반복매매모형을 활용한 오피스 매매가격지수에 관한 연구

Abstract

Although Office price index has been constantly studied in Korea, the precedent studies have limitations for reflecting the movements of changing office market environment. The weakness of the price survey such as the Shortage of observations and reliability mainly causes these kind of limitations. To overcome these limitations, this study establishes raw data sets from the real transaction price, DART, and the fund information through various ways. Furthemore, based on the data sets, this study calculates the office indices by using various methodologies and examines the results of calculation. Due to consideration of the data characteristics, the study adopts a repeat sales model. There are two types of issues. One is heteroskedasticity problem suggested by Case & Shiller and the other is to be weighted or not by total floor area. The results show that few differences found between the normal repeat sales price index and the index considering heteroskedasticity; however, we found the differences between the weighted index and the normal repeat salses index through this research. These findings could be helpful to produce more sophisticated office market index.