Purpose

Properties with specific orientations are preferred in South Korea, depending on the real estate market. This preference is usually considered during property transactions and in designing buildings. Despite the importance of property orientation, the magnitude of preference for favored orientation has rarely been empirically estimated in the literature. This study attempts to estimate the value of favored orientation in a quantitative manner and interpret the results.

Design/methodology/approach

Using a geographically weighted regression model, this study obtains nationwide property price data and estimates the strength of orientation preference, that is, the premium for favored orientation. Among the various property types, residential sites and forests were investigated because the orientation of these two property types is known to influence their sales prices in the Korean real estate market.

Findings

The results show that premiums for south-facing residential sites exist in the market, varying locally and ranging from zero to 13.2%, over residential sites with non-south orientations. The results for forests are mixed in that a south-facing forest commands a maximum of 33.1% premium in a certain region, over a forest with a non-south direction, while it also commands a maximum of 33.8% negative premium (discount) in another region, indicating significant local variations in premiums.

Originality/value

These findings are expected to be utilized in fields such as property valuation, house architecture and design.

中文翻译：

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探索房产定位偏好和当地差异

目的

根据房地产市场的情况，在韩国，具有特定方向的房产更受青睐。在房地产交易和设计建筑物时通常会考虑这种偏好。尽管财产取向很重要，但文献中很少对偏爱取向的偏好程度进行实证估计。本研究试图以定量的方式估计偏好取向的价值并解释结果。

设计/方法论/途径

本研究利用地理加权回归模型，获取全国范围内的房地产价格数据，并估计方向偏好的强度，即偏好方向的溢价。在各种房产类型中，我们对住宅用地和森林进行了调查，因为众所周知，这两种房产类型的方向会影响其在韩国房地产市场的销售价格。

发现

结果显示，市场上朝南住宅用地的溢价存在差异，与非朝南住宅用地相比，溢价在 0 到 13.2% 之间。森林的结果好坏参半，朝南的森林在某个地区比非朝南的森林最多有 33.1% 的溢价，而在某些地区，朝南的森林也最多有 33.8% 的负溢价（折扣）。另一个地区，表明保费存在显着的地方差异。

原创性/价值

这些发现预计将用于房地产估价、房屋建筑和设计等领域。