아파트 분양권의 전매 프리미엄 영향 요인에 관한 연구 - 부동산정책특성과 분양계약 특성을 중심으로 -

Under the ownership pre-sale system in the Korean apartment market, developers can sell ownership of apartment units as soon as they start to construct an apartment complex. In Korean apartment, people call this kind of ownership as Bun-Yang-Kwon. Because there is a time difference between ownership purchase and apartment completion under the ownership pre-sale system, apartment owners can transfer their pre-completion ownerships to third parties during the construction period, which is called as Bun-Yang-Kwon Geon-Mae. This research analyzes resales premium (Bun-Yang-Kwon Geon-Mae premium) between ownership purchase and Geon-Mae by using nationwide 4,734 apartment units in 192 complexes supplied from 2003 to 2016. Specifically, this study analyzes influences of macro environment, real estate policy, sales condition, location, apartment complex and unit characteristics on resales premium between ownership purchase and Geon-Mae by using multiple regression models. The empirical analysis finds the macro environment, real estate policy and sales condition characteristics have significant effects on the Geon-Mae premium. Also, this study confirms the product characteristics such as location, apartment complex, and unit characteristics influence on the Geon-Mae premium.