아파트 분양권의 전매 거래빈도에 관한 연구

A Study on the Transaction Frequency of Pre-completion Apartment Ownership

Under the ownership pre-sale system in the Korean apartment market, developers can sell ownership of apartment units as soon as they start to construct apartment complex. In Korean apartment, people call this kind of pre-completion apartment ownership as Bun-yang-kwon. There is time difference between ownership sale and apartment completion under the ownership pre-sale system. The pre-completion apartment ownerships can be transacted to third parties until apartment complexes are completed, which is called as Jeon-mae of Bun-yang-kwon. This research analyzes transaction frequency of pre-completion apartment ownership by using nationwide 72,458 apartment units in 192 apartment complexes from 1995 to 2016. Specifically, this study analyzes influences of real estate policy, real estate market, contract term, location, apartment complex and unit characteristics on transaction frequency by using ordered logistic model. The empirical research shows the real estate policy and real estate market characteristics have a significant effect on transaction frequency. Also, this research finds the contract characteristics have influence on transaction frequency. Finally, this study confirms the product characteristics such as location, apartment complex and unit characteristics affect transaction frequency.