아파트의 건축연령이 대지지분당 가격에 미치는 영향 : 서울시 아파트의 재건축 가능성을 중심으로

Abstract

본 연구는 재건축 아파트의 토지가치를 중심으로 아파트가격을 분석한 최초의 연구이다. 재건축 아파트 소유자 관점에서 사업성 판단의 중요요인인 대지지분의 가치가 재건축시점이 도래할수록 어떻게 변화하는지를 실증적으로 분석하고자 한다. 이를위해 대지지분당 가격을 종속변수로 설정하여 건축연령에 따른대지지분당 가격의 변화를 살펴보고자 한다. 기존 연구들의 일반적인 종속변수인 전용면적당 가격과 비교 분석하여 건물의 가격인 전용면적당 가격과 대지지분당 가격 간 어떤 차이가 있는지, 차이가 난다면 어떠한 이유에서 기인하는지 밝히고자 한다.

This study examined the effect of building age on the price per land share by setting the price per land share, which is an important factor in determining business feasibility from the perspective of apartment redevelopment members, as a dependent variable. By directly using the apartment land share data and conducting an empirical analysis, the study revealed that the existing apartment building age study showed the price per living area, that is the price of the building, overlooked the value of the land, which could cause distortion in the research results. This study is significant because it expanded the understanding of the redevelopment apartment price by introducing the concept of price per land share. The main analysis results of the study are as follows. First, it confirmed that the price per land share is a nonlinear relationship wherein the price decreases as the building age elapses and then rebounds after a certain point. Second, the building age enables redevelopment affects the price per land share by about 3.6 years earlier than the price per living area. Third, expectations for redevelopment are more sensitively reflected in the price per land share than the price per living area. The importance of the land share of the redevelopment apartment increases as the redevelopment period approaches. Fourth, the price per land share rises sharply after 36 years of building age. Thus, one can conclude that the price per land share explosively reflects the expectations of reconstruction, which had been suppressed by the regulation of the reconstruction period and the prolonged project, currently limited to 30 years.