartments to be sold in installments in future. The analysis results show that the variable that had the most impacts on the price at the moving-in point was the level of individual apartments' reflection of the sales price compared to the local level. The next influential variable turned out to be the increasing rates of the price in the community. In Seoul the variables of complex characteristics such as the reflection rates of the sales price and the brand of the construction company exerted more impacts than the location variables, while in the Gyeonggi Province the location variables including the location near a station or local increasing rates were more influential