북한 혜산시 부동산 가격실태와 가격결정의 함의

This study aims to provide general and regional information that have effects on the price and price determination of four real estate products (houses, factories, stores, and convenience facilities) located in three downtown areas (commercial business center, administrative center and industrial district) in Hyesan in North Korea. Based on general, regional and product factors, characteristics and prospects of change in real estate pricing for each downtown are presented. For effects of general factors on the determination of real estate price, the main factor of commercial business center and administrative center are the level of resident consumption and infrastructure, respectively. In terms of regional factors, industrial districts take precedence. For product factors, commercia areas take precedence in the supply and demand of factory buildings or retail buildings. If sanctions against North Korea persist, the influence of general factors on real estate prices in the downtown of Hyesan will be weakened by the deteriorating economic situation and negligence on urban reorganization. However, the influence of regional and commodity factors would not be reduced due to the strategic interests of North Korea and China and the geo-economic characteristics. Therefore, it is unlikely that real estate prices in the entire downtown area of Hyesan will significantly decrease, compared to other areas in North Korea.