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The Impact of Each Stage in the Apartment Reconstruction Process on Apartment Prices

In: Entrepreneurship and Human-Centric Business Strategies for Social and Economic Resilience

Author

Listed:
  • Gunho Shin

    (Konkuk University)

  • Seungwoo Shin

    (Konkuk University)

Abstract

Using transaction data from 2006 to 2024, our study employs panel fixed effect models to reveal the distinct effects of each reconstruction process stage on apartment price fluctuations in Seoul, Korea. This study is a follow-up study of Shin and Lee (2025). We use four different methods to estimate the missing apartment price during the non-transaction period. To build a yearly panel dataset, we need to estimate the transaction price (dependent variable) each year, even if there is no transaction. The four are non-adjusted Actual Transaction price (AT model), using the Nearest price (Near model), KB index adjusted (KB model), and government's published index adjusted (KREB model). Our study results show that in the case of index models, both the KB Price Index and the Korea Real Estate Board (KREB) Index share common strengths in mitigating individual transaction noise, maintaining a balanced panel structure, and securing sufficient observations to enhance the stability of statistical estimation. Although the KREB index model exhibits a slightly higher adjusted R2 (0.767 vs. 0.732 for the KB model), the difference is minimal. Given its simpler specification and equivalent parameter stability, the KB model remains a practical and robust framework for deriving policy implications and conducting scenario analysis.

Suggested Citation

  • Gunho Shin & Seungwoo Shin, 2026. "The Impact of Each Stage in the Apartment Reconstruction Process on Apartment Prices," Springer Proceedings in Business and Economics, in: Singha Chaveesuk & Seungwoo Shin & Sebastian Kot & Bilal Khalid (ed.), Entrepreneurship and Human-Centric Business Strategies for Social and Economic Resilience, pages 2333-2347, Springer.
    • Handle: RePEc:spr:prbchp:978-981-95-6415-6_145
    DOI: 10.1007/978-981-95-6415-6_145
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