Is Flood Risk Capitalized into Real Estate Market Value? A Mahalanobis-Metric Matching Approach to the Housing Market in Gyeonggi, South Korea

In this study, we investigate how far away and for how long past flooding affected single-family housing values in Gyeonggi, South Korea. In order to empirically explore the geographic and temporal extent of the effects, we adopt two analytical methods: random-intercept multilevel modeling and Mahalanobis-metric matching modeling. The analytical results suggest that the geographic extent of the discount effect of a flooding disaster is within 300 m from an inundated area. Market values of housing located 0–100, 100–200, and 200–300 m from inundated areas were lower by 11.0%, 7.4%, and 6.3%, respectively, than counterparts in the control group. The effect lasted only for 12 months after the disaster and then disappeared. During the first month, 1–3 months, and 3–6 months after a flood, housing units in the disaster-influenced area (within 300 m of the inundated area) were worth, on average, 57.6%, 49.2%, and 45.9% less than control units, respectively. Also, within the following 6 months, the discount effects were reduced to 33.2%. On the other hand, the results showed no statistically significant effects on market values more than 12 months after the disaster. By providing insights into how people perceive and respond to natural hazards, this research provides practical lessons for establishing sustainable disaster management and urban resilience strategies.

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Regular Taekwondo Training Affects Mood State and Sociality but Not Cognitive Function among International Students in South Korea

Healthcare ◽

10.3390/healthcare9070820 ◽

2021 ◽

Vol 9 (7) ◽

pp. 820

Author(s):

Ju-Yong Bae ◽

Hee-Tae Roh

Keyword(s):

International Students ◽

Cognitive Function ◽

South Korea ◽

Physical Fitness ◽

Mood State ◽

Control Group ◽

Peer Relationship ◽

Physical Fitness Test ◽

Before And After ◽

Experimental Group

We aimed to investigate the effect of Taekwondo training on physical fitness, mood, sociality, and cognitive function among international students in South Korea. We randomly assigned 24 international students to a control group (CG, n = 12) and experimental group (EG, n = 12). The EG performed Taekwondo training for 16 weeks, while the CG did not train. Each participant underwent a physical fitness test and sociability questionnaire before and after the intervention. We also examined changes in mood state and cognitive function, using the Korean version of the Profile of Mood State-Brief (K-POMS-B), and the Stroop Color and Word test, respectively. Regarding the physical fitness variables, sit-and-reach records in the EG significantly increased after intervention (p < 0.05). In the sub-variable of K-POMS-B, Vigor-Activity scores significantly increased (p < 0.05) after intervention, while the Fatigue-Inertia scores significantly decreased in the EG (p < 0.05). Furthermore, in the EG, peer relationship scores, a sub-variable of sociability, significantly decreased after intervention (p < 0.05). These findings suggest that Taekwondo training can not only improve flexibility among physical fitness factors, but can also be effective in improving the mood state and sociality of international students.

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Teoretyczne i metodyczne aspekty wyznaczania indeksów cen na rynku mieszkaniowym

10.18559/978-83-66199-08-8 ◽

2018 ◽

Author(s):

Radosław Trojanek

Keyword(s):

Real Estate ◽

Housing Prices ◽

Real Estate Market ◽

Secondary Market ◽

Property Right ◽

Sources Of Information ◽

Single Family ◽

Starting Point ◽

Price Indexes

In the book, an attempt was made to catalogue knowledge concerning the importance of research into the dynamics of housing prices for social and economic development. The analysis of the experience of countries with well-developed real estate markets in the aspect of building price indexes was carried out. Based on original databases of asking and transaction prices, price indexes were built, which were then subjected to numerous resistance tests. The aims of these research tasks were as follows: 1) to examine the quality of offers for sale as a source of information about changes in the real estate market, 2) to find out whether the repeat sales method can be used for building price indexes and to critically assess this method in terms of the stability of the obtained results, 3) to analyze hedonic methods and indicate the preferred one in terms of the ratio of the quality of results to how time-consuming and cost-intensive it is to build such indexes, 4) to establish the importance of methods and sources of information for building price indexes in different time horizons, 5) to identify how important it is for the fluctuation of price indexes if the cooperative property right to a flat is not taken into account. In order to perform the research tasks and accomplish the goals scopes of the work were defined. The subject followed the aim of the study and refers to prices in the secondary housing market, encompassing both the property right and cooperative property right to a flat or house. The broad scope concerns the discussion in the general part, being narrowed down to the secondary market of flats located in multi-family and single-family buildings. The time scope covers the years 2000-2015, which is connected to the range of empirical studies carried out. They focused both on actual transactions and on offers of flats for sale. On this basis, we built databases which served as the starting point for further analyses. The study involved transactions and offers in the area of Poznan.

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Airport noise compensation: real estate perspective

Journal of European Real Estate Research ◽

10.1108/jerer-02-2019-0002 ◽

2019 ◽

Vol 12 (2) ◽

pp. 250-266 ◽

Cited By ~ 1

Author(s):

Jacek Batóg ◽

Iwona Foryś ◽

Jan Konowalczuk

Keyword(s):

Real Estate ◽

Noise Level ◽

Linear Models ◽

Real Estate Market ◽

Single Family ◽

Content Type ◽

Explanatory Variables ◽

Noise Compensation ◽

Restricted Use ◽

Practical Implications

Purpose This study aims to present a problem of noise compensation related to the localization of single-family houses in the restricted use areas (RUA) created around airports. The authors presented different methodological approaches to the valuation of such amends and characterized distinct solutions applied in that area in chosen countries and cities. Design/methodology/approach To estimate the level of those indemnities, linear models including spatial and generalized linear models, were applied. The set of explanatory variables contains quantitative and qualitative attributes of real estates. The influence of outliers indicated by means of cluster analysis on the received results were also considered. Findings The results show that after accounting for noise level and house characteristics, houses in noisier areas were sold for less than houses subjected to less noise. Unit prices of houses located outside the RUA were on average 17.05 per cent higher than the prices observed in zone with noise level for the daytime of 60 dB and 8.95 per cent in zone characterized by noise level for the daytime of 55 dB. Practical implications Received results can be compared with results obtained by other authors, but its most important application is possibility of use the proposed methodology by judicial appraisers to assess the proper level of noise compensation for home owners or tenants. Originality/value An identification of real estate market heterogeneity and its considering in estimation of compensation related to airport noise evidence some novelty of the research.

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Assessment of Predictor Importance with the Example of the Real Estate Market

Folia Oeconomica Stetinensia ◽

10.1515/foli-2016-0023 ◽

2016 ◽

Vol 16 (2) ◽

pp. 29-39

Author(s):

Mariusz Kubus

Keyword(s):

Feature Selection ◽

Real Estate ◽

Linear Models ◽

Predictive Modelling ◽

Real Estate Market ◽

Comparative Approach ◽

Single Family ◽

Data Set ◽

The Real Estate ◽

Leave One Out

Abstract Regression methods can be used for the valuation of real estate in the comparative approach. However, one of the problems of predictive modelling is the presence of redundant or irrelevant variables in data. Such variables can decrease the stability of models, and they can even reduce prediction accuracy. The choice of real estate’s features is largely determined by an appraiser, who is guided by his/her experience. Still, the use of statistical methods of a feature selection can lead to a more accurate valuation model. In the paper we apply regularized linear regression which belongs to embedded methods of a feature selection. For the considered data set of real estate land designated for single-family housing we obtained a model, which led to a more accurate valuation than some other popular linear models applied with or without a feature selection. To assess the model’s quality we used the leave-one-out cross-validation.

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The Origin of Property Buyers in Poznań and its Suburbs

Real Estate Management and Valuation ◽

10.2478/remav-2014-0012 ◽

2014 ◽

Vol 22 (2) ◽

pp. 5-12

Author(s):

Justyna Tanaś

Keyword(s):

Real Estate ◽

Real Estate Market ◽

Single Family ◽

The Real ◽

The Real Estate ◽

Suburban Areas ◽

The Real Estate Market ◽

Family Housing ◽

Big Cities ◽

The City

Abstract The market for land for single-family housing is one of the most important segments of the real estate market. Over the last several years, we have witnessed the development of this market in the suburban areas of large agglomerations. This is connected with the intensified migration of people from the centers of big cities, and with the development of housing in suburban zones. The aim of this paper is to present the structure of the territorial origin of buyers purchasing plots designated for single-family housing in Poznań and its suburbs (with division into buyers derived from the city of Poznań, from the Poznań poviat (district), the Wielkopolska voivodeship (province), the rest of the country, and from abroad). The analysis covers the years 1995-2010.

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Nationwide Analysis of Mortality Rates and Related Surgical Procedures in Hearing Disability Patients in South Korea

Journal of Audiology & Otology ◽

10.7874/jao.2020.00381 ◽

2020 ◽

Vol 24 (4) ◽

pp. 204-209

Author(s):

Hye Min Han ◽

Ji Won Kwak ◽

Hyeon Geun Kim ◽

Hoyoung Lee ◽

Young-Chan Kim ◽

...

Keyword(s):

South Korea ◽

Normal Control ◽

Surgical Procedures ◽

Mortality Rates ◽

Normal Control Group ◽

Control Group ◽

Limited Data ◽

Otologic Surgical Procedures ◽

Hearing Disability ◽

The Relationship

Background and Objectives: Hearing loss (HL) and its repercussions are major problems in today’s society. There are limited data on the relationship between degree of HL and otologic disorders. The aim of this study is to estimate mortality rates, rates of sudden idiopathic HL and related otologic surgical procedures in hearing disability patients in South Korea.Subjects and Methods: Retrospective medical data for 160,205 patients with hearing disability was extracted. Mortality rates, rates of sudden idiopathic HL and related otologic surgical procedures were compared with a normal control group consisting of 865,475 people; approximately 5 times the number of hearing disability patients.Results: According to the Korean National Disability Registry (NDR), 0.458% of the population in South Korea suffered from hearing disability in 2015. Higher rates of mortality and sudden idiopathic HL were reported in hearing disability patients, increasing up to a maximum of 1.594 times and 1,039.695 times, respectively, compared to the normal control group. Mastoidectomy surgery was 2.5 times more frequently performed and pressure equalizing (PE) tube insertion was about 15 times more frequently performed in hearing disability patients.Conclusions: Hearing disability is related to higher risks of mortality, sudden idiopathic HL and otologic surgical procedures, including mastoidectomy and PE tubing.

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COVID-19 Pandemic, Urban Resilience and Real Estate Prices: The Experience of Cities in the Yangtze River Delta in China

Land ◽

10.3390/land10090960 ◽

2021 ◽

Vol 10 (9) ◽

pp. 960

Author(s):

Chuanhao Tian ◽

Xintian Peng ◽

Xiang Zhang

Keyword(s):

Real Estate ◽

Yangtze River ◽

Yangtze River Delta ◽

Real Estate Market ◽

River Delta ◽

The Yangtze River ◽

Urban Resilience ◽

Residential Land ◽

Real Estate Prices ◽

The Yangtze River Delta

The COVID-19 pandemic has severely impacted the urban real estate market around the world. This study regards the impact of the pandemic as a quasi-natural experiment, using the Difference in Difference model (DID) to examine the short-term impact of this severe public health crisis on the residential land and housing markets in the Yangtze River Delta. The study found that the COVID-19 pandemic has had a significant inhibitory effect on the average price of urban residential land and houses in the Yangtze River Delta. Although the currency oversupply has caused real estate prices in all cities to rise, the price of urban residential land decreased by 13.7% for each additional unit of epidemic severity. The greater the city’s resilience to the pressure of the COVID-19 pandemic, the faster its residential land prices will recover. Empirical research on the new house samples confirmed this conclusion. Local governments should continue to improve their ability to manage abnormal conditions, not only to prevent the spread of the epidemic, but also to gradually promote the recovery of the urban economy, strengthen urban resilience to better respond to health crises, and achieve sustainable urban development.

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VALUATION SYSTEMS IN POLAND, SLOVAKIA AND THE UNITED KINGDOM – COMPARATIVE STUDY

Real Estate Management and Valuation ◽

10.2478/remav-2013-0039 ◽

2013 ◽

Vol 21 (4) ◽

pp. 75-86

Author(s):

Marek Walacik ◽

Richard Grover ◽

Adamuscin Adamuscin

Keyword(s):

Real Estate ◽

Comparative Study ◽

Real Estate Market ◽

Market Models ◽

The Real ◽

The Real Estate ◽

Market Values ◽

Property Valuation ◽

The United Kingdom ◽

The Real Estate Market

Abstract The real estate market is a domain of multi-faceted contemplations - ranging from economical, societal and sociological, to juridical aspects. These domains are important because they create an area of real estate (internal and external) and have an impact on the real estate market. The multifariousness of properties has an influence on the creation of market values. Investors and people whose jobs are connected with the real estate market describe it using points, variables and characteristic attributes and on their basis, create algorithms or real estate market models. We need to draw attention to the fact that, in most cases, the terms “features “, “variables”, and “attributes” are treated as the same. The authors of the present article do not agree with that kind of approach and would like to systematize the knowledge in this area. The goal of the article is to explain problematic terms, and indicate their genesis and sense of using them. The paper compares the legal systems of property valuation in three different countries. It describes their different valuation procedures and provides commentary on them.

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Greece’s virus recovery forecasts are over-optimistic

Emerald Expert Briefings ◽

10.1108/oxan-db252574 ◽

2020 ◽

Keyword(s):

Shape Recovery ◽

Real Estate Market ◽

Productive Capacity ◽

Fiscal Stimulus ◽

Content Type ◽

Market Values ◽

Tourism Sector ◽

Virus Recovery ◽

Of Greece ◽

The Eu

Significance The authorities are gradually lifting pandemic-induced restrictions. The need to protect public health has given way to preserving the productive capacity so painfully built up in three years of economic recovery. The authorities hope for a V-shape recovery in 2021, driven primarily by a large fiscal stimulus. Impacts An unprecedented fall in the tourism sector will depress real estate market values. Greater flexibility in the EU fiscal framework would rekindle Athens’ efforts to reduce its primary budget surplus target. The government’s handling of the pandemic could promote the image of Greece as a relatively safe country to visit.

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A Multilevel Model Approach for Assessing the Effects of House and Neighborhood Characteristics on Housing Vacancy: A Case of Daegu, South Korea

Sustainability ◽

10.3390/su11092515 ◽

2019 ◽

Vol 11 (9) ◽

pp. 2515

Author(s):

Jeong-Il Park

Keyword(s):

South Korea ◽

Physical Environment ◽

Multilevel Model ◽

Hot Spot ◽

Population Decline ◽

Single Family ◽

Factors Affecting ◽

Clustering Pattern ◽

Housing Vacancy ◽

Neighborhood Level

Previous studies on housing vacancy mostly focused on variables representing regional characteristics while overlooking the characteristics of individual houses. This is due to the limitations of available data. Using the house-level Housing Vacancy Database, this study aims to identify the spatial clustering pattern of vacant houses by examining single-family houses in Daegu, South Korea, and analyze the factors affecting housing vacancy. The Housing Vacancy Database built in this study provides accurate location information of vacant houses, making it possible to analyze the clustering pattern of vacant houses in a more detailed spatial unit. Furthermore, the Housing Vacancy Database considered various physical and neighborhood factors at the house level. The result of hot spot analysis showed that vacant houses were spatially concentrated in the city center. As a result of analyzing the factors affecting housing vacancy at the house level and neighborhood level using a multilevel model, it was found that the physical environment characteristics of individual houses were key factors affecting housing vacancy. Additionally, the probability of housing vacancy tended to increase when the land prices were higher, the houses were located in redevelopment zones, and there were more neighboring vacant houses nearby. Meanwhile, population decline and the ratio of old houses were the only significant variables at the neighborhood level. Thus, this study addresses that policies are needed to improve housing and physical environment characteristics that contribute to housing vacancy.

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