Preface to the Second Edition · 4
Preface to the First Edition · 6

Chapter 1: General Real Estate Studies

Section 1. Concept of Real Estate
1.
Physical (Technical) Concepts · 20
2.
Economic Concepts · 24
3.
Legal (Institutional) Concepts · 24

Section 2 Classification of Real Estate
1.
Land Classification · 26
2.
Housing Classification · 31
3.
Building Classification · 34

Section 3 Characteristics of Real Estate (Land)
1.
Natural Characteristics of the Land · 37
2.
Humanistic Characteristics of the Land · 46

Chapter 2 Real Estate Economics

Section 1 Real Estate and Economic Analysis
1.
The Significance of Real Estate Economics · 51
2.
Supply and Demand Model of the Real Estate Market · 52
3.
A Monocentric City Model of Urban Spatial Structure · 66
4.
Asset Pricing Model · 75
5.
Real Estate Price Bubble · 87

Chapter 3 Real Estate Finance

Section 1 Real Estate Finance Market and Products
1.
The Concept of Real Estate Finance · 97
2.
Real Estate Finance System · 98
3.
Types of Real Estate Financial Products · 100
4.
Understanding Interest Rates · 104

Section 2 Mortgage Loan Market (Primary Mortgage Market)
1.
The Meaning of Home Mortgage Loans · 107
2.
Types of Home Mortgage Loans · 109
3.
Mortgage Calculation Method · 114
4.
Risks of Mortgage Loans · 117
5.
Adjustable Rate Mortgage (ARM) · 120
6.
The Mortgage Loan Market and the Role of Government · 121

Section 3: Securitization Market for Housing Mortgage Loans (Secondary Mortgage Market)
1.
Development of the Secondary Mortgage Market · 125
2. MBS · 126
3. MBB and CMO · 128

Section 4 Trends in Real Estate Finance in Korea
1.
The Development of Real Estate Finance · 130
2.
Trends in Real Estate Finance by Product · 135

Chapter 4 Real Estate Investment Theory

Section 1: The Meaning of Investment and Characteristics of Real Estate Investment
1.
The Meaning of Investment · 141
2.
Pros and Cons of Real Estate Investment (Compared to Financial Investment) · 142
3.
Considerations and Key Variables When Making Real Estate Investment Decisions · 147

Section 2 Financial Tools for Real Estate Investment Analysis
1.
Time Value of Money · 149
2.
Calculating Cash Flow · 153

Section 3: Feasibility Analysis Techniques for Real Estate Investment
1.
Discounted Cash Flow (DCF) Analysis · 158
2.
Non-discounting technique · 165

Section 4 Risks and Returns of Real Estate Investment
1.
The Meaning and Types of Risk and Return (Rate) · 172
2.
Investment Decisions Based on Return and Value Comparison · 176
3.
The Relationship Between Risk and Return · 178
4.
Risk Analysis and Management · 185

Chapter 5 Real Estate Policy Theory

Section 1 Real Estate Issues
1.
The Nature of Real Estate Problems · 193
2.
Classification of Real Estate Issues · 195

Section 2 Real Estate Policy
1.
Basic Concepts of Real Estate Policy · 204
2.
Types of Real Estate Policies in Korea · 204

Section 3 Government Intervention in the Market
1.
Government Market Intervention Methods and Functions · 207
2.
Reasons for Government Market Intervention (Functions of Real Estate Policy) · 209

Section 4 Land Policy
1.
Zoning and Land Use · 216
2.
Land Suitability Assessment System · 222
3.
Development Profit Recovery System · 224
4.
Land Reserve and Land Bank System · 226
5.
Public Development · 228
6.
Land Readjustment Project · 229

Section 5 Housing Policy
1.
Housing Policy and Housing Supply Policy · 232
2.
Housing Rental Policy · 234
3.
Public Housing Policy · 242

Section 6 Tax Policy
1.
The Concept of Real Estate Tax · 248
2.
Tax Incidence · 249

Chapter 6 Real Estate Development Theory

Section 1 Real Estate Development Theory
1.
Basic Concepts of Real Estate Development · 255
2.
Classification of Real Estate Development · 256
3.
The Real Estate Development Process · 258
4.
Participants in real estate development · 260
5.
The Risks of Real Estate Development · 265

Section 2 Real Estate Development Analysis
1.
Real Estate Analysis · 267
2.
Types of Real Estate Analysis · 267
3.
A System of Real Estate Analysis · 275

Section 3 Real Estate Development Methods
1.
New Development Project · 277
2.
Land Development Project · 279
3.
Public Development Project · 282
4.
Redevelopment · 283
5.
Private Development · 285
6.
Private Capital Attraction Business Methods · 288
7.
Other Development Methods · 293

Section 4 Development-Related Issues
1.
Land Development and Land Conservation · 294
2.
Development Rights Transfer System · 296
3.
Major Changes in the Real Estate Development Process · 296

Chapter 7 Real Estate Appraisal Theory

Section 1
emotional evaluation system
1.
Theoretical Concepts of Emotional Assessment · 303
2.
The Social and Public Nature of Emotional Assessment · 305
3.
Professional Ethics for Real Estate Appraisers · 306
4.
Classification of Emotional Assessments · 310

Section 2 Real Estate Value Theory
1.
The Significance of Real Estate Prices · 314
2.
Real Estate Prices · 317
3.
Factors that Create Real Estate Value · 318

Section 3: Principles of Real Estate Value Formation
1.
Factors influencing real estate value · 322
2.
The Formation Process of Real Estate Value · 323
3.
Contents of Value Formation Factors · 324
4.
Precautions When Analyzing Value-Forming Factors · 331

Section 4 Real Estate Value System Principles
1.
Understanding the Value Principle · 332
2.
Types of Value Principles · 333
3.
Optimal Utilization Analysis · 347

Section 5 Regional and Individual Analysis
1.
Regional Analysis · 350
2.
Individual Analysis · 359

Section 6: Three and Six Methods of Emotional Evaluation
1.
Cost method · 363
2.
Comparative Method · 370
3.
Revenue Method · 374

Section 7 Real Estate Price Disclosure System
1.
Standard land price announcement · 379
2.
Individually Appraised Land Price · 381
3.
Standard housing price · 385
4.
Individual home prices · 387

Chapter 8: Recent Changes in the Real Estate Environment and New Issues

Section 1: Digital Technology and the Transformation of the Real Estate Industry
1.
Proptech · 393
2. AI-Based Valuation and Market Forecasting · 396
3.
Smart Cities and Digital Twins · 398

Section 2 ESG (Environment, Social, Governance) and Real Estate
1. Spread of ESG Concepts and Their Application to Real Estate · 40
2. ESG-Applied Real Estate Project Cases and Implications · 402
3.
Korea's Real Estate-Related ESG Policies · 403

Section 3: Real Estate Piecemeal Investment: Democratizing Asset Ownership
1.
Fragmented Investment Overview and Structure · 405
2.
Blockchain and Real Estate Segmentation · 406

Section 4
Changes in the Real Estate Industry in the Post-COVID-19 Era
1.
The Complexity of Residential Spaces and Changing Space Demand · 408
2.
Expanding demand for non-face-to-face infrastructure · 409
3.
The Crisis and Recovery Potential of Sharing Economy-Based Real Estate Services · 410
4.
Growing Demand for Public Open Space · 411
5.
Structural Changes in the Office Market · 411

References · 413
Search · 423