A Study on the Determinants of Apartment Premiums Based on the Characteristics of Housing Submarkets
주택하부시장 특성을 고려한 분양프리미엄 결정요인에 관한 연구*

Young-Suk Park, Dong-Joon Jeong
2019 Journal of Real Estate Analysis  
❙Abstract❙ The purpose of this study is to investigate determinants of the rise in new apartment price, thereby contributing to the balanced market pricing of new apartments. For this, multiple regression analysis was carried out, using a hedonic model. The dependent variable is an apartment premium, which is defined as the difference between the allotment price of a new apartment and the real transaction price at the time of moving into it. Independent variables are structure, apartment
more » ... e, apartment complex, location, and submarket characteristics. The results of analysis show that the higher the floor and the exclusive use ratio, the higher the rise in premiums, and that the premiums increased more among 4-bay apartments than 2-bay apartments, which reflects the expectation of potential for maximizing the use of space by expansion. In addition, it was found that the premium increased more in case of apartments of high landscape ratio, apartments of high-density development (high building coverage ratio) in areas subject to adjustment, and apartments belonging to a region where the rate of rise in secondhand apartment price was high. The findings of this study suggest the need to consider the variables of housing submarket characteristics and the variable of policy as well as individual characteristics of apartments.
doi:10.30902/jrea.2019.5.1.15 fatcat:nx32tu3lyrakblhwur2urtanbq