再建築 事業條件과 立地條件에 따른 投資收益分析 硏究

Abstract

This study analyzed causes of changes in the price of apartment houses for reconstruction in Gangnam in terms of return on development for reconstruction projects. The purpose of this study was to determine how changes in reconstruction policies after inauguration of Lee's government affected changes in the price of apartment houses for reconstruction and analyze possible effects of location conditions of complexes for reconstruction on the price of apartment houses for reconstruction when reconstruction projects were implemented under the same business conditions. First, a model for measuring return on development for reconstruction was made, followed by an empirical research on changes in return on development, in order to analyze effects of measures, such an increase in floor space index, on the price of apartment houses for reconstruction by conditions of reconstruction projects. The model for predicting return on development for reconstruction selected a method of predicting the number of households for apartment houses to be constructed by reconstruction projects and determining return on installment sale on the basis of prices of the surrounding apartment houses. For prices of the surrounding apartment houses, those obtained from Budongsan 114, which is a real state information provider, were used as basic data. This study estimated return on installment sale on the basis of the price of the surrounding apartment houses as a method of estimating return on installment sale. Contrary to the prior researches that calculated return on installment sale with the declared land value and the cost of construction of those apartment houses for reconstruction, this study is significant by restoring the value of apartment houses for reconstruction to the price for participants in the current real estate market. The intrinsic value of apartments houses for reconstruction was estimated through the model, which was tested for validity by comparing the estimated intrinsic value of those apartment houses for construction with their current market price. Next, price conditions of apartment houses for reconstruction by changes in business conditions were empirically tested to see how the rise in the intrinsic value due to changes in business conditions changed in the market price. To see effects of location conditions of apartment houses for reconstruction on return on investment, pricing factors in individual complexes of apartment houses for reconstruction in Gaepo and Godeok districts having the same development conditions were analyzed to determine effects of location conditions of those apartment houses on price. By using a model for predicting return on development in location condition analysis, effects of location conditions of individual complexes on pricing were empirically analyzed on the basis of conditions of return on development and future households in those complexes. The analysis range for return on investment by location conditions was limited to Gaepo and Godeok districts included in the list of building lot development environment preservation districts. In Gaepo and Godeok districts provided with apartment houses by the building lot development projects in the early 1980's, reconstruction projects are being implemented by district-unit planning. As complexes having the same characteristics of external business conditions, both districts have the best conditions for seeing how differences in location conditions of individual complexes affect price.