Comparative Analysis of the Determinants of Sale and Rental Prices for High-End Officetels: Focused on Seoul, South Korea

This study examines the determinants of sale and rental prices for high-end officetels in Seoul from 2020 to 2024, using a hedonic price model. The analysis reveals distinct factors influencing sale and rental prices, with some variables having opposite effects on each. Key findings show that factors such as parking spaces, occupancy ratio, floor level, and proximity to amenities generally positively impact both sale and rental prices. However, some features like concierge service and valet parking have differing effects on sale versus rental prices. The study also highlights the impact of the COVID-19 pandemic on the real estate market. Both sale and rental prices increased significantly from 2021 onwards compared to 2020, with varying patterns of growth and decline in subsequent years. This research provides valuable insights into the high-end officetel market in Seoul, offering data that can inform future development strategies and policies in this real estate segment.