A Study on the Determinants Small Scale Apartment - Focused on Jeju Special Self-Governing Province-

Abstract

In this study, 2019 was classified into a period of decline, a period of recovery in 2020, and a period of increase in 2021 using actual transaction price data of small apartments traded in Jeju Special Self-Governing Province from 2019 to 2021. In addition, this study examined the differences existing in apartment price determination factors for each period. It was analyzed that the higher the living floor, the more positive the price was, and the higher the number of floors in the apartment, the more positive the price was. Compared to the decline and recovery period, it can be interpreted that the more prosperous the period, the higher the preference for apartments with higher floors. The remainnig building-to-land ratios was significant in 2021, and the remaining building-to-land ratios was found to have a positive effect on price. The number of households has a positive effect on apartment prices, and the number of parking units per household is significant in 2019 and 2021, and the convenience of parking has a positive effect on apartment prices. Small apartments are also analyzed to rise in price again when reconstruction is expected. While the price rises as the distance between bus stops and government offices increases, the price decreases as the distance between elementary and middle schools in apartments increases, and the price decreases as the distance from the market after 2020. In summary, even for small apartments, the higher the price of apartments with a good residential environment as the economy improves, and the factors affecting reconstruction can be summarized as affecting price.