아파트 브랜드가 아파트 매매가에 미치는 영향분석에 관한 연구

Analysis of the effect of brands of apartment complexes on house prices using cross-sectional hedonic OLS regression model

When people choose to buy their own apartment complex, the housing price is one of the critical factors to influence their decision making. The housing price depends on many factors. Especially, in South Korea, brand of apartment complex is one of critical factors to influence the housing price because housing companies try to build and advertise their apartment complexes with unique style standing for their housing brands and the brands have characteristics of people's awareness that the apartment complex is supposed to be. “Does the brand of apartment complexes significantly influence the housing price?” This is the main question of this article. The brand of apartment complex is supposed to be one of the intangible factors to influence the housing price. A hedonic regression model can be introduced to examine whether the brand statistically significantly influence the housing price. The hedonic regression model is used to adjust for the problems associated with researching a good that is as heterogeneous as buildings. It is assumed that a house can be decomposed into characteristics such as number of bedrooms, size of plot, or distance to the city center. This project assumed that a housing price can be generally decomposed into three broad groups: physical (or tangible) factors, neighborhood factors, and intangible factors (brand). The following implications can be drawn from the results and findings. First, it provided a conceptual and analytical framework for the apartment value components of the asset value embracing the intrinsic value though it did not present a clear-cut typology. Second, the standardized coefficients in the fitted model (Model5) presented the coherent results that can be interpreted for constant proportional changes for the asset value embracing the intrinsic value. In Gangnam-gu, where higher expectation for future price increase has been ‘sustained,’ attributes associated with reconstruction (e.g., total months after the initial construction, highest level of the building, total apartment units, etc.) showed expected signs and magnitudes as basically intrinsic value with some asset value. Their asset value may be greater than any other district where the size of the individual unit dominates them. Third, it used more improved techniques to especially operationalize a brand asset values, excluding some preferred variables in previous studies that do not fit Gangnam-gu.