The purpose of current study was to improve the suitability, reasonableness, and reliability of official standard lot value as a part of an improvement plan for official standard lot price system to meet the changing real estate environment by analyzi...
The purpose of current study was to improve the suitability, reasonableness, and reliability of official standard lot value as a part of an improvement plan for official standard lot price system to meet the changing real estate environment by analyzing the factors that affect determination of official standard lot value of developed and undeveloped areas based on all items of land characteristics survey that underlies official standard lot value.
Using Seobu Sinsigaji, Jeonju-si and Jeonbuk Innocity, Wanju, Jeollabuk-do as references, and taking cities or undeveloped lands in surrounding area as target locations for the current study, a complete enumeration survey was carried out on all land characteristic items on 826 standard lots based on the official standard lot value of January 1, 2014. Using multiple regression analysis, following analysis results were derived:
First, in Seobu Sinsigaji, Jeonju-si, variables of miscellaneous land, commercial use, semi-residential purpose, commercial purpose, natural space, miscellaneous purpose, arterial road, road collector, slender shape, square shape were determined as significantly influence the official standard lot value, and among those variables, commercial use variable had the greatest influence.
Second, in Jeonbuk Innocity, Wanju, Jeollabuk-do, variables of paddy-field category, field category, forest category, single house use, commercial-residential use, commercial use, residential purpose, semi-residential purpose, commercial purpose, and arterial road were significant variables, and among these, commercial use variable has the greatest influence.
Third, the variables that influence official standard lot value in the surrounding area of Seobu Sinsigaji, Jeonju-si were paddy-field category, single house use, commercial-residential use, farmland use, miscellaneous use, commercial purpose, arterial road, and indeterminate shape, and among these variables arterial road was the most significant variable, which suggests that roads are the most influential factor even in lands in urban neighboring area.
Fourth, the factors that influence official standard lot value in the neighboring area of Jeonbuk Innocity were area of land, paddy-field category, field category, fruit-tree category, forest category, single-house use, commercial-residential use, commercial use, residential purpose, semi-residential purpose, commercial purpose, and arterial road, which shows that in the area outside the city, variables of utilization of fruit-tree category and zoning category have relatively high influence. However, variables of type of road, shape of land, topography were not significant, which can be pointed out as a problem.
Meanwhile, a noteworthy unusual characteristic in the current study was that in Seobu Sinsigaji, Jeonju-si, significant variables in the area of land category, state of use, zoning category, road traffic, and land shape have generally significant influences, while in Jeonbuk Innocity, the influences were found to be skewed toward the utilization of fruit-tree and zoning category.
Also, this characteristic was found in surrounding areas of Seobu Sinsigaji, Jeonju-si and Jeonbuk Innocity. In Jeonbuk Innocity area, except for arterial road, the variables of roadtype, landshape, topography of the land, terrain were all nonsignificant, which shows a certain pattern between the two regions.
The reason for these characteristics, as shown in operational definitions of variables, may be attributable to the distribution of standard lots for each characteristics of land is overly concentrated on variables of categories, state of use, and zoning categories, and the numbers are unbalanced, and most itemized variables for land characteristics were statistically nonsignificant so that the variables included in the regression model were very limited. Another reason may be, as indicated in previous studies, the land price formation factors could not be explained only by the characteristics of land in the current study.
Accordingly, institutional and political necessity has been raised so that declared land price system that is practical and applicable to real situation can be settled by improving the domestic estimate system of individual declared land price, which follows the selection of standard lot and evaluation, which focuses on administrative factors among the characteristics of land such as land category, state of use, zoning category, and road traffic to not only reflect physical factors that influences road traffic in non-urban areas such as land shape and terrain but also to reflects land characteristics, social, economic, and regional factors.