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SUR Based Hedonic Price Model Using Qualitative Information of Apartments in Seoul
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아파트 단지의 질적 속성 정보를 이용한 SUR 기반의 헤도닉 가격 모형

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Type
Academic journal
Author
Journal
The Korean Data Analysis Society Journal of The Korean Data Analysis Society Journal of The Korean Data Analysis Society 제18권 제1호 KCI Accredited Journals
Published
2016.1
Pages
217 - 228 (12page)

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SUR Based Hedonic Price Model Using Qualitative Information of Apartments in Seoul
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In this study, we conducted a case study for evaluating the apartment transaction price determinants using SUR (seemingly unrelated regression) model for the apartments in Seoul. In other words, we analysed the association between the median transaction price per unit of the apartment complex with the qualitative characteristics of the apartment - roadside condition, traffic condition, convenience facility, education condition, environment condition, public transportation condition and building status condition. We applied the SUR model to construct a hedonic price model for the transaction prices occurred in 2013~2015 in order to take consideration of latent correlations among prices in each year. Analysis results tell us that the roadside conditions and traffic conditions, environmental conditions, public transportation conditions and the building conditions were found to affect positively to the transaction value under the significance level of 0.05. Furthermore, education condition in Gangnam-3gu has more positive effect on transaction prices than the other regions under the significance level of 0.1.

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