On January 25, 2016, Konkuk University (KU) Ph.D. Candidate Seon Young An and Professor Joo Hyun Cho of the Department of Real Estate Science received the “Korean Appraisal Review Best Paper Award” from the Korea Real Estate Research Institute (KRERI). In contrast to previous studies, the authors categorized older households into three age groups in their paper titled “Estimation of Tenure Choice and Housing Demand Decisions of Older Households in Korea.” Their analysis showed that age groups under 65 reduced the size of housing for larger retirement savings, while home ownership decreased for those above 75. As such, the authors drew policy implications for greater diversity in reverse mortgage products and giving priority to older households apply for public housing.
KRERI has been publishing the Korean Appraisal Review since 1991. Among the 52 papers that were published in the journal this year, the best paper was judged according to creativity, future orientation, validity of methodology, and comprehensiveness. In addition to the Best Paper Award, two finalists were selected, one of which was “Examination of the Relationship Between the Types of Housing and Household Debts” by KU Professor Dai Gyo Seo of the Division of Business Administration and Economics at the GLOCAL Campus.