재건축특성과 공동주택 가격과의 관계 = The Influence of Expectations of Reconstructon in Future on Price of the Multi-family Attached House

다국어 초록 (Multilingual Abstract)

This research examines the relationship between housing prices and the variables to denote reconstruction which has not much been studied yet in Hedonic house price equations in Busan. Many important results are empirically obtained through various methods; Ordinary Least Squares(OLS), Polynomial Regression and Piecewise Linear Regression Model(PLM). This research shows that the housing price is statistically related with the dwelling age and squared dwelling age to denote the reconstruction factors. The results also provides that the housing price is reversed due to the effects of reconstruction by indicating negative estimated coefficient in case of dwelling age and positive coefficient in squared dwelling age and thus the relationship between dwelling age and the price is not simply linear. Moreover, research finds out the structural break of the price by dwelling age with adopting PLM which is one of the Spine Regression Model. Approximately 16.42 years of housing price appears to be the lowest price. It means that the actual price is getting decreased passing year up to the lowest point and after the break point it goes up again. This shows that the housing price is controlled by expectation for increasing property as well as by depreciation with aging.