주택 매매가격 및 전환임대료 결정요인에 관한 비교분석

Comparative Analysis on the Determinants of Housing Sale Price and Conversion Rent

This study analyzes the price structure of the domestic housing market in Korea, which has been accumulating. It is assumed that the sales price represent the property value. The monthly rent, Chonsei and guaranteed monthly rent are converted into conversion rent. This study uses the Hedonic Price Model to empirically analyze two dependent variables to determine how the characteristics of a house affect the sales price and conversion rent. It analyzes the determinants of housing sales price and conversion rent comparatively. The results show that the regional characteristics of Seoul have the highest positive effect on sales prices and conversion rent, followed by those of Jeju. Regarding housing characteristics, the sales prices and conversion rent vary depending on the type of house. Apartments have both property value and value in use since they have higher selling prices and conversion rent than other types of housing. Single-family housing with commercial functions has a positive effect on the sales price but a negative effect on the conversion rent, which is the value in use. In the facility and household sectors, exclusive use of urban gas, district heating, toilet facilities, and hot water supply baths have positive effects on both sales prices and conversion rent. This study also finds that sales price decreased as the year flows and then increased 38 years later because of favorable factors of reconstruction. Moreover, conversion rent decreased as the housing area increased but increased from 79m² because of changes in demand for residential area. This study establishes the relationship between the housing sales market and the rental market, and we hope to contributes to the research on the price and structure of the housing market and national housing supply politics in Korea.