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한국감정원부동산연구원이만드는 부동산정책및시장분석전문저널 부동산포커스에수록된내용은필자개인의의견이며, 한국감정원부동산연구원의공식적인견해가아님을밝힙니다. 한국감정원부동산연구원홈페이지 (www.kab.re.kr) 를통해부동산포커스에실린기사및논문을제공하고있습니다.

Tel:053)663-8135 Fax:053)663-8149 Tel:053)663-8705 Fax:053)663-8709 Tel:053)663-8546 Fax:053)663-8549 Tel:053)663-8211 Fax:053)663-8229 Tel:053)663-8724 Fax:053)663-8739 Tel:053)663-8504 Fax:053)663-8509 Tel:053)663-8604 Fax:053)663-8609 Tel:053)663-8712 Fax:053)663-8709 Tel:053)663-8538 Fax:053)663-8539 Tel:053)663-8654 Fax:053)663-8659 Tel:053)663-8527 Fax:053)663-8529 Tel : 02)2187-4024~5 Fax: 02)2187-4049~50 Tel : 053)663-8780 Fax : 053)663-8769 Tel : 053)663-8000

Contents Real Estate Focus 02 2014 JUNE VOL.73 04 13 22 31 41 50 56 2014620 291 919-2 71 75 90 102 106 http://www.kab.re.kr 053-663-8000 053-663-8709 109 118 02-2279-4750

FOCUS Essay KOREA APPRAISAL BOARD 02 Real Estate Focus

2014 June Vol.73 03

Special Edition 04 Real Estate Focus

2014 June Vol.73 05

Special Edition 06 Real Estate Focus

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Special Edition 08 Real Estate Focus

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Special Edition ö ä 10 Real Estate Focus

180,000 160,000 140,000 120,000 100,000 80,000 60,000 40,000 20,000 0 2013.07 2013.04 2013.01 2012.10 2012.07 2012.04 2012.01 2011.10 2011.07 2011.04 2011.01 2010.10 2010.07 2010.04 2010.01 2009.10 2009.07 2009.04 2009.01 2008.10 2008.07 2008.04 2008.01 2007.10 2007.07 2007.04 2007.01 2006.10 2006.07 2006.04 2006.01 2014 June Vol.73 11

Special Edition 12 Real Estate Focus

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Special Edition N ratio i = i=1 N 14 Real Estate Focus

( ( median ratio - ratio i ) ) N / N i=1 COD = median raio 5.0-10.0 5.0-15.0 5.0-20.0 5.0-15.0 5.0-20.0 5.0-25.0 2014 June Vol.73 15

Special Edition Shapiro-Wilk W test D'Agostino-Pearson K 2 test Anderson-Darling A 2 test Lillifores Test N/A Binomial test t-test Mann-Whitney test t-test Kruskal-Wallis test Analysis of Variance Spearman Rank test Mann-Whitney test t-test Correlating or regression analysis 16 Real Estate Focus

AV i = 0 1 SP i i InAV i = 0 1 SP i i AV/SP i = 0 1 SP i i lnsp = 0 1 lnav 3 AV i = 0 1 SP i 2 SP 2 i i AV,S Z = AV,S 2014 June Vol.73 17

Special Edition lnsp i = 0 1 lnav i 1 lnav i = 0 + 1 lnz i 2 lnsp t = 0 1 lnav 0 2 t 1 lnav 0 = 0 + 1 lnz 0 2 AV i = 00 10 SP i 01 LOW i 02 HIGH i 11 LOW SP i 12 HIGH SP i i LOWi HIGHi 10 11 12 00 01 02 00 00 01 00 01 00 02 t 1 t 2 00 02 03 11 12 21 AV i = 00 + 01 SP i + 02 [ SP i 2 (SP i t 2 ) + 2 ] + 03 [ SP i 3 (SP i t 1 ) + 3 t 1 (SP i t 2 ) + 2 ] + 11 ( SP i t 1 )+ 12 [(SP i t 1 ) + 2(SP i t 2 ) + 2 ] + 21 ( SP i t 2 ) + i 18 Real Estate Focus

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Special Edition 20 Real Estate Focus

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Special Edition 22 Real Estate Focus

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Special Edition 24 Real Estate Focus

193 72 130 379 11213 200 25 157 260 11118(0.8%) 288 48 218 420 10161(11.6) 480 119 294 795 9497(45.5) 2014 June Vol.73 25

Special Edition 30% 25% 20% 15% 10% 5% 0% 26 Real Estate Focus

50% 40% 30% 20% 10% 0% -10% -20% 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2014 June Vol.73 27

Special Edition 80,555 81,199 644 41,788 18,058 3,960 600 219 15,930 41,753 18,058 3,960 900 219 16,309 - - 300-379 28 Real Estate Focus

2014 June Vol.73 29

Special Edition 30 Real Estate Focus

101.4 99.6 100.9 99.7 99.9 100.1 100.3 100.5 100.8 100.8 100.9-0.09 0.17 0.02 0.29 0.19 0.16 0.24 0.20 0.23 0.06 0.02 2.86-1.77 1.29-0.43-0.07 0.31 0.80 1.18 1.49 1.44 1.29 99.4 101.8 106.8 103.9 104.5 104.9 105.5 106.0 106.5 106.7 106.8 0.03 0.29 0.07 0.68 0.52 0.42 0.59 0.49 0.47 0.14 0.07 6.07 2.34 4.92 4.20 4.48 4.70 5.11 5.39 5.51 5.16 4.92 2014 June Vol.73 31

1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 32 Real Estate Focus

2000 2001 2006 2009 2011 2014 June Vol.73 33

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United Kingdom 4.161 1 3.384 1 0.583 9 France 3.735 2 2.497 4 0.595 8 Canada 3.323 3 2.880 2 0.174 27 United State 2.973 6 2.880 3 0.000 31 Korea 2.960 7 0.792 16 1.898 1 Japan 2.768 8 2.163 6 0.293 16 Italy 2.233 12 0.622 21 1.057 2 Spain 1.934 16 0.946 13 0.612 7 Ireland 1.907 17 0.943 14 0.811 6 Greece 1.784 18 0.893 15 0.429 12 Sweden 1.043 26 0.788 17 0.255 20 Germany 0.876 27 0.447 24 0.244 22 Mexico 0.287 34 0.200 32 0.087 28 OECD-Average 1.794 1.069 0.407 38 Real Estate Focus

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2,132,753 49.4 259,756 6.0 81,570 1.9 105,988 2.5 425,310 9.8 416,846 9.7 96,006 2.2 371,957 8.6 205,747 4.8 206,847 4.8 16,299 0.4 4,319,073 100.0 42 Real Estate Focus

57.1 57.1 56.8 56.5 55.3 52.5 51.1 50.1 48.4 47.3 35.4 35.0 34.8 34.5 34.8 35.2 35.8 35.8 36.4 35.9 3.9 4.2 4.5 4.8 5.0 5.9 6.2 6.7 7.4 8.2 3.5 3.7 3.9 4.2 4.9 6.4 6.8 7.4 8.0 8.6 2014 June Vol.73 43

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6.3 1.5-4.7 0.7-1.1-5.7 0.9-0.2-0.5 48 Real Estate Focus

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(unit : million sqm) (unit : %) 350,000 300,000 250,000 Total New Supply since Q1 2009 : 1,520,756 sqm Total Take-up Since Q1 2009 : 1,046,484 sqm Vacancy Rate for Q1 2014 : 8.01% 10.00 9.00 8.00 200,000 150,000 100,000 50,000 172,118 sqm 7.00 6.00 5.00 4.00 0-50,000 2009 Q1 2009 Q2 2009 Q3 2009 Q4 2010 Q1 2010 Q2 2010 Q3 2010 Q4 2011 Q1 2011 Q2 2011 Q3 2011 Q4 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 2014 Q1 3.00 2.00-100,000 1.00-150,000 0.00 50 Real Estate Focus

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25.0 20.0 19.0 20.8 22.2 15.0 10.0 5.0 12.2 14.4 0 2009 2010 2011 2012 2013 52 Real Estate Focus

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54 Real Estate Focus

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58 Real Estate Focus

Independent Governments County governments 3,031 Municipal governments 19,519 Township governments 16,360 Independent school district governments 12,880 Dependent school district government 1,298 Special district governments 38,266 2014 June Vol.73 59

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ASSMT YEAR BUDGET YEAR ASSMT RATIO CITY (INCLUDES SCHOOL BONDS) CITY SCHOOL MATC MMSD COUNTY GROSS TAX RATE STATE CREDIT NET (LESS STATE CREDIT) 2010 2011 95.66% 9.12 10.86 2.02 1.52 4.87 28.39 1.81 26.57 2011 2012 100.47% 9.25 11.11 1.95 1.51 4.89 28.71 1.81 26.9 2012 2013 96.19% 10.25 12.31 2.21 1.7 5.44 31.91 1.96 29.95 2013 2014 96.27% 10.58 12.49 2.22 1.78 5.52 32.60 1.98 30.62 62 Real Estate Focus

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2014 2013 $10,500 $10,500 $78,400 $78,400 $88,900 $88,900 City Tax 2,112.05 County Tax 609.63 Less Credit - 213.85 Total Tax 2,507.83 Date Last Paid 12/30/2013 64 Real Estate Focus

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68 Real Estate Focus

BREA License Levels Education Requirements Experience Requirements Scope of Practice Trainee 150 hours, including 15 hours of USPAP None Any Property which the supervising appraiser is permitted to appraise Residential 150 hours, including 15 hours of USPAP 2,000 hours of acceptable appraisal experience Any 1-4 family property with transaction value up to $1 million, and non-residential property with transaction value up to $250,000 Certified Residential 200 hours, including 15 hours of USPAP 2,500 hours of acceptable appraisal experience and 2 1/2 years of experience Any 1-4 family property without regard to transaction value and non-residential property with transaction value up to $250,000 Certified General 300 hours, including 15 hours of USPAP 3,000 hours of acceptable appraisal experience, of which 1,500 hours must be non-residential and 2 1/2 years of experience All real estate without regard to value or complexity 2014 June Vol.73 69

2012 2013 2014 2/4 3/4 4/4 1/4 1 2 3 2.8 1.9 2.5 4.1 2.6 0.1 - - - 4.1 2.6 1.3 1.9 4.2 1.7-0.9 1.4 0.5 5.1 4.2 0.5 0.9 0.9 0.1-0.9 0.8 1.2 6.6 11.5 12.2 12.6 10.1 8.9 10.1 8.7 7.9 2,236 2,331 603 515 595 569 144 222 203[288] -0.7-0.4 0.3 0.1 0.2 - - - -2.5-0.7 0.7 0.0 0.5 0.0 0.2-1.7-0.8 0.3 0.5-0.5 0.7 1.0 0.1 0.3 7.5 0.9-0.1-0.5 0.3 1.3 1.2 11.3 12.0 12.0 12.0 11.9 11.8 11.8 11.8 11.8 7.7 7.7 7.5 7.8 7.7 7.4 - - - 10.0 9.7 9.1 10.1 10.0 8.7-8.65) 8.8 14.3 13.1 13.0 13.3 13.5 12.0-11.85) 12.2 20.6 19.6 20.1 20.2 19.6 17.6-17.95) 17.6 7.9 7.9 3.8 3.9 7.4-3.4 10.6-18.1-6.6[0.9] 1.4 1.5 1.0 0.2 0.2 - - - 0.6-0.8 1.6 1.8 1.8 2.8 3.9-2.3 0.3 1.8 1.0 0.7 0.3 1.4 3.9 1.6 0.3 6.3-2.7 9.5 5.0 1.0 2.2-1.2-3.4 2.7-2.7 2014 June Vol.73 71

2014 2011 2012 2013 1 2 3 4 5 Dubai 105.9 109.0 105.3 104.0 105.0 104.4 104.6 105.6 Brent 111.0 111.7 108.7 107.7 108.9 107.7 107.8 109.4 WTI 95.1 93.8 98.0 94.9 100.7 100.5 102.0 101.8 72 Real Estate Focus

2012 2013 2014 4 2/4 3/4 4/4 1/4 2 3 4 2.4 0.8 0.1 0.9 0.8 0.3 0.4-3.1 1.8-1.7 - - 2.2 1.2 0.7 1.2 2.5-0.4 2.1-0.1-2.8-1.3-1.0 1.1 5.0 5.9-5.3-0.6 1.2 2.6 - - -7.5-4.0 2.7 10.4 5.8 12.3 7.0 10.7-5.0 10.1 6.6 6.3-0.1-0.7 1.4-3.4-3.8 6.9 - - 18.9 15.0 10.5 9.7 6.4 6.5 2.2 2.9-1.3 2.1 0.1 0.7 2.8 4.7 1.7 1.4 3.7 9.0[-0.9] -0.9-0.8-0.7-2.8 0.3 2.5 2.1 3.9 3.6 5.0[0.3] 508.4 798.8 45.5 208.0 237.8 248.4 150.7 45.0 72.9 71.2 2012 2013 2014 4 2/4 3/4 4/4 1/4 2 3 4 1.4 0.3 0.2-1.0 0.0 2.1 0.3-2.3 1.0 0.0 - - 2.1 0.0 0.1 1.8 0.6 4.1 2.7 2.5 78.5 76.2 75.9 75.9 75.1 76.5 77.1 75.8 77.2 77.5 1.6 1.4 0.4 0.4 0.2 0.9 0.4-0.7 0.5-1.0 - - 2.5 1.7 0.8 2.1 1.8 1.1 2.3 0.9 43.7 38.6 11.1 17.4 17.6 13.3 27.0 11.3-12.0 2.5[-18.6] - - 34.5 32.4 42.1 54.1 72.9 83.5 64.9 58.1[41.3] 3.2 3.1 3.1 3.1 3.1 3.0 3.5 3.9 3.5 3.7[3.7] 2014 June Vol.73 73

2012 2013 2014 5 1/4 2/4 3/4 4/4 1/4 3 4 5 1.4 1.1 0.0 0.8-0.3 0.8-0.2 1.0 0.2 0.1 0.2 (2.2) (1.3) (1.1) (1.6) (1.2) (1.4) (1.1) (1.1) (1.3) (1.5) (1.7) 1.1 1.9 0.4 0.5 0.5 0.4 0.4 0.7 0.3 0.2 0.3 (1.6) (1.6) (1.7) (1.4) (1.6) (1.6) (1.9) (1.9) (2.1) (2.3) (2.2) -0.2 0.3 0.0-0.2-0.1-0.1 0.7 0.7 0.4 0.3 0.1 4.3 7.2 0.2 1.2 1.0 2.1 2.7 1.8 0.7 0.4 0.1 74 Real Estate Focus

31113 134 144 77,082 90,306 17.16 2.18 8,291 10,516 26.84-0.66 7,369 7,611 3.28 18.29 6,351 6,361 0.16 9.66 4,684 5,539 18.25 2.01 3,791 4,589 21.05 10.77 2,142 3,551 65.78-24.53 2,389 4,202 75.89 2.65 16,960 20,094 18.48-0.37 2,160 2,548 17.96 1.42 2,872 3,160 10.03 0.09 3,420 4,200 22.81 2.39 2,448 2,626 7.27-1.85 2,267 2,125-6.26-5.28 4,538 4,218-7.05 1.01 5,947 7,870 32.34 16.48 466 446-4.29-21.15 2014 June Vol.73 75

30 10-10 -30-50 -70-90 2.18-0.66 26.84% 17.16% 3.28% 18.29 9.66 0.16% 2.01 10.77 65.78% -24.53 18.25% 21.05% 2.65 75.89% 18.48% 0.37 1.42 0.09 2.39 17.96% 10.03% 22.81% -1.85 7.27% -6.26% -5.28 1.01-7.05% 16.48 32.34% -21.15-4.29% 90 80 70 60 50 40 30 20 10 0-10 -20 3 ( 11~ 13) 180,000 160,000 140,000 120,000 165,599 138,671 123,297 100,000 80,000 60,000 40,000 20,000 97,630 26,928 25,667 88,706 74,835 69,807 59,294 41,926 42,288 29,412 27,881 32,547 61,091 48,167 45,573 33,192 26,082 24,292 27,899 22,085 21,281 0 '08 '09 '10 '1112 '1212 '1312 '143 '144 76 Real Estate Focus

150% 133.3% 100% 50% 13.2% 10.6% 0% -3.3% -12.4% -6.0% -9.1% -17.9% -7.6% -2.0% -16.9% -5.5% -4.2% -1.6% -50% -100% -43.4% -73.3% (www.molit.go.kr) 13.10 13.11 14.1 14.2 14.3 14.4 33,348 40,257 24,602 29,707 38,969 42,706 (-9.6%) (6.4%) (2.7%) (37.6%) (29.7%) (38.1%) 39,033 48,529 21,260 25,381 39,059 48,086 (-4.2%) (48.1%) (25.6%) (-17.1%) (12.0%) (34.9%) 50,415 43,921 5,863 11,031 23,902 38,769 (75.5%) (16.5%) (58.6%) (-29.1%) (11.2%) (139.6%) 40,715 46,170 24,942 28,316 27,358 40,864 (19.4%) (33.5%) (-1.6%) (4.5%) (40.6%) (35.5%) 2014 June Vol.73 77

42,706 135,984 30,915 106,509 38.1% 27.7% 15,203 57,057 12,485 40,764 21.8% 40.0% 5,989 17,360 5,314 16,320 12.7% 6.4% 554 3,855 932 2,178 77.0% 8,660 35,842 6,239 22,266 38.8% 61.0% 27,503 78,927 18,430 65,745 49.2% 20.1% 25,484 84,403 14,473 60,238 76.1% 40.1% 17,222 51,581 16,442 46,271 4.7% 11.5% 3,291 7,289 454 3,955 624.9% 84.3% 39,415 128,695 30,461 102,554 29.4% 25.5% 48,086 133,786 35,651 118,074 34.9% 13.3% 21,834 55,900 14,377 48,767 51.9% 14.6% 4,411 16,726 3,709 14,734 18.9% 13.5% 1,023 4,373 526 1,899 94.5% 130.3% 16,400 34,801 10,142 32,134 61.7% 8.3% 26,252 77,886 21,274 69,307 23.4% 12.4% 30,615 82,164 19,213 70,699 59.3% 16.2% 17,471 51,622 16,438 47,375 6.3% 9.0% 3,949 18,855 7,486 19,677 44,137 114,931 28,165 98,397 56.7% 16.8% 78 Real Estate Focus

14 13 38,769 79,565 16,182 56,932 139.6% 39.8% 15,594 27,602 5,158 16,682 202.3% 65.5% 7,659 13,646 607 1,355 1161.8% 907.1% 2,540 2,780 0 1,153 141.1% 5,395 11,176 4,551 14,174 18.5% 23,175 51,963 11,024 40,250 110.2% 29.1% 24,326 55,111 9,983 40,536 143.7% 36% 8,888 17,161 4,627 13,452 92.1% 27.6% 5,555 7,293 1,572 2,944 253.4% 147.7% 10,737 20,668 6,042 13,036 77.7% 58.5% 28,032 58,897 10,140 43,896 176.4% 34.2% 2014 June Vol.73 79

40,864 121,480 30,161 102,059 35.5% 19.0% 18,641 53,786 16,437 47,322 13.4% 13.7% 8,686 26,005 3,853 17,223 125.4% 51.0% 562 3,811 457 2,886 23.0% 32.1% 9,393 23,970 12,127 27,213 22,223 67,694 13,724 54,737 61.9% 23.7% 30,511 77,279 17,920 56,874 70.3% 35.9% 10,353 44,201 12,241 45,185 14,282 25,289 4,825 16,306 196.0% 55.1% 26,582 96,191 25,336 85,753 4.9% 12.2% 0.25 0.20 0.15 0.10 0.11 0.14 0.20 0.18 0.05-1 2 3 4 5 6 7 8 9 10 11 12 2011 2012 2013 2014 (http://www.onnara.go.kr/) 80 Real Estate Focus

14.4 0.18 0.18 0.23 0.09 0.14 0.18 ( 08.10) 1.66 0.51 1.64 1.97 3.79 0.90 0.80 0.70 0.60 0.61 0.50 0.40 0.36 0.30 0.26 0.18 0.23 0.19 0.18 0.20 0.17 0.21 0.16 0.17 0.21 0.18 0.14 0.09 0.10 0.12 0.10 0.04 0.00 4 (www.molit.go.kr) 0.25 0.20 0.21 0.21 0.20 0.18 0.18 0.21 0.15 0.10 0.14 0.12 0.14 0.13 0.09 0.13 0.15 0.10 0.07 0.05 0.00 '14.2 '14.3 '14.4 (www.molit.go.kr) 2014 June Vol.73 81

50 40 30 20 10 0-0.8-10 -20-7.9-12.6-6.0-30 44.6 29.6 25.6 20.5 20.2 8.3 5.6 10.4 11.6 8.2 1.5 5.4-0.8-1.3-0.7-5.8-6.8-19.4 13.1 0.4 (www.molit.go.kr) 205,942 177,598 232,919 178,390 13.1 0.4 17,911 969 21,763 1,278 21.5 31.9 13,022 2,380 14,543 2,223 11.7 6.6 10,171 2,273 10,296 2,817 1.2 23.9 8,947 1,922 10,601 1,938 18.5 0.8 5,760 1,067 6,804 1,304 18.1 22.2 3,715 944 5,339 925 43.7 2.0 5,134 2,509 6,295 3,594 22.6 43.2 1,927 1,263 1,433 883 25.6 30.1 39,331 17,496 48,755 19,967 24.0 14.1 9,639 15,791 10,129 16,982 5.1 7.5 9,524 18,000 9,676 12,584 1.6 30.1 13,367 17,795 14,503 16,719 8.5 6.0 11,830 14,514 11,347 13,688 4.1 5.7 13,847 21,748 13,672 24,211 1.3 11.3 19,923 34,473 21,038 29,449 5.6 14.6 18,167 19,869 21,909 23,499 20.6 18.3 3,727 4,585 4,816 6,328 29.2 38.0 82 Real Estate Focus

450 400 350 300 250 200 150 100 50 0 401 407 407 408 409 411 414 418 418 420 420 426 3.82 3.81 3.80 316 321 321 322 322 324 326 329 328 329 329 333 3.77 3.77 3.77 3.75 3.74 3.73 3.71 400 406 406 408 409 411 414 418 418 420 420 3.69 3.69 315 320 320 321 322 324 326 329 328 329 329 333 2013/05 2013/06 2013/07 2013/08 2013/09 2013/10 2013/11 2013/12 2014/01 2014/02 2014/03 2014/04 3.85 3.80 3.75 3.70 3.65 3.60 2014 June Vol.73 83

1,240 919 74.2 1,101 406 36.9 5,059 4,180 82.6 5,987 2,407 40.2 1,853 1,254 67.7 1,679 369 22.0 3,533 2,364 66.9 473 145 30.7 2,786 1,700 61.0 653 143 21.9 4,153 2,664 64.1 5,899 1,954 33.1 157 97 61.9 300 73 24.3 67 54 80.5 632 239 37.8 18,848 13,232 70.2 16,724 5,736 34.3 84 Real Estate Focus

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11.5 1.0 Vacancy Rate 11.0 10.5 10.0 9.5 9.0 8.5 0.5 0.0-0.5-1.0 Effective Rent Change 8.0-1.5 2014 June Vol.73 87

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1.20 0.70 0.20-0.30-0.80 0.07 0.02 0.41 0.38 0.13 0.23 0.18 0.00 0.00-0.07-0.10-0.14-0.17-0.77 (%) 4.00 130 3.00 120 2.00 106.8 110 1.00 100 0.00 100.9 90-1.00-2.00 80-3.00 70-4.00 60 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 90 Real Estate Focus

102.0 101.5 101.0 0.17 100.5 100.0 99.5 0.03-0.07 0.05-0.13 99.0-0.20 '13.5 6 7 8 9 10 11 12 '14.1 2 3 4 5 0.29 0.24 0.23 0.19 0.20 0.16 0.06 0.02 0.40 0.30 0.20 0.10 0.00-0.10-0.15% 0.05% -0.04% 0.01% 0.01% -0.44% -0.19% 0.00% -0.01%-0.02% -0.10% -0.04% -0.04% -0.01% -0.04% -0.02% 0.02% -0.07% -0.09% 0.06% 0.02% -0.05% -0.04% -0.19% -0.21% 2014 June Vol.73 91

103.0 0.60 102.0 0.40 101.0 0.20 100.0 0.00 99.0-0.20 98.0-0.40 97.0-0.60 '13.5 6 7 8 9 10 11 12 '14.1 2 3 4 5 0.53% 0.09% -0.13% 0.09% -0.14% -0.53% -0.11% -0.07% -0.24% -0.20% -0.07% -0.04% 0.08% 0.14% 0.09% -0.14% 0.08% 0.01% -0.13% 0.00% 0.16% -0.24% -0.02% -0.07% 0.17% -0.22% -0.02%-0.21% -0.02% -0.16% -0.10% 0.11% 0.00% 0.00% 92 Real Estate Focus

105.0 104.0 103.0 1.50 1.20 0.90 102.0 0.60 101.0 0.30 100.0 0.00 99.0-0.30 98.0-0.60 '13.5 6 7 8 9 10 11 12 '14.1 2 3 4 5 8 0.20 0.10 0.10 0.01 0.09 0.22 0.21 0.21 0.24 0.11 0.16 0.13 0.10 0.11-0.12-0.04-0.07 0.10 0.18 0.18 0.18 0.09-0.03 0.03-0.03 0.00 0.10 0.13 0.08 0.05 0.12 0.09 0.17 0.30 0.21 0.04 0.21 0.12 0.13 0.25 0.21 0.11 0.06 0.10 0.36 0.47 0.35 0.31 0.14 0.26 0.25 0.15 0.00-0.20-0.13-0.09-0.10-0.02 0.02 0.02 0.00-0.07 0.03-0.11-0.08-0.04-0.05-0.23-0.22-0.07-0.07-0.02-0.06-0.14-0.10-0.07-0.02 0.01 0.47 0.44 0.68 0.27 0.35 0.56 0.45 0.49 0.79 0.47 0.36 0.31 0.23 0.31 0.07 0.01-0.07 0.06 0.24 0.11 0.07 0.11 0.09 0.18 0.20 0.14-0.03 0.01-0.02-0.09-0.06 0.06 0.13 0.36 0.28 0.10-0.01 0.02 0.00 2014 June Vol.73 93

-0.07% 0.04% -0.10% -0.08% 0.05% 0.01% 0.13% -0.17% 0.15% -0.12% 0.00% 0.14% 0.23% 0.38% 0.26% 0.05% 102.5 102.0 0.50 0.40 101.5 0.30 101.0 0.20 100.5 0.10 100.0 0.00 99.5-0.10 99.0-0.20 98.5-0.30 '13.5 6 7 8 9 10 11 12 '14.1 2 3 4 5 0.00% 2.00% 1.00% 2.00% 0.10% 1.00% -0.10% 0.10% -1.00% -0.10% -2.00% -1.00% -2.00% 0.20 0.14 0.15 0.10 0.07 0.05 0.04 0.03 0.04 0.01 0.00-0.01-0.05-0.10-0.07-0.06-0.09-0.09-0.15-0.13 94 Real Estate Focus

0.40 0.40 0.20 0.03 0.05 0.05 0.04 0.02 0.05 0.04 0.00 0.00-0.07-0.06-0.09-0.20 108.0 0.68 0.59 106.0 0.51 0.52 0.49 0.47 0.42 0.42 104.0 0.29 0.30 0.22 102.0 0.14 0.07 100.0 98.0 '13.5 6 7 8 9 10 11 12 '14.1 2 3 4 5 0.80 0.60 0.40 0.20 0.00-0.20 0.20 0.00-0.20 0.10 0.04 0.04 0.03 0.00-0.04-0.02-0.02-0.05-0.10-0.17 2014 June Vol.73 95

-0.03% -0.04% -0.09% 0.12% -0.02% -0.11% -0.10% 0.00% 0.07% 0.17% 0.32% 0.01% 0.01% 0.21% 0.10% 0.06% -0.07% 0.16% 0.20% -0.12% 0.02% 0.02% -0.22% -0.11% -0.26% 96 Real Estate Focus

0.50% -0.27% -0.28% -0.23% -0.05% 0.31% -0.07% 0.22% -0.09% -0.09% -0.09% 0.09% 0.04% 0.21% -0.12% 0.28% 0.14% 0.14% -0.04% -0.07%-0.15% 0.00% -0.02% 0.14% -0.07% 0.02% 0.38% -0.02% 0.12% -0.19% -0.18% 0.21% -0.03% 112.0 110.0 108.0 106.0 104.0 0.00% 1.20 1.00 0.80 0.60 0.40 102.0 0.20 110.0 1.50 100.0 0.00 98.0-0.20 '13.5 6 7 8 9 10 11 12 '14.1 2 3 4 5 108.0 1.20 106.0 0.90 104.0 0.60 102.0 0.30 100.0 0.00 98.0-0.30 '13.5 6 7 8 9 10 11 12 '14.1 2 3 4 5 2014 June Vol.73 97

0.13% 0.00% 0.00% 0.00% 0.09% -0.77% 0.20% -0.14% 0.05% 0.00% -0.03% 0.18% 0.18% 0.41% 0.07% 0.11% 0.03% 8 0.29 0.16 0.14 0.13 0.19 0.36 0.29 0.25 0.32 0.19 0.20 0.14 0.11 0.24 0.05-0.05 0.05 0.12 0.23 0.18 0.14 0.22 0.13 0.09 0.06-0.03 0.10 0.08 0.08 0.17 0.16 0.14 0.20 0.27 0.23 0.07 0.22 0.07 0.09 0.30 0.17 0.15 0.17 0.18 0.77 0.67 0.49 0.48 0.24 0.39 0.31 0.20 0.18-0.08 0.05 0.11 0.09 0.08 0.15 0.07 0.05 0.01 0.10-0.05 0.00-0.03 0.05-0.18-0.12 0.00 0.05 0.15 0.07 0.02 0.01-0.08-0.05 0.00 0.44 0.36 0.64 0.32 0.43 0.59 0.37 0.42 0.70 0.47 0.28 0.23 0.18 0.54 0.28 0.05 0.10 0.24 0.41 0.20 0.13 0.24 0.17 0.25 0.26 0.18 0.00 0.00 0.00 0.01 0.00 0.05 0.30 0.42 0.58 0.23 0.05 0.02 0.03 98 Real Estate Focus

0.20 0.15 0.10 0.05 0.00-0.05 0.15 0.10 0.09 0.05 0.04 0.04 0.02 0.01 0.02-0.02-0.02-0.02-0.10 112.0 109.0 106.0 103.0 1.20 0.90 0.60 0.30 0.30 100.0 0.00 97.0-0.30 '13.5 6 7 8 9 10 11 12 '14.1 2 3 4 5 2014 June Vol.73 99

0.60 0.40 0.20 0.12 0.12 0.09 0.05 0.01 0.04 0.00 0.00 0.07 0.00-0.02-0.05-0.20 0.60 0.40 0.20 0.18 0.08 0.11 0.14 0.03 0.03 0.05 0.01 0.02 0.00-0.01 0.01-0.20 500,000 444,804 400,000 320,350 300,000 200,000 100,000 232,430 140,439 253,908 188,151 150,482 95,967 183,884 124,315 128,452 77,495 0 100 Real Estate Focus

80.0 70.0 60.0 62.5 69.7 62.2 66.4 62.8 73.0 61.0 65.1 68.5 73.8 50.0 40.0 30.0 2014 June Vol.73 101

150.0 145.0 140.0 135.0 130.0 125.0 120.0 115.0 110.0 105.0 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% -2.0% -4.0% -6.0% -8.0% 100.0-10.0% '06.1 6 '07.1 6 '08.1 6 '09.1 6 '10.1 6 '11.1 6 '12.1 6 '13.1 6 '14.3 152.5 1.22 7.23 152.7 133.3 0.00 3.26 132.8 190.5 1.35 5.57 191.9 134.0 0.58 4.77 133.7 141.2 0.50 4.28 140.5 161.6 1.20 6.09 161.5 143.3 1.09 5.13 143.3 170.1-0.37 0.43 169.7 181.7 0.69-0.34 179.6 158.5 1.38 10.92 158.7 168.2 0.84 5.04 168.1 162.4-0.38 9.12 160.2 160.0 144.8 0.78 4.90 144.8 133.4 0.56 4.57 133.1 157.0 0.84 5.97 156.8 130.7 0.42 3.89 130.4 166.8 0.92 3.69 166.8 138.5 0.99 15.88 139.0 143.1 0.73 5.17 143.3 150.0 140.0 130.0 120.0 110.0 100.0 90.0 '06.1 8 '07.1 8 '08.1 8 '09.1 8 '10.1 8 '11.1 8 '12.1 8 '13.1 8 14.13 102 Real Estate Focus

160.0 155.0 10.0% 8.0% 150.0 6.0% 145.0 140.0 135.0 4.0% 2.0% 130.0 0.0% 125.0-2.0% 120.0-4.0% 115.0 110.0-6.0% 105.0-8.0% 100.0-10.0% '06.1 6 '07.1 6 '08.1 6 '09.1 6 '10.1 6 '11.1 6 '12.1 6 '13.1 6 '14.3 130.7 0.42 3.89 143.1 0.73 5.17 134.0 0.58 4.77 180.0 170.0 160.0 150.0 140.0 170.0 160.0 150.0 140.0 130.0 120.0 110.0 100.0 90.0 130.0 120.0 110.0 100.0 '06.1 6 '07.1 6 '08.1 6 '09.1 6 '10.1 6 '11.1 6 '12.1 6 '13.1 6 '14.3 80.0 '06.1 8 '07.1 8 '08.1 8 '09.1 8 '10.1 8 '11.1 8 '12.1 8 '13.8 14.13 2014 June Vol.73 103

131.4 0.73 1.08 145.9 0.26 3.64 115.2 1.01 4.80 142.2 0.48 4.22 134.2 0.14 3.61 175.0 165.0 155.0 145.0 135.0 125.0 115.0 105.0 95.0 '06.1 6 '07.1 6 '08.1 6 '09.1 6 '10.1 6 '11.1 6 '12.1 6 '13.1 6 '14.3 133.3 0.001 3.26 141.2 0.50 4.28 161.6 1.20 6.09 143.3 1.09 5.13 160.0 150.0 140.0 130.0 120.0 110.0 100.0 90.0 '06.1 6 '07.1 6 '08.1 6 '09.1 6 '10.1 6 '11.1 6 '12.1 6 '13.1 6 '14.3 170.0 160.0 150.0 140.0 130.0 110.0 120.0 100.0 90.0 '06.1 8 '07.1 8 '08.1 8 '09.1 8 '10.1 8 '11.1 8 '12.1 8 '13.1 8 14.13 104 Real Estate Focus

166.8 0.92 3.69 138.5 0.99 15.88 190.5 1.35 5.57 158.5 1.38 10.92 168.2 0.84 5.04 190.0 180.0 170.0 160.0 150.0 140.0 130.0 120.0 110.0 100.0 90.0 80.0 '06.1 6 '07.1 6 '08.1 6 '09.1 6 '10.1 6 '11.1 6 '12.1 6 '13.1 6 '14.3 190.0 180.0 170.0 160.0 150.0 140.0 130.0 120.0 110.0 100.0 90.0 '06.1 6 '07.1 6 '08.1 6 '09.1 6 '10.1 6 '11.1 6 '12.1 6 '13.1 6 14.3 >> >> >> >> >> >> >> (www.r one.co.kr) 152.5 1.22 7.23 170.1-0.37 0.43 181.7 0.69-0.34 162.4-0.38 9.12 2014 June Vol.73 105

(2012.6=100.0) 101.0 100.5 100.0 100.2 99.5 99.0 98.5 98.2 98.0 97.5 97.2 97.0 12.6 789101112 13.1 234567891011 12 14.1 2 3 4 5 (%) 0.1 0.0-0.1-0.2-0.3-0.4-0.1-0.2-0.2-0.2-0.2-0.2-0.3-0.3-0.3-0.1-0.1 8-0.1 / 0.0-0.3 (%) 101.0 0.0 100.0-0.1-0.1-0.1-0.2 99.0-0.2-0.2-0.2-0.2-0.2-0.2-0.2-0.2 98.0-0.3-0.3 97.2 97.0-0.4 '13.6 07 08 09 10 11 12 '14.1 2 3 4 5 (, %) (2012.6=100) 106 Real Estate Focus

(%) 101.0 0.1 0.0 100.0-0.1 99.0 98.0-0.2-0.2-0.2-0.2-0.2-0.2-0.2-0.3-0.3-0.3-0.2-0.3-0.4-0.4-0.4 97.0-0.5 96.0 96.4-0.6 '13.6 07 08 09 10 11 12 '14.1 2 3 4 5 (, %) (2012.6=100) (%) 102.0 0.1 0.0 0.0 101.0-0.1-0.1-0.1-0.1 100.0-0.1-0.2-0.2-0.2-0.2-0.3 99.0-0.3-0.4-0.4-0.4 98.3-0.4 98.0-0.5 '13.6 07 08 09 10 11 12 '14.1 2 3 4 5 (%) 100.5 100.0 99.5 99.0 98.5 0.0 0.0 0.0 0.0-0.1-0.1-0.1-0.1-0.2-0.2-0.2-0.2-0.2 98.5-0.3-0.3-0.4 98.0-0.4 '13.6 07 08 09 10 11 12 '14.1 2 3 4 5 0.1 (, %) (2012.6=100) (, %) (2012.6=100) (%) 101.0 0.1 100.0 0.0 99.0-0.1-0.1-0.1 98.0-0.2 97.0 96.0 95.0-0.5-0.3-0.3-0.3-0.3-0.3-0.3-0.4-0.4-0.4-0.3-0.4-0.5 94.8 94.0-0.6 '13.6 07 08 09 10 11 12 '14.1 2 3 4 5 (, %) (2012.6=100) 2014 June Vol.73 107

(%) 100.5 100.0 99.5-0.1 0.0 99.0-0.1-0.1 98.5-0.1-0.1-0.1-0.1-0.1-0.2 98.0-0.2-0.2-0.2 97.5-0.3 97.0-0.3-0.3 96.8 96.5-0.4 '13.6 07 08 09 10 11 12 '14.1 2 3 4 5 (, %) (2012.6=100) 0.1 0.84 0.83 0.83 0.82 0.82 0.81 0.81 0.80 0.80 0.80 0.79 0.79 0.83 0.82 0.81 0.81 0.80 0.80 0.79 0.79 0.78 0.78 0.77 0.77 0.80 0.79 0.78 0.78 0.77 0.76 0.76 0.75 0.75 0.75 0.74 0.74 0.83 0.82 0.81 0.81 0.80 0.79 0.79 0.79 0.78 0.78 0.77 0.77 0.77 0.76 0.76 0.75 0.75 0.74 0.73 0.73 0.72 0.72 0.72 0.71 0.86 0.85 0.85 0.84 0.84 0.83 0.83 0.82 0.82 0.81 0.81 0.80 0.92 0.92 0.91 0.91 0.90 0.89 0.89 0.88 0.88 0.87 0.86 0.86 0.86 0.86 0.86 0.85 0.85 0.85 0.84 0.84 0.84 0.84 0.83 0.83 0.80 0.80 0.80 0.79 0.79 0.79 0.79 0.79 0.79 0.79 0.78 0.78 0.89 0.89 0.88 0.88 0.88 0.87 0.86 0.86 0.85 0.85 0.85 0.85 0.89 0.89 0.89 0.89 0.89 0.89 0.89 0.89 0.89 0.88 0.88 0.88 0.83 0.82 0.82 0.81 0.81 0.81 0.80 0.80 0.80 0.79 0.79 0.79 0.91 0.90 0.90 0.90 0.90 0.89 0.89 0.89 0.89 0.89 0.89 0.88 0.3 0.2 0.1 0.0-0.1-0.2-0.3-0.4-0.5-0.6-0.7 0.1 0.0-0.1-0.1-0.1-0.4 / >> >> >> >> >> >> >> >> (www.r one.co.kr) (www.onnara.go.kr) 108 Real Estate Focus

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2014 June Real Estate Focus NEWS 110 Real Estate Focus

2014 June Vol.73 111

2014 June Real Estate Focus NEWS 112 Real Estate Focus

2014 June Vol.73 113

2014 June Real Estate Focus NEWS 02 03 04 05 06 07 08 09 10 11 12 13 12.15 11.81 9.42 8.53 9.23 9.28 13.74 4.77 6.86 6.97 5.55 5.30 13.02 14.09 9.54 8.66 8.14 8.20 10.91 5.19 6.85 6.66 5.25 5.18 (07) (03) (03) (02) (01) (00) (71) (60) 0 100 200 300 400 500 600 700 114 Real Estate Focus

2014 June Vol.73 115

2014 June Real Estate Focus NEWS 116 Real Estate Focus

130 Real Estate Focus

2010 6.3 97.6 - - - - - 1/4-106.4 4.69 2.86 5.25-5.70 2/4-106.7 4.42 2.47 4.61-4.82 3/4-106.1 4.21 2.62 4.63-4.77 4/4 0.7 71.3 3.90 2.73 4.16-4.69 2011 3.7 104.0 - - - - - 1-102.2 4.30 2.93 4.52 2,859,960 4.80 2-102.9 4.41 3.13 4.72 2,878,028 4.86 3-103.3 4.13 3.35 4.54 2,899,116 4.89 4-103.4 4.10 3.40 4.54 2,923,014 4.88 5-103.6 3.97 3.46 4.44 2,936,660 4.90 6-103.8 3.92 3.53 4.40 2,954,154 4.87 7-104.3 3.98 3.59 4.48 2,973,462 4.90 8-105.0 3.73 3.59 4.29 2,985,852 4.97 9-104.9 3.56 3.58 4.24 2,997,308 5.00 10-104.7 3.60 3.58 4.29 3,021,081 5.01 11-104.8 3.53 3.56 4.24 3,036,126 5.01 12-105.2 3.51 3.55 4.24 3,060,626 4.95 1/4 1.3 102.8 - - - - - 2/4 0.8 103.6 - - - - - 3/4 0.8 104.7 - - - - - 4/4 0.4 104.9 - - - - - 2012 2.0 - - - - - - 1-105.7 3.50 3.55 4.24 3,052,819 5.06 2-106.1 3.55 3.53 4.25 3,058,884 5.02 3-106.0 3.69 3.54 4.36 3,069,773 5.00 4-106.0 3.64 3.54 4.25 3,079,801 4.94 5-106.2 3.49 3.54 4.01 3,092,836 4.85 6-106.1 3.41 3.54 3.87 3,104,366 4.76 7-105.9 3.12 3.34 3.60 3,108,240 4.64 8-106.3 2.94 3.19 3.40 3,115,757 4.41 9-107 2.89 3.14 3.31 3,115,723 4.29 10-106.9 2.85 2.93 3.30 3,121,008 4.23 11-106.5 2.87 2.85 3.32 3,119,494 4.19 12-106.7 2.98 2.88 3.30 3,169,420 4.16 1/4 0.8 105.9 - - - - - 2/4 0.3 106.1 - - - - - 3/4 0.0 106.4 - - - - - 4/4 0.3 106.7 - - - - - 2013 - - - - - - - 1-107.3 2.86 2.86 3.20 3,146,903 4.17 2-107.6 2.83 2.83 3.06 3,139,201 4.06 3-107.4 2.69 2.81 2.95 3,147,637 3.97 4-107.3 2.63 2.80 2.91 3,146,581 3.86 5-107.3 2.68 2.72 2.96 3,166,040 3.77 6-107.2 3.08 2.69 3.24 3,204,072 3.73 7-107.4 3.18 2.68 3.38 3,203,988 3.77 8-107.7 3.26 2.66 3.33 3,212,006 3.80 9-107.9 3.17 2.66 3.29 3,222,463 3.82 10-107.6 3.08 2.66 3.38 3,240,119 3.81 11-107.5 3.24 2.65 3.37 3,261,007 3.77 12-107.9 3.30 2.66 3.29 3,289,231 3.74 1/4 0.8 107.3 - - - - - 2/4 1.1 107.5 - - - - - 3/4 1.1 107.6 - - - - - 4/4 0.9 107.8 - - - - - 2014 - - - - - - - 1-108.5 3.26 2.65 3.28 3,281,530 3.75 2-108.8 3.16 2.65 3.28 3,293,687 3.71 3-109.0 3.17 2.65 3.30 3,308,922 3.69 4-109.1 3.17 2.65 3.30 3,334,214 3.69 5-109.2 3.08 2.65 3.26 - - 118 Real Estate Focus

10.7 125.93 131.25 119.82 93.48 142.01 111.15 107.18 133.10 124.31 113.39 115.02 103.13 141.16 145.06 117.68 116.00 129.95 8 125.23 130.15 121.10 93.47 141.97 111.51 107.38 133.07 123.14 113.35 115.68 102.60 143.14 145.77 117.84 117.32 130.78 9 124.95 129.69 121.95 93.45 141.87 111.81 107.77 132.68 122.56 113.36 115.81 102.89 143.92 146.90 117.78 118.13 131.84 10 124.74 129.17 123.19 93.74 141.66 112.41 108.26 132.56 122.11 113.69 116.28 103.21 145.83 147.66 117.84 119.40 132.87 11 124.78 128.99 124.86 93.85 141.50 113.04 109.52 132.49 121.78 114.16 116.84 103.91 146.98 149.29 117.98 121.35 133.93 12 125.47 129.75 126.90 94.60 141.70 113.77 111.18 132.86 121.80 114.56 118.25 104.84 148.68 151.58 118.24 124.32 135.42 11.1 126.23 130.39 129.37 94.71 141.55 114.90 114.08 133.98 122.15 115.55 118.89 105.65 150.59 153.36 118.30 127.44 138.36 2 127.16 131.12 132.10 95.11 141.62 117.03 116.49 135.95 122.74 117.22 120.48 106.50 152.42 155.32 118.44 130.46 141.62 3 128.24 131.63 134.60 96.54 141.75 119.77 120.03 137.86 123.72 119.37 122.64 107.63 157.12 156.79 118.91 134.71 143.20 4 128.87 131.44 139.49 97.29 142.02 123.32 120.31 139.40 124.19 121.83 125.00 107.79 160.45 159.89 119.73 139.74 143.78 5 129.29 131.18 142.47 98.13 142.04 126.99 121.46 142.06 124.28 122.89 127.17 108.49 163.26 162.33 120.20 144.82 143.99 6 129.62 130.78 145.20 99.06 142.16 128.43 124.91 144.23 124.22 124.83 130.05 109.43 165.43 164.56 124.03 147.42 144.75 7 129.65 130.06 147.84 99.90 141.20 132.19 127.74 146.10 123.67 126.68 132.56 110.22 167.80 166.84 126.87 150.72 145.28 8 129.66 129.51 150.64 100.67 140.01 132.06 129.74 149.25 123.34 129.13 134.99 111.55 170.74 167.94 127.23 152.66 145.68 9 129.95 129.32 151.87 101.55 139.41 136.01 131.41 151.41 123.54 131.82 137.96 113.22 172.54 169.46 127.33 154.19 146.00 10 130.03 128.74 153.35 102.83 139.04 137.02 131.66 154.97 123.67 136.69 140.00 114.57 175.19 171.59 128.38 155.33 148.39 11 130.08 128.21 154.89 104.01 138.87 139.70 132.13 156.55 123.67 139.61 141.94 116.53 177.23 173.54 130.00 155.63 149.37 12 129.62 127.28 155.07 105.65 138.16 141.82 132.02 157.85 123.04 140.40 144.60 117.77 179.29 173.61 131.20 155.32 149.81 12.1 129.12 126.42 154.90 106.82 137.90 143.60 131.22 159.79 122.25 141.10 145.40 118.90 181.13 174.38 132.32 155.11 153.43 2 128.72 125.68 154.97 107.47 137.43 144.09 130.67 161.07 121.87 141.63 146.06 119.76 182.48 174.58 133.01 154.81 154.17 3 128.41 125.02 154.65 108.59 137.16 145.21 130.05 162.72 121.56 141.91 147.05 120.35 183.07 175.43 133.78 154.76 157.11 4 128.03 124.24 154.69 109.39 137.06 147.28 129.66 164.18 121.14 142.70 147.19 121.23 182.76 175.61 134.77 154.67 158.10 5 127.75 123.72 154.73 110.09 136.73 148.16 129.39 164.87 120.84 142.60 147.25 122.30 182.01 175.65 136.14 154.65 158.71 6 127.43 123.22 154.41 110.97 136.06 149.32 128.81 165.43 120.42 142.92 147.43 123.03 181.79 175.42 138.73 154.39 159.04 7 126.92 122.45 154.16 111.38 135.33 149.69 128.23 165.85 119.91 143.11 147.78 123.54 181.43 175.27 140.48 153.76 159.27 8 126.05 121.20 153.40 111.63 134.54 149.51 127.54 166.04 119.11 143.16 147.91 124.25 180.59 175.15 141.42 153.40 159.48 9 125.36 120.18 152.89 112.28 133.83 149.43 127.12 166.40 118.39 142.78 148.10 125.11 180.25 174.77 142.66 153.08 161.58 10 124.83 119.43 152.60 112.75 133.21 149.74 127.05 166.77 117.76 142.86 148.27 125.78 179.66 174.55 143.74 152.44 162.20 11 124.32 118.67 152.25 113.77 132.22 150.31 127.03 167.47 117.25 142.37 148.74 126.75 178.77 173.67 144.96 151.65 162.11 12 123.81 117.96 152.17 114.63 131.44 150.31 126.72 167.63 116.59 142.66 148.83 127.24 177.80 173.92 145.82 151.40 162.27 13.1 123.41 117.29 151.92 116.09 131.01 150.41 126.65 167.62 116.12 142.96 149.02 128.09 177.09 173.61 147.26 151.06 161.98 2 123.17 116.91 151.63 116.53 130.83 150.64 126.54 167.63 115.88 142.70 149.40 128.49 176.47 173.67 148.14 150.89 162.09 3 123.08 116.61 151.78 117.71 130.49 151.02 126.52 167.49 115.72 143.11 149.48 128.65 175.81 174.29 148.87 150.51 163.20 4 123.07 116.48 151.90 118.65 130.28 151.51 126.69 167.88 115.69 143.41 149.63 128.75 173.41 175.03 149.47 150.44 163.86 5 123.13 116.60 151.73 120.39 130.08 152.07 126.74 167.90 115.60 144.00 149.59 128.78 172.27 174.87 151.08 150.45 165.70 6 123.21 116.55 152.05 121.62 129.67 152.57 126.77 167.97 115.66 144.67 149.89 129.24 171.80 174.98 152.80 150.74 167.47 7 123.31 116.49 152.50 123.55 129.45 153.30 126.96 167.94 115.62 145.48 150.32 129.51 170.12 174.63 154.88 151.05 169.28 8 123.29 116.41 152.64 123.84 129.49 153.83 126.99 168.00 115.53 145.73 150.68 129.69 169.84 174.03 155.78 150.93 169.16 9 123.26 116.23 152.66 124.78 129.39 153.86 127.07 168.06 115.56 145.60 150.69 129.96 169.83 174.04 155.95 150.93 169.16 10 123.31 116.10 152.66 125.25 129.57 154.55 129.53 167.54 115.66 145.63 151.36 131.32 169.89 174.15 156.52 151.21 169.28 11 123.62 116.01 152.75 128.97 129.95 155.01 128.80 167.75 116.02 146.06 151.90 132.30 170.00 174.29 158.62 151.21 169.52 12 124.26 116.10 153.76 132.14 130.43 156.00 129.20 169.45 116.66 147.53 156.34 135.56 170.12 174.71 164.78 151.53 169.72 14.1 124.55 116.23 154.11 133.82 130.57 156.54 129.43 170.07 116.91 147.25 157.74 136.08 170.21 175.01 166.41 151.86 169.56 2 125.11 116.65 154.91 135.10 131.63 156.76 129.47 174.42 117.45 146.94 157.95 137.30 170.05 174.52 167.55 152.02 170.26 3 125.76 117.35 155.48 136.41 132.30 160.09 129.54 177.55 117.79 147.15 158.66 138.42 171.72 174.99 168.26 152.47 172.67 4 126.65 118.22 156.21 140.91 132.88 161.06 129.58 178.73 118.42 147.00 160.37 139.39 172.45 175.33 169.97 153.09 173.00 5 126.94 118.31 156.86 142.29 133.39 163.38 129.55 179.13 118.57 147.10 160.95 139.81 173.45 175.11 171.58 153.88 175.10 (www.ret.co.kr) 135 (2006 1 =100.0) 130 125 120 115 110 7 8 9 101112 1 2 3 4 5 6 7 8 9 10 1112 1 2 3 4 5 6 7 8 9 10 1112 1 2 3 4 5 6 7 8 9 10 1112 1 2 3 4 5 2014 June Vol.73 119

10.7 124.41 127.06 119.83 102.16 132.08 116.38 134.89 133.06 123.44 108.73 120.99 112.69 140.08 140.94 119.64 123.59 133.90 8 124.69 126.91 120.39 102.38 132.37 116.82 139.84 133.23 123.34 108.72 121.41 112.71 142.66 141.82 119.63 125.73 134.95 9 125.17 127.36 121.35 102.41 133.06 117.83 139.89 133.39 123.87 108.72 122.27 112.82 143.30 142.12 119.90 126.19 136.24 10 126.94 129.22 123.64 103.10 134.13 118.37 146.17 134.15 125.40 108.80 123.66 113.84 146.16 144.06 120.16 128.20 137.24 11 129.12 131.18 127.08 103.74 135.75 118.70 151.55 134.68 128.04 109.17 124.11 115.06 149.16 144.87 120.45 131.07 139.30 12 130.56 132.11 131.31 103.97 136.44 119.85 152.83 135.64 129.59 109.59 125.05 116.27 151.94 145.60 121.11 136.15 140.89 11.1 132.93 134.30 133.71 104.15 137.01 119.93 154.55 138.32 132.77 113.20 129.34 118.22 154.03 147.48 121.15 141.81 146.82 2 135.35 136.79 137.08 104.79 137.49 120.36 158.26 139.70 135.70 115.13 132.89 119.62 157.60 149.76 121.82 143.63 150.90 3 137.85 138.77 140.58 106.22 138.21 121.04 162.66 142.73 138.88 117.23 139.45 121.01 164.76 151.87 122.97 145.80 155.16 4 140.20 139.91 146.22 107.03 138.85 123.65 162.80 144.68 141.91 118.55 143.93 128.33 169.19 157.46 125.28 153.51 155.93 5 141.25 140.36 148.84 108.27 138.73 126.16 163.23 147.69 142.84 120.38 147.24 130.32 171.38 160.94 125.68 157.74 156.63 6 142.99 142.26 151.42 109.15 138.61 126.86 164.72 149.35 144.42 123.42 150.59 131.93 172.96 163.22 128.19 160.26 157.29 7 144.91 144.23 153.67 109.93 139.18 129.15 166.42 151.98 146.15 126.78 153.55 134.66 174.35 163.62 132.89 163.18 157.54 8 147.68 147.48 158.29 110.65 139.71 129.94 167.71 154.36 148.83 132.72 157.05 137.69 178.84 167.92 134.21 165.05 159.44 9 150.67 150.72 161.67 111.37 140.51 139.10 168.59 156.73 152.01 139.85 163.01 141.07 181.50 169.64 134.92 167.06 161.15 10 152.38 152.16 164.38 112.43 141.65 142.66 168.21 159.52 153.85 144.14 165.22 143.56 183.72 181.78 136.76 167.65 166.43 11 152.86 151.97 166.00 113.66 142.44 151.86 167.61 161.20 153.70 149.18 165.92 145.53 184.73 184.49 139.25 168.91 167.32 12 152.50 151.19 166.21 115.38 142.36 155.48 164.66 162.07 152.56 150.03 166.51 147.98 186.43 184.49 141.38 170.80 167.32 12.1 152.43 150.82 166.44 116.50 142.41 159.65 162.02 163.33 151.99 151.18 167.27 150.02 188.50 184.53 143.10 171.70 169.38 2 152.88 151.21 166.99 117.29 142.48 160.91 160.33 165.52 152.29 154.11 167.87 152.07 190.12 184.82 144.89 172.31 170.46 3 153.28 151.15 167.10 119.45 142.79 162.70 160.14 167.90 152.71 154.70 168.43 153.42 190.86 185.18 146.61 173.14 176.04 4 153.35 150.82 167.61 122.55 143.00 163.15 159.49 170.26 152.28 155.85 168.49 154.95 191.04 185.55 148.39 173.85 179.70 5 153.28 150.32 167.54 124.62 143.07 163.58 158.84 170.98 152.14 156.30 168.45 156.52 190.95 187.80 149.71 174.00 179.70 6 153.32 150.21 166.78 126.67 143.05 163.95 158.39 171.41 151.91 156.44 169.03 157.66 190.57 189.55 151.95 174.86 180.82 7 153.28 149.95 166.51 127.78 142.84 164.54 157.86 171.68 151.86 157.20 169.67 158.49 190.43 190.09 153.61 174.57 181.08 8 155.33 149.84 166.26 128.35 142.92 164.75 157.70 171.92 151.93 158.25 170.35 160.44 189.84 190.09 155.22 174.47 181.08 9 154.04 150.53 165.97 129.95 143.12 165.05 157.56 172.16 152.88 158.82 170.82 162.09 190.39 191.86 157.69 174.67 182.01 10 155.08 151.90 165.77 131.08 143.51 165.23 158.22 173.95 153.74 159.94 171.78 164.27 191.27 193.44 160.61 175.61 182.01 11 155.86 153.00 166.04 132.55 143.72 165.29 159.34 174.76 154.14 161.62 172.07 165.90 191.23 193.40 162.32 176.21 182.92 12 156.37 153.70 166.09 133.69 143.92 165.39 160.12 176.18 154.23 163.24 172.39 168.48 191.08 194.21 163.01 176.63 182.92 13.1 157.04 154.40 166.58 135.84 144.01 165.97 161.39 176.22 154.56 164.08 172.60 170.55 190.70 194.85 164.89 177.73 183.32 2 157.61 154.83 166.86 136.36 144.44 166.93 162.95 176.53 155.08 165.43 173.62 171.86 191.33 196.04 166.11 178.90 183.71 3 158.00 154.41 166.97 137.72 145.42 166.98 163.76 177.07 156.17 167.07 173.59 172.31 190.47 197.71 166.92 179.59 186.28 4 158.63 154.83 167.35 139.21 145.90 168.30 164.51 177.86 156.98 167.51 173.98 172.48 188.65 202.12 167.62 180.17 186.28 5 159.13 155.10 167.42 141.21 146.49 168.84 165.38 178.42 157.68 168.28 173.71 172.48 187.93 202.48 169.42 181.00 187.26 6 159.82 155.79 167.74 142.25 147.89 169.72 165.80 178.52 158.35 169.41 174.56 173.35 187.99 202.98 170.93 180.74 190.88 7 160.87 156.85 168.39 144.44 148.48 171.33 168.24 178.98 159.41 170.24 175.10 173.62 187.27 203.06 172.96 180.90 193.26 8 162.09 158.25 168.77 144.82 149.84 172.50 168.52 179.25 161.13 170.89 176.23 174.40 187.31 202.10 174.59 181.35 192.69 9 165.45 161.54 169.24 148.86 153.30 172.51 169.51 180.10 167.16 170.96 176.35 174.62 187.37 202.16 174.98 181.51 192.69 10 167.68 163.69 169.55 151.35 156.08 172.77 172.02 180.35 170.78 171.02 176.53 175.97 187.54 202.33 175.21 182.27 192.69 11 169.90 166.34 170.67 153.12 158.24 173.24 175.88 180.65 173.42 171.27 176.88 176.98 187.56 202.38 177.64 182.27 193.91 12 171.64 168.23 170.68 155.07 160.16 174.47 176.64 180.65 175.36 171.27 180.56 181.66 187.76 203.03 183.15 182.27 195.37 14.1 173.13 170.45 170.75 156.32 161.18 174.95 180.34 180.62 176.51 171.27 182.20 182.43 188.00 203.38 184.54 182.34 195.37 2 174.97 173.13 171.12 157.42 162.78 175.02 180.60 182.11 178.50 171.27 182.43 184.75 187.99 203.12 185.48 182.50 195.43 3 175.78 173.75 171.61 158.30 163.52 176.83 181.13 183.77 179.80 171.30 183.03 185.83 187.82 202.87 186.49 182.61 197.14 4 176.93 174.80 172.86 162.69 164.43 178.34 180.10 184.39 180.88 171.30 184.03 188.76 189.18 201.56 187.92 182.88 203.56 5 177.03 174.50 173.30 163.05 164.80 178.89 177.79 184.57 181.48 171.30 184.84 189.69 188.52 202.50 188.85 183.26 211.94 (www.ret.co.kr) (2006 1 =100.0) 7 8 9 101112 1 2 3 4 5 6 7 8 9 10 1112 1 2 3 4 5 6 7 8 9 10 1112 1 2 3 4 5 6 7 8 9 10 1112 1 2 3 4 5 120 Real Estate Focus

10.7 47.70 38.86 63.95 71.72 50.43 73.37 66.96 71.21 45.88 58.73 66.57 61.36 69.01 61.70 68.19 63.20 61.20 8 47.42 39.14 63.63 71.88 50.55 73.41 69.28 71.32 46.28 58.75 66.42 61.69 69.31 61.78 68.09 62.91 61.29 9 47.72 39.42 63.69 71.92 50.85 73.84 69.06 71.62 46.71 58.74 66.83 61.57 69.24 61.43 68.28 62.70 61.38 10 48.47 40.15 64.24 72.18 51.34 73.79 71.84 72.08 47.46 58.61 67.31 61.93 69.70 61.95 68.39 63.03 61.35 11 49.29 40.82 65.14 72.54 52.01 73.58 73.63 72.41 48.61 58.57 67.24 62.18 70.57 61.63 68.48 63.39 61.78 12 49.56 40.87 66.22 72.12 52.20 73.82 73.14 72.72 49.17 58.57 66.95 62.27 71.06 61.00 68.70 64.28 61.80 11.1 50.16 41.36 66.14 72.16 52.47 73.14 72.08 73.54 50.23 59.99 68.87 62.85 71.13 61.07 68.69 65.32 63.03 2 50.69 41.88 66.41 72.30 52.63 72.07 72.29 73.20 51.09 60.14 69.83 63.09 71.90 61.23 68.99 64.63 63.29 3 51.19 42.32 66.84 72.20 52.86 70.82 72.11 73.77 51.87 60.13 71.98 63.15 72.92 62.51 69.37 63.53 64.35 4 51.81 42.72 67.09 72.19 53.00 70.25 72.01 73.94 52.80 59.59 72.89 66.87 73.32 62.54 70.27 64.49 64.41 5 52.03 42.94 66.87 72.40 52.95 69.61 71.52 74.07 53.11 59.98 73.29 67.47 72.99 62.96 70.22 63.94 64.61 6 52.65 43.84 66.75 72.32 52.86 69.21 70.18 73.78 53.73 60.54 73.30 67.71 72.70 62.99 69.42 63.81 64.54 7 53.34 44.69 66.53 72.24 53.44 68.46 69.33 74.12 54.62 61.29 73.32 68.62 72.25 62.28 70.34 63.56 64.40 8 54.37 45.90 67.25 72.16 54.09 68.94 68.79 73.69 55.79 62.94 73.64 69.38 72.84 63.50 71.07 63.54 65.00 9 55.36 46.98 68.13 71.99 54.61 71.66 68.27 73.76 56.92 64.97 74.79 70.03 73.15 63.58 71.39 63.68 65.55 10 55.98 47.68 68.60 71.78 55.20 74.32 67.99 73.35 57.55 64.58 74.70 70.43 72.93 67.28 71.77 63.44 66.61 11 56.14 47.82 68.59 71.44 55.59 77.59 67.50 73.37 57.49 65.44 73.98 70.19 72.48 67.52 72.16 63.79 66.53 12 56.20 47.92 68.60 71.70 55.84 78.26 66.37 73.16 57.36 65.44 72.88 70.62 72.30 67.49 72.60 64.63 66.33 12.1 56.55 48.41 68.77 71.60 55.97 79.37 65.71 72.83 57.51 65.62 72.81 70.92 72.44 67.21 72.86 65.06 65.56 2 56.90 48.84 68.96 71.65 56.19 79.73 65.30 73.22 57.81 66.64 72.74 71.37 72.52 67.24 73.39 65.41 65.67 3 57.19 49.08 69.15 72.22 56.42 79.99 65.53 73.52 58.11 66.78 72.49 71.65 72.57 67.04 73.83 65.75 66.55 4 57.39 49.28 69.35 73.55 56.54 79.08 65.46 73.89 58.15 66.90 72.45 71.84 72.76 67.11 74.18 66.05 67.50 5 57.49 49.32 69.30 74.32 56.71 78.82 65.33 73.89 58.24 67.14 72.40 71.93 72.99 67.90 74.09 66.12 67.25 6 57.65 49.49 69.18 74.94 56.98 78.38 65.44 73.83 58.36 67.05 72.56 72.02 72.94 68.62 73.79 66.56 67.53 7 57.87 49.71 69.17 75.32 57.20 78.48 65.51 73.76 58.58 67.29 72.71 72.37 73.03 68.88 73.67 66.72 67.52 8 58.38 50.36 69.41 75.48 57.57 78.67 65.80 73.78 59.00 67.71 72.93 72.84 73.14 68.93 73.95 66.84 67.43 9 58.97 51.02 69.52 75.98 57.96 78.85 65.96 73.72 59.73 68.14 73.04 73.08 73.49 69.72 74.47 67.06 66.90 10 59.63 51.81 69.60 76.32 58.38 78.77 66.27 74.33 60.39 68.58 73.36 73.67 74.07 70.38 75.39 67.70 66.64 11 60.17 52.52 69.87 76.49 58.90 78.51 66.75 74.36 60.80 69.54 73.26 73.83 74.42 70.73 75.55 68.28 67.01 12 60.62 53.08 69.93 76.57 59.34 78.55 67.24 74.89 61.19 70.10 73.34 74.69 74.76 70.92 75.42 68.56 66.95 13.1 61.11 53.63 70.26 76.79 59.57 78.77 67.82 74.91 61.68 70.30 73.64 75.09 74.91 71.28 75.54 69.15 67.21 2 61.47 53.99 70.51 76.80 59.82 79.10 68.53 75.04 62.01 71.01 73.88 75.44 75.42 71.69 75.62 69.68 67.31 3 61.66 53.96 70.49 76.78 60.38 78.93 68.89 75.33 62.52 71.52 73.83 75.54 75.37 72.04 75.62 70.14 67.79 4 61.94 54.23 70.59 77.00 60.68 79.29 69.11 75.48 62.87 71.56 73.92 75.55 75.68 73.34 75.63 70.41 67.52 5 62.11 54.29 70.70 76.98 61.02 79.26 69.44 75.71 63.19 71.60 73.84 75.62 75.89 73.54 75.62 70.73 67.12 6 62.33 54.55 70.68 76.76 61.80 79.41 69.60 75.72 63.43 71.74 74.04 75.72 76.12 73.67 75.44 70.57 67.69 7 62.70 54.96 70.75 76.72 62.15 79.78 70.52 75.93 63.88 71.69 74.06 75.68 76.57 73.85 75.31 70.41 67.81 8 63.19 55.49 70.84 76.75 62.70 80.06 70.62 76.02 64.62 71.84 74.36 75.92 76.72 73.75 75.58 70.64 67.65 9 64.55 56.77 71.02 78.32 64.19 80.06 71.05 76.36 67.07 71.93 74.23 76.03 76.75 73.77 75.69 70.67 67.65 10 65.40 57.60 71.14 79.33 65.26 79.83 71.84 76.70 68.47 71.94 73.97 75.82 76.79 73.78 75.52 70.83 67.60 11 66.10 58.57 71.57 77.95 65.98 79.81 72.72 76.73 69.31 71.84 73.86 75.69 76.75 73.74 75.56 70.83 67.93 12 66.44 59.20 71.10 77.04 66.54 79.87 72.81 75.96 69.71 71.13 73.26 75.82 76.77 73.81 74.98 70.68 68.37 14.1 66.87 59.92 70.97 76.69 66.89 79.81 74.22 75.67 70.01 71.26 73.27 75.85 76.83 73.80 74.82 70.56 68.43 2 67.29 60.64 70.95 76.50 67.01 79.73 74.30 74.40 70.48 71.41 73.26 76.88 76.90 73.91 74.68 70.54 68.17 3 67.24 60.49 70.82 76.19 66.98 78.88 74.42 73.74 70.78 71.33 73.17 76.70 76.09 73.62 74.77 70.38 67.81 4 67.27 60.55 71.00 75.80 67.06 79.08 73.97 73.50 70.81 71.39 72.79 77.41 76.25 73.01 74.59 70.48 69.88 5 67.15 60.40 70.89 75.23 66.95 78.20 73.04 73.41 70.95 71.34 72.85 77.55 75.54 73.44 74.25 70.27 71.89 (www.ret.co.kr) ( : %) 7 8 9 101112 1 2 3 4 5 6 7 8 9 10 1112 1 2 3 4 5 6 7 8 9 10 1112 1 2 3 4 5 6 7 8 9 10 1112 1 2 3 4 5 2014 June Vol.73 121

10.7 61,878 3,884 5,465 3,051 2,566 3,092 2,288 3,211 15,611 1,749 3,072 3,866 2,913 3,598 2,550 4,807 155 8 57,492 4,564 5,407 3,179 2,626 2,878 3,111 2,290 14,074 1,846 2,716 2,915 2,688 1,590 2,718 4,685 205 9 56,848 4,323 4,702 4,103 2,961 2,807 2,781 1,813 12,342 2,041 2,193 4,308 2,024 2,343 3,196 4,711 200 10 72,629 5,709 6,636 4,870 3,781 3,066 3,410 1,951 16,478 3,135 3,805 5,083 2,545 2,104 3,124 6,593 339 11 85,704 7,521 8,405 5,231 3,651 3,003 3,949 2,868 20,658 2,560 3,649 4,763 3,687 2,334 4,647 8,356 422 12 106,441 9,562 10,608 6,164 5,014 3,574 4,251 3,958 25,419 2,421 4,641 5,469 4,001 3,511 5,329 10,438 2,051 11.1 79,724 7,578 7,424 4,250 4,678 2,474 3,080 2,459 22,495 1,921 3,246 3,925 3,173 1,342 3,612 7,073 998 2 77,471 8,329 7,248 4,930 5,112 3,039 3,163 2,550 18,104 2,089 3,044 3,829 2,762 2,328 3,930 6,348 666 3 97,842 10,037 8,228 6,056 6,895 4,167 3,843 3,745 22,421 2,501 3,394 5,822 3,621 3,961 6,452 6,039 660 4 87,978 7,328 9,605 5,976 4,635 4,369 2,705 3,243 19,703 2,633 3,112 5,323 3,781 3,187 5,316 6,692 370 5 79,139 6,474 7,271 5,094 6,130 3,205 2,522 3,490 16,175 2,655 2,772 6,159 4,877 2,249 3,843 5,968 255 6 73,881 6,147 6,567 5,316 4,667 3,190 3,750 2,630 14,669 2,474 2,785 5,309 3,688 1,999 4,245 6,245 200 7 72,802 5,666 6,098 5,370 5,600 3,585 3,986 3,221 14,642 2,325 2,507 4,831 2,498 1,970 3,981 6,325 197 8 75,470 6,712 5,850 5,079 4,509 3,800 3,526 3,108 16,251 2,587 2,334 5,292 3,465 2,399 4,560 4,842 256 9 69,088 6,881 4,603 5,091 3,758 3,207 3,184 2,400 17,522 2,575 2,118 4,509 2,739 2,254 4,005 4,046 196 10 75,542 6,715 5,552 5,288 3,910 4,598 3,427 2,598 17,630 2,410 2,412 4,356 2,982 3,920 4,411 5,071 262 11 78,036 6,310 6,779 5,958 4,231 4,567 3,675 3,383 16,120 2,831 2,558 4,807 2,906 3,037 4,118 5,804 952 12 109,082 8,855 10,653 7,288 4,714 6,129 6,686 4,020 22,281 3,376 4,396 6,468 5,090 4,665 6,776 6,608 1,077 12.1 37,051 2,959 3,993 1,870 2,398 1,675 3,327 1,010 7,088 1,650 1,079 2,620 1,392 1,229 1,877 2,090 794 2 53,911 4,628 3,356 4,841 2,382 2,311 2,754 2,054 10,506 2,199 1,922 4,420 2,055 1,564 3,354 4,934 631 3 62,724 5,339 4,433 5,163 3,003 2,507 2,989 2,617 14,664 2,062 2,079 4,885 1,736 2,007 4,321 4,604 315 4 59,882 5,440 5,336 4,769 3,344 2,420 1,660 2,412 13,327 1,837 2,090 4,768 1,531 1,776 3,838 4,997 337 5 61,420 5,099 4,580 4,245 3,995 2,574 1,674 2,617 12,516 3,292 2,397 3,954 1,861 3,562 3,581 5,027 446 6 51,515 4,427 4,763 3,578 3,381 1,956 1,910 2,703 10,892 1,56 2,357 3,321 1,743 2,070 2,901 3,592 354 7 54,893 4,120 4,940 3,515 3,398 2,203 1,948 1,843 11,716 2,131 2,115 4,060 1,920 1,979 2,765 4,900 343 8 50,098 3,190 4,004 3,544 4,025 3,103 1,695 3,246 10,358 1,228 2,238 2,189 1,570 1,812 2,338 3,480 384 9 44,339 3,002 3,136 3,884 3,548 3,228 1,337 1,610 9,774 1,150 1,830 2,459 1,179 1,458 2,458 2,466 293 10 66,258 5,969 5,170 5,729 5,569 3,469 2,340 1,967 15,373 1,701 2,527 3,455 2,011 2,197 3,283 4,361 458 11 70,883 6,897 5,598 5,765 4,996 3,024 2,429 2,117 15,456 2,123 2,501 4,237 2,218 2,667 2,978 6,870 451 12 103,709 9,770 7,941 7,923 5,728 5,013 3,072 2,859 21,999 2,700 3,955 4,691 7,287 3,330 5,442 10,653 973 13.1 39,497 3,041 3,312 2,526 2,409 1,367 975 841 10,960 1,185 1,071 2,204 2,032 1,341 2,274 3,108 512 2 48,592 4,211 4,054 3,782 2,364 2,712 1,654 1,282 11,648 1,732 1,776 2,611 1,754 2,002 2,799 3,338 526 3 62,934 6,820 5,884 4,744 3,753 3,082 2,178 1,928 13,090 1,958 2,560 2,808 2,390 2,233 3,479 4,561 634 4 77,082 8,291 7,369 6,351 4,684 3,791 2,142 2,389 16,960 2,160 2,872 3,420 2,448 2,267 4,538 5,947 466 5 89,599 9,537 7,903 7,375 5,224 3,534 2,557 7,398 19,604 3,228 2,251 3,934 2,005 2,407 5,103 6,292 443 6 119,495 12,697 10,563 10,752 6,647 6,465 3,586 4,241 25,411 3,940 4,543 5,711 3,380 3,433 5,905 10,928 640 7 55,342 4,768 5,337 4,538 2,462 2,536 1,790 2,479 12,698 1,409 2,195 2,538 1,321 1,767 2,803 5,904 411 8 53,390 5,460 5,763 4,263 2,496 2,915 1,709 3,151 11,184 1,329 2,150 2,387 1,428 1,305 3,193 3,893 405 9 55,564 6,069 4,823 4,189 3,087 3,202 1,940 1,783 13,818 1,437 1,642 2,423 1,811 1,354 2,828 4,360 307 10 89,955 10,083 7,787 6,102 5,090 3,873 3,496 2,823 22,437 2,269 3,315 3,871 3,025 2,092 4,357 7,832 776 11 85,975 9,649 7,548 6,416 5,147 3,915 4,323 2,939 19,468 1,893 1,949 3,609 3,260 2,162 3,984 8,610 572 12 99,060 10,391 8,619 7,464 4,881 4,647 3,387 3,856 21,364 2,774 2,231 5,326 3,322 2,755 5,454 10,953 832 14.1 73,316 8,412 6,006 6,241 3,185 3,606 2,199 2,817 15,783 1,530 1,692 2,672 2,177 2,280 4,336 7,977 936 2 48,592 4,211 4,054 3,782 2,364 2,712 1,654 1,282 11,648 1,732 1,776 2,611 1,754 2,002 2,799 3,338 526 3 90,413 11,925 7,330 5,974 5,107 3,883 3,674 3,414 21,822 2,550 2,703 4,200 2,747 2,583 3,702 7,483 471 4 90,306 10,516 7,611 6,361 5,539 4,589 3,551 4,202 20,094 2,548 3,160 4,200 2,626 2,125 4,218 7,870 446 130,000 120,000 110,000 100,000 90,000 80,000 70,000 60,000 50,000 40,000 30,000 ( : ) 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 122 Real Estate Focus

10.7 16,812 1,718 1,179 5,050 672 233 64 313 417 460 1,148 769 318 2,629 938 664 240 8 14,888 2,534 2,338 3,870 420 616 77 476 388 415 404 495 267 376 945 897 370 9 21,285 3,516 3,828 3,663 1,935 236 74 471 1,067 339 382 467 860 1,982 742 1,385 338 10 27,437 2,809 2,755 12,333 1,270 174 319 410 320 612 426 1,471 879 1,327 1,142 786 404 11 38,308 1,867 2,573 18,030 917 556 254 152 247 865 434 6,640 396 1,600 2,513 883 381 12 157,503 42,699 14,202 60,074 10,328 2,066 1,576 837 1,157 2,847 3,259 1,314 5,444 3,947 1,891 4,542 1,321 11.1 18,500 4,907 2,007 3,981 1,292 148 628 507 597 346 386 528 176 407 849 1,287 454 2 19,176 4,606 2,170 3,459 1,048 109 198 233 115 307 830 598 230 395 1,734 2,683 461 3 32,853 5,098 1,927 8,891 4,546 202 345 343 1,334 589 1,177 876 733 1,619 1,031 3,030 1,112 4 41,156 10,620 1,406 9,058 3.640 1,011 655 2,111 1,387 633 963 1,161 696 2,082 1,069 3,481 1,183 5 32,716 7,303 2,972 5,776 2,151 374 2,018 303 845 644 688 1,502 759 2,087 1,754 2,786 754 6 31,866 7,121 5,040 4,663 2,342 1,063 1,395 315 459 525 990 1,167 737 1,469 1,778 2,048 754 7 37,878 6,380 1,463 9,904 2,191 387 2,618 505 1,709 885 807 1,900 973 1,192 996 4,911 1,057 8 40,856 3,368 3,895 8,025 2,359 299 501 3,593 1,907 1,356 2,997 5,276 595 1,285 1,150 3,321 929 9 44,251 7,276 3,278 8,302 1,397 2,331 510 7,330 361 1,550 1,001 3,267 882 1,174 1,755 2,795 1,042 10 60,027 3,965 5,720 20,599 5,971 318 515-938 356 2,622 936 11,170 3,516 1,035 2,176 1,235 831 11 42,229 8,405 1,711 7,690 3,010 488 2,068 3,516 1,250 490 1,291 4,784 1,521 977 803 2,992 1,233 12 148,086 19,011 4,316 57,843 7,309 5,732 4,608 1,918 2,826 3,042 5,944 14,565 5,299 1,854 1,841 8,770 3,208 12.1 29,411 4,428 3,772 6,008 2,183 689 785 935 1,104 286 481 1,484 1,535 1,566 1,509 1,417 1,279 2 32,092 6,643 1,961 6,008 1,276 857 1,251 464 652 506 1,160 2,347 1,351 562 2,143 4,397 514 3 38,167 6,279 929 5,631 3,704 158 2,255 348 960 649 992 5,458 1,497 2,208 1,645 4,269 1,185 4 42,175 6,109 737 10,423 5,652 297 1,622 544 316 1,143 3,477 3,705 1,985 1,474 1,735 1,827 1,129 5 46,086 5,980 1,936 9,492 4,513 1,074 1,294 306 1,331 761 2,174 2,900 1,433 6,122 2,296 3,509 965 6 50,534 6,865 6,304 9,343 3,336 763 2,230 354 1,008 1,137 2,280 3,750 1,727 1,256 1,825 6,613 1,743 7 43,682 10,417 2,193 11,750 1,901 975 3,054 1,119 269 1,230 670 1,730 1,279 1,059 2,220 2,672 686 8 39,030 7,686 702 6,049 4,659 325 375 706 2,208 840 2,200 4,503 1,785 728 1,620 1,392 1,470 9 52,216 6,108 3,110 17,516 4,926 293 2,222 233 304 1,295 846 2,132 2,081 1,596 4,141 3,205 440 10 36,908 6,806-454 10,640 1,239 182 754 378 561 1,207 1,129 1,189 2,064 1,438 2,600 3,146 373 11 37,845 8,729 733 11,836 2,106 1,681 1,407-10 447 674 2,852 2,002 766 1,057 1,400 335 361 12 138,738 10,073 10,209 46,339 6,838 5,718 2,335 1,331 591 2,428 6,509 12,999 6,785 3,156 2,579 11,978 111 13.1 23,952 3,789 402 6,254 1,210 532 1,359 257 166 368 337 700 255 497 1,740 5,644 375 2 21,591 3,090 459 4,432 2,120 646 120 53 134 891 1,375 2,578 811 870 825 2,044 206 3 30,051 4,127 385 5,341 1,062 209 345 128 179 508 2,197 2,317 2,617 2,020 1,140 3,843 371 4 30,915 5,314 932 6,239 955 240 583 146 1,110 1,058 1,866 2,913 1,205 1,045 2,599 2,249 857 5 35,546 6,206 4,718 5,721 5,006 710 508 251 254 771 1,505 1,724 1,175 991 2,406 2,453 387 6 38,208 6,809 2,239 7,522 4,340 306 1,342 1,358 300 1,351 1,815 3,192 827 1,971 1,266 1,098 1,580 7 36,255 10,730 719 9,403 1,745 1,134 216 350 395 959 2,231 1,263 1,366 601 1,973 2,610 468 8 31,979 8,794 762 5,151 1,302 1,291 363 670 925 1,825 2,192 1,820 688 784 1,189 3,356 295 9 33,869 5,552 955 8,914 1,500 838 167 616 565 426 1,927 3,101 1,560 860 3,595 1,844 299 10 33,348 5,493 821 7,310 1,038 2,559 772 1,159 681 1,099 828 2,586 746 1,297 4,215 1,774 377 11 40,257 5,400 227 8,668 1,539 3,084 1,086 72 172 1,147 2,533 1,127 1,484 3,089 912 4,997 291 12 84,145 12,317 6,288 21,127 8,105 6,529 1,593 120 463 2,561 461 9,022 445 6,036 2,018 2,771 803 14.1 24,602 4,111 445 7,540 530 1,108 72 238 513 318 467 1,563 834 1,317 2,533 2,359 357 2 25,381 3,632 1,206 4,598 3,720 2,031 820 78 430 894 1,460 899 745 660 1,928 1,620 414 3 38,969 4,259 1,392 11,787 1,898 713 811 262 236 1,665 2,846 2,046 3,028 1,237 1,553 4,054 436 4 42,706 5,989 554 8,660 1,267 397 731 1,486 1,135 736 2,960 3,584 1,958 1,564 4,714 5,639 1,083 200,000 ( : ) 150,000 100,000 50,000 0 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 2014 June Vol.73 123

10.7 106,464 1,941 4,344 21,866 6,747 16,325 2,859 2,880 6,128 4,741 3,887 12,222 2,419 3,293 10,627 6,005 180 8 103,981 2,085 3,741 22,326 6,131 16,066 2,474 2,741 6,085 4,556 3,858 11,593 2,394 3,142 10,664 5,950 175 9 100,325 2,169 3,847 23,185 5,223 14,743 2,150 2,639 5,994 4,413 3,793 10,851 1,893 2,988 9,830 6,435 172 10 99,483 2,506 4,127 22,701 6,501 15,304 1,899 2,461 5,841 4,163 3,667 10,285 1,722 2,848 9,512 5,791 155 11 94,536 2,842 4,100 22,247 4,136 14,505 2,356 2,357 5,680 3,988 3,572 9,824 1,488 2,724 8,777 5,754 186 12 88,706 2,729 4,265 22,418 3,458 13,163 1,809 2,205 5,575 3,837 3,428 9,020 1,311 2,504 8,042 4,780 162 11.1 84,923 2,269 4,474 22,153 3,064 12,380 1,259 2,068 5,472 3,720 3,282 8,750 1,144 2,378 7,693 4,586 231 2 80,588 2,216 4,173 21,028 2,824 11,929 964 1,847 5,567 3,544 3,154 8,477 1,015 2,106 7,278 4,257 209 3 77,572 2,104 3,823 21,162 2,734 11,325 805 1,651 5,469 3,376 3,016 8,082 925 2,040 6,974 3,871 215 4 72,232 1,855 3,438 19,715 2,305 10,561 717 1,530 5,354 3,252 2,915 7,620 843 1,885 6,397 3,668 177 5 71,360 1,785 3,945 21,303 2,671 9,916 721 1,272 5,419 3,363 1,943 7,459 750 1,792 5,984 2,896 141 6 72,667 1,825 3,821 21,579 2,682 11,577 655 1,629 5,200 3,214 1,835 7,229 687 1,655 5,885 3,048 146 7 70,087 1,826 3,749 20,819 3,158 10,828 682 1,189 5,014 3,114 1,685 6,903 639 1,800 5,655 2,896 130 8 68,593 1,767 3,730 22,137 3,046 10,152 458 997 4,942 2,922 1,515 6,546 541 1,728 5,093 2,729 290 9 68,039 1,776 3,783 21,724 2,842 9,861 619 913 4,713 2,690 1,350 6,379 478 2,191 4,723 3,748 249 10 66,462 1,821 3,724 21,556 3,008 9,295 806 854 4,501 2,460 1,195 5,903 428 1,847 4,434 4,454 176 11 67,040 1,801 3,873 21,595 2,887 9,384 770 1,482 3,780 2,207 1,100 7,391 386 1,728 4,274 4,235 147 12 69,807 1,861 3,642 22,378 4,193 8,672 784 1,557 3,510 2,244 1,031 7,471 355 1,527 4,110 6,375 97 12.1 67,786 1,890 3,532 23,539 3,909 7,477 865 1,400 3,363 2,318 1,077 7,159 354 1,436 3,508 5,888 71 2 64,850 1,703 3,694 22,206 3,970 6,807 818 1,301 3,507 2,642 995 6,746 285 1,376 3,228 5,488 84 3 62,949 1,732 3,802 21,427 4,191 6,104 1,142 1,227 3,144 2,567 982 6,502 259 1,285 3,010 5,518 57 4 61,385 1,691 3,829 20,595 4,063 5,895 940 1,192 2,916 3,034 833 6,180 247 1,063 3,562 5,297 48 5 62,325 1,703 4,002 20,890 4,014 5,721 1,104 1,179 3,549 2,809 833 6,065 249 1,719 3,361 4,817 310 6 62,288 1,698 4,058 21,173 4,448 5,564 1,108 1,228 3,047 3,086 786 6,156 239 1,486 3,258 4,663 290 7 67,010 3,146 4,212 22,034 5,630 5,289 1,313 1,197 3,291 3,244 700 6,035 341 1,766 3,503 5,025 284 8 69,469 3,847 4,212 21,938 5,484 5,202 3,051 1,501 2,975 3,184 631 5,965 332 1,875 3,277 5,730 265 9 71,531 3,754 4,420 21,864 5,393 4,993 3,017 1,561 3,018 3,616 653 6,187 537 1,548 2,640 7,348 982 10 72,736 3,700 4,181 24,567 5,261 4,678 2,792 1,377 3,071 3,769 628 4,148 481 1,850 3,149 8,243 841 11 76,319 3,594 4,059 26,732 5,199 3,707 3,608 1,484 3,474 4,367 703 3,608 401 1,740 2,728 9,941 974 12 74,835 3,481 4,026 25,040 5,784 3,288 3,348 1,441 3,659 4,421 585 2,942 629 2,478 3,201 9,558 954 13.1 75,180 3,415 4,637 25,732 6,985 2,898 3,369 1,404 3,245 4,159 504 2,691 443 2,348 3,096 9,203 1,051 2 73,386 3,308 4,478 25,888 6,568 2,622 3,235 1,300 3,035 4,220 455 2,563 868 2,069 2,647 8,965 1,063 3 70,633 3,168 5,080 24,511 6,896 2,347 1,612 1,303 2,792 3,846 902 2,697 1,041 1,993 2,375 8,353 996 4 70,201 3,035 5,068 25,164 6,131 2,089 1,471 1,399 2,438 4,149 811 2,555 1,565 1,946 2,270 8,703 983 5 66,896 2,908 4,920 24,941 5,485 1,939 1,350 1,253 2,210 3,751 763 2,351 1,873 1,920 2,071 7,617 925 6 65,072 2,722 5,223 24,556 4,956 1,760 1,233 1,187 1,924 3,461 684 2,961 1,903 2,271 2,081 6,992 744 7 67,672 2,581 5,281 27,464 4,575 1,649 1,116 1,163 1,830 3,582 914 2,565 1,982 2,183 1,963 7,401 684 8 68,119 3,970 5,130 27,803 4,848 1,492 1,064 1,066 1,685 3,446 883 2,321 1,884 2,087 1,817 7,829 614 9 66,110 4,331 4,840 25,500 4,954 1,602 913 981 2,816 3,572 797 2,346 1,694 2,021 1,917 7,202 581 10 64,433 3,808 4,335 28,399 4,385 1,359 817 876 2,499 3,283 725 2,007 1,595 1,829 1,590 6,396 516 11 63,709 3,568 4,222 26,413 5,350 1,196 377 989 2,895 3,156 685 3,265 1,511 2,065 1,542 5,840 477 12 61,091 3,157 5,275 24,760 4,259 1,234 323 1,146 3,310 3,055 599 3,566 1,470 1,981 1,405 4,909 588 14.1 58,576 2,905 7,267 22,525 4,131 955 340 867 2,943 2,936 670 3,204 1,383 1,921 1,167 4,801 557 2 52,391 2,734 6,891 19,653 3,433 615 206 740 2,559 3,049 633 2,741 1,319 1,851 1,043 4,380 540 3 48,167 2,259 6,314 17,509 3,985 523 483 669 2,081 2,899 618 2,260 1,254 1,742 1,122 3,934 511 4 45,573 2,185 5,933 16,174 3,490 296 129 608 1,709 2,840 1,442 1,878 1,420 1,927 1,060 3,768 503 90,000 ( : ) 80,000 70,000 60,000 50,000 40,000 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 124 Real Estate Focus

10.7-0.002-0.065 0.077 0.076-0.013 0.019 0.088 0.019-0.007 0.038 0.041 0.064 0.032 0.076 0.031 0.080 0.079 8-0.007-0.053 0.070 0.070-0.031 0.016 0.110 0.012-0.024 0.032 0.022 0.050 0.031 0.064 0.028 0.057 0.060 9-0.042-0.134 0.052 0.064-0.056 0.053 0.123 0.033-0.053 0.036 0.015 0.029 0.043 0.062 0.036 0.054 0.051 10-0.033-0.133 0.067 0.072-0.022 0.036 0.135 0.02-0.033 0.043 0.019 0.028 0.053 0.064 0.035 0.073 0.041 11 0.030 0.020 0.093 0.058-0.025 0.026 0.230 0.040 0.008 0.052 0.033 0.037 0.071 0.063 0.023 0.082 0.029 12 0.113 0.153 0.090 0.133 0.068 0.116 0.224 0.093 0.096 0.069 0.060 0.074 0.078 0.135 0.029 0.161 0.015 11.1 0.091 0.122 0.081 0.105 0.056 0.083 0.168 0.059 0.082 0.057 0.039 0.055 0.054 0.083 0.029 0.116 0.034 2 0.089 0.122 0.099 0.136 0.057 0.073 0.114 0.047 0.079 0.06 0.037 0.044 0.046 0.07 0.047 0.102 0.043 3 0.108 0.154 0.120 0.134 0.061 0.074 0.090 0.076 0.101 0.053 0.047 0.050 0.052 0.074 0.069 0.087 0.067 4 0.098 0.116 0.129 0.092 0.062 0.070 0.075 0.099 0.114 0.053 0.043 0.042 0.053 0.071 0.080 0.078 0.080 5 0.097 0.088 0.120 0.094 0.064 0.065 0.219 0.088 0.124 0.049 0.045 0.071 0.047 0.075 0.092 0.084 0.085 6 0.100 0.074 0.128 0.092 0.058 0.067 0.160 0.104 0.142 0.058 0.046 0.066 0.044 0.076 0.092 0.148 0.079 7 0.101 0.067 0.120 0.083 0.046 0.060 0.115 0.122 0.150 0.227 0.044 0.058 0.045 0.070 0.091 0.145 0.080 8 0.094 0.052 0.116 0.068 0.055 0.066 0.090 0.103 0.148 0.164 0.042 0.058 0.041 0.067 0.095 0.143 0.088 9 0.094 0.049 0.142 0.102 0.052 0.045 0.084 0.093 0.130 0.155 0.048 0.070 0.047 0.078 0.106 0.220 0.074 10 0.095 0.043 0.164 0.153 0.052 0.048 0.083 0.091 0.130 0.175 0.056 0.074 0.080 0.101 0.131 0.167 0.091 11 0.095 0.037 0.173 0.168 0.046 0.047 0.115 0.099 0.129 0.175 0.063 0.084 0.110 0.083 0.132 0.162 0.090 12 0.098 0.038 0.176 0.162 0.047 0.050 0.146 0.108 0.131 0.180 0.073 0.087 0.147 0.096 0.142 0.163 0.103 12.1 0.087 0.031 0.149 0.150 0.043 0.057 0.125 0.099 0.113 0.161 0.058 0.086 0.140 0.110 0.121 0.138 0.088 2 0.098 0.038 0.176 0.162 0.047 0.050 0.146 0.108 0.131 0.180 0.073 0.087 0.147 0.096 0.142 0.163 0.103 3 0.120 0.098 0.159 0.149 0.126 0.096 0.138 0.136 0.120 0.164 0.103 0.136 0.150 0.144 0.138 0.150 0.094 4 0.116 0.104 0.159 0.145 0.050 0.096 0.118 0.125 0.115 0.153 0.106 0.144 0.127 0.158 0.134 0.154 0.094 5 0.112 0.094 0.158 0.138 0.060 0.111 0.114 0.143 0.112 0.159 0.106 0.133 0.124 0.163 0.129 0.155 0.104 6 0.097 0.058 0.146 0.125 0.045 0.101 0.112 0.132 0.111 0.156 0.113 0.123 0.126 0.138 0.111 0.144 0.094 7 0.065-0.032 0.141 0.119 0.018 0.110 0.091 0.134 0.095 0.147 0.106-0.109 0.120 0.119 0.114 0.150 0.096 8 0.032-0.057 0.140 0.112-0.030 0.098 0.079 0.113 0.049 0.124 0.079 0.049 0.097 0.076 0.095 0.125 0.097 9 0.024-0.055 0.124 0.105-0.018 0.097 0.063 0.132 0.026 0.125 0.072 0.032 0.086 0.073 0.089 0.114 0.096 10 0.059 0.011 0.120 0.124 0.028 0.110 0.090 0.164 0.059 0.141 0.085 0.043 0.095 0.077 0.105 0.122 0.121 11 0.067 0.031 0.137 0.124-0.002 0.093 0.079 0.172 0.058 0.145 0.085 0.064 0.107 0.079 0.108 0.130 0.124 12 0.082 0.05 0.136 0.135 0.102 0.109 0.104 0.183 0.067 0.147 0.092 0.064 0.118 0.08 0.117 0.133 0.144 13.1 0.031-0.058 0.136 0.103 0.005 0.05 0.068 0.158 0.037 0.119 0.074 0.067 0.097 0.071 0.094 0.122 0.112 2 0.066 0.055 0.132 0.104 0.084 0.091 0.074 0.157 0.029 0.111 0.07 0.066 0.087 0.071 0.096 0.117 0.114 3 0.109 0.105 0.129 0.125 0.117 0.093 0.103 0.157 0.101 0.122 0.098 0.061 0.110 0.103 0.117 0.132 0.129 4 0.132 0.157 0.163 0.141 0.138 0.064 0.125 0.163 0.106 0.144 0.106 0.080 0.096 0.097 0.136 0.159 0.141 5 0.130 0.152 0.142 0.150 0.120 0.047 0.020 0.129 0.133 0.121 0.099 0.063 0.051 0.076 0.122 0.144 0.157 6 0.105 0.097 0.202 0.176 0.112 0.076 0.144 0.166 0.089 0.126 0.087 0.083 0.051 0.030 0.139 0.166-0.008 7 0.019-0.039 0.062 0.044-0.013-0.055-0.027-0.023 0.050 0.082 0.058 0.041 0.024 0.042 0.089 0.093-0.059 8 0.001-0.026 0.006 0.092 0.023 0.012 0.023-0.004-0.019 0.078 0.044 0.015-0.013 0.015 0.094 0.013 0.024 9 0.076 0.145 0.080 0.131 0.056-0.001 0.069 0.020 0.037 0.034 0.019 0.011 0.041 0.011 0.095 0.060 0.002 10 0.152 0.210 0.158 0.212 0.089 0.075 0.095 0.152 0.104 0.113 0.094 0.121 0.144 0.140 0.190 0.171 0.233 11 0.156 0.213 0.183 0.188 0.103 0.135 0.125 0.160 0.118 0.119 0.159 0.046 0.162 0.159 0.145 0.159 0.243 12 0.151 0.189 0.164 0.199 0.033 0.157 0.188 0.125 0.124 0.115 0.106 0.122 0.187 0.144 0.164 0.145 0.329 14.1 0.107 0.190 0.099 0.165 0.054 0.052 0.022 0.098 0.042 0.083 0.012 0.071 0.095 0.109 0.104 0.096 0.226 2 0.142 0.206 0.146 0.206 0.100 0.084 0.144 0.106 0.083 0.078 0.086 0.075 0.128 0.201 0.175 0.139 0.387 3 0.199 0.291 0.149 0.249 0.219 0.095 0.084 0.198 0.135 0.157 0.203 0.080 0.162 0.214 0.203 0.140 0.318 4 0.180 0.230 0.188 0.263 0.091 0.040 0.102 0.179 0.140 0.167 0.213 0.119 0.159 0.171 0.214 0.176 0.357 0.4 ( : %) 0.3 0.2 0.1 0.0-0.1 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 2014 June Vol.73 125

10.7 168,923 832 2,322 1,590 3,910 1,377 788 3,682 20,980 21,257 11,096 16,773 9,973 22,408 24,329 24,377 3,229 8 164,397 1,501 1,172 905 2,802 863 908 5,307 24,041 16.216 11,251 14,787 15,232 18,929 27,188 16,787 6,508 9 145,157 11,052 8,192 6,082 6,640 3,912 4,142 2,993 31,974 8,346 6,285 10,938 7,616 8,997 12,486 13,590 1,912 10 181,236 13,634 11,975 8,741 8,027 4,406 4,705 3,681 40,087 10,442 8,876 13,035 9,539 10,404 14,118 16,932 2,634 11 208,260 17,632 13,679 9,851 9,409 4,343 5,642 5,259 45,128 10,963 9,283 13,392 11,405 12,218 16,482 20,538 3,036 12 225,934 3,893 3,258 2,836 3,514 1,316 971 2,330 33,047 21,641 14,890 32,469 18,277 24,386 34,571 21,833 7,154 11.1 156,047 1,786 2,666 1,427 2,701 835 2,600 1,819 31,957 13,187 13,178 14,265 10,601 17,514 23,727 15,466 2,318 2 147,351 1,265 2,827 1,056 2,447 624 987 1,541 20,120 12,358 7,870 12,164 13,837 15,058 32,454 19,869 2,875 3 234,442 1,557 2,558 1,906 2,660 1,432 1,048 2,383 26,278 36,845 23,844 18,073 19,509 32,885 34,930 23,947 4,586 4 201,804 1,115 2.134 1,682 2,079 1,034 1,063 2,711 25,280 18,623 19,080 20,501 19,100 27,825 32,236 22,265 5,076 5 194,395 1,137 1,973 1,669 4,511 1,161 875 4,473 21,556 27,695 17,076 18,041 15,871 23,171 30,140 21,044 4,003 6 197,540 1,440 3,215 1,787 2,469 1,599 965 2,137 24,028 22,671 16,964 19,548 15,846 26,465 33,558 20,715 4,131 7 166,689 1,579 1,950 1,821 2,367 1,214 1,399 1,743 26,513 16,314 14,354 15,056 10,643 17,317 25,891 19,706 8,822 8 178,825 1,076 1,823 1,426 3,259 1,281 1,320 2,937 26,493 17,862 11,560 13,713 10,870 19,809 28,412 28,411 2,574 9 146,710 1,259 1,338 1,470 1,905 1,048 832 2,299 19,237 12,863 14,129 11,892 11,329 18,858 26,054 18,660 3,537 10 157,096 1,149 2,339 2,215 2,844 1,180 993 4,508 19,152 14,736 8,387 11,696 15,276 24,544 25,534 18,488 4,052 11 200,662 1,216 1,747 1,877 3,682 2,116 1,030 3,530 30,574 20,493 11,807 15,292 13,991 20,406 32,802 35,170 4,929 12 212,475 1,407 2,602 2,199 2,994 1,287 2,230 2,884 31,090 26,840 18,233 22,735 16,126 23,886 30,837 20,804 6,322 12.1 131,273 700 1,288 1,956 1,683 801 840 1,505 15,965 13,243 9,659 12,517 12,495 14,444 23,744 17,950 2,483 2 161,301 5,013 1,613 2,493 2,119 1,202 1,227 2,078 19,254 17,254 11,322 14,206 14,468 20,190 27,686 17,931 3,244 3 189,211 1,109 2,207 2,303 1,721 1,233 790 1,983 18,888 19,750 14,028 18,932 15,805 30,078 34,834 21,409 4,078 4 184,232 944 1,437 1,520 2,631 1,129 751 13,807 19,922 15,568 20,629 14,986 13,178 22,903 28,511 22,346 3,971 5 173,922 980 1,671 1,662 1,892 1,199 1,011 1,676 19,591 16,084 15,804 13,931 14,931 21,212 33,604 24,615 4,061 6 173,967 721 1793 1276 1236 924 512 1,666 17,635 14,867 15,987 17,541 17,809 24,159 32,663 21,108 4,070 7 136,135 796 1,588 1,431 1,493 1,015 611 1,745 18,856 11,921 9,991 12,085 10,756 15,814 25,472 18,070 3,534 8 129,904 768 2,100 2,281 1,638 876 605 1,892 15,312 12,086 7,743 10,470 9,934 17,535 28,243 14,729 2,771 9 114,964 649 1,723 1,732 2,119 839 489 2,276 15,409 11,452 10,183 9,252 7,882 14,064 18,258 15,018 2,571 10 132,035 804 2,451 2,153 1,393 1,170 530 2,184 17,297 13,591 8,685 13,496 11,463 17,483 22,470 13,316 2,971 11 146,827 914 1,789 1,576 1,422 1,089 607 2,121 16,558 12,489 10,812 15,317 13,383 20,747 27,065 16,856 2,971 12 149,967 1,523 2,983 1,604 1,740 1,674 885 2,137 17,420 13,766 10,525 15,102 14,607 18,719 24,709 17,786 3,482 13.1 144,655 1,104 1,547 1,121 2,265 1,315 638 1,504 19,029 12,309 10,956 14,348 12,693 18,571 24,703 17,738 3,842 2 131,524 781 2,939 1,127 1,537 910 494 1,807 14,438 10,766 10,927 12,329 11,290 18,751 23,943 14,931 3,836 3 175,003 755 1,430 1,311 1,621 1,000 814 1,886 18,358 14,544 11,144 15,250 16,874 25,080 39,922 19,742 4,412 4 177,598 969 2,380 2,273 1,922 1,067 944 2,509 17,496 15,791 18,000 17,795 14,514 21,748 34,473 19,869 4,585 5 169,758 1,193 1,735 1,840 1,617 1,322 837 2,135 22,521 18,442 12,011 15,637 16,925 20,064 28,365 18,540 4,765 6 159,576 1,617 2,110 2,158 1,280 1,514 884 3,840 18,161 12,510 14,744 12,554 14,626 20,861 30,759 17,300 3,641 7 147,288 896 2,163 1,829 1,613 1,163 2,372 3,586 17,367 11,839 9,548 13,264 10,820 17,895 26,616 18,164 4,115 8 128,870 803 1,507 1,531 2,667 1,236 451 2,247 16,972 11,566 10,898 12,931 9,879 13,606 20,788 16,510 4,557 9 144,135 14,378 8,557 6,622 6,611 4,480 3,086 3,301 29,931 6,506 5,672 9,165 7,402 8,057 12,554 13,839 2,833 10 145,796 1,346 1,579 1,437 2,329 1,081 710 1,318 17,430 13,544 9,535 14,058 10,890 22,420 25,360 18,150 3,674 11 200,708 19,293 13,649 9,435 9,303 5,752 5,919 4,808 41,481 8,497 7,255 11,403 10,970 11,381 16,683 19,841 3,825 12 180,335 1,402 2,443 2,077 2,470 1,265 654 3,410 22,940 13,416 12,325 22,775 16,223 21,723 31,221 16,993 8,031 14.1 136,200 1,462 1,624 3,101 2,014 1,060 628 1,761 18,807 10,131 8,559 13,200 11,565 15,580 24,219 17,332 3,791 2 204,902 19,722 12,248 9,801 9,590 6,118 4,480 4,590 41,951 8,712 7,545 12,274 11,674 12,619 18,066 19,220 4,302 3 161,985 405 3,017 1,239 1,531 882 524 2,156 13,686 12,741 12,660 16,113 14,727 22,711 33,427 19,732 5,596 4 178,390 1,278 2,223 2,817 1,938 1,304 925 3,594 19,967 16,982 12,584 16,719 13,688 24,211 29,449 23,499 6,328 250,000 ( : ) 200,000 150,000 100,000 50,000 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 126 Real Estate Focus

10-City 20-City Boston Chicago Denver Las Vegas Los New San San Washington, D.C Miami Angeles York Diego Francisco 10.3 156.21 143.34 151.39 119.71 125.31 102.58 170.61 146.15 169.26 160.22 136.74 175.41 4 157.35 144.56 153.56 120.43 127.50 102.82 171.78 145.04 168.89 161.39 139.77 179.51 5 159.41 146.46 155.95 121.90 128.24 102.35 174.67 146.33 170.47 163.11 142.16 182.58 6 161.06 147.99 157.83 124.90 129.20 101.77 175.66 146.92 172.85 163.82 142.55 185.74 7 162.24 148.88 158.83 126.17 128.72 100.91 176.27 147.88 175.02 165.02 143.23 187.15 8 162.01 148.49 158.35 126.70 128.57 101.03 175.55 147.47 175.18 163.99 142.83 187.05 9 161.00 147.26 156.27 124.76 127.33 101.18 175.36 145.64 174.43 162.43 141.54 186.25 10 158.90 145.24 154.34 122.28 126.58 100.97 174.05 144.03 171.50 159.99 138.84 184.96 11 157.50 143.77 152.76 119.57 125.02 100.59 173.28 143.81 169.53 160.08 137.28 183.81 12 156.04 142.39 152.52 117.86 124.10 99.48 170.99 143.11 167.92 158.97 136.02 182.90 11.1 154.36 140.78 152.18 115.78 122.73 99.23 169.88 141.30 165.92 157.03 133.37 181.35 2 152.38 139.05 149.83 113.26 121.26 98.28 168.23 138.44 164.45 155.05 129.96 179.96 3 150.91 137.64 147.33 110.57 120.56 97.18 167.75 137.28 162.34 153.88 129.83 177.52 4 151.78 138.43 147.06 110.12 122.32 96.47 168.18 136.99 163.92 154.50 132.02 178.48 5 153.33 139.88 150.89 112.01 123.94 95.60 169.07 138.60 165.09 154.78 134.42 180.57 6 154.87 141.50 154.46 115.61 125.97 95.67 169.66 139.46 166.82 155.06 134.90 182.67 7 156.32 142.89 155.75 117.78 125.98 95.48 170.05 141.15 169.54 155.22 135.28 185.29 8 156.51 142.97 155.58 119.40 126.48 95.18 169.38 140.75 170.20 154.91 135.20 185.97 9 155.61 141.97 154.39 118.47 125.57 93.80 168.00 139.83 169.96 153.72 133.22 186.32 10 153.53 140.05 152.70 116.39 125.38 92.36 165.51 138.20 167.33 152.86 132.34 182.90 11 151.40 138.18 150.33 112.44 124.79 91.41 163.93 137.47 164.86 151.45 129.78 181.11 12 149.58 136.60 148.53 110.16 123.62 90.70 162.11 137.74 162.41 150.42 128.72 178.38 12.1 147.99 135.21 147.87 107.99 122.92 90.24 160.76 138.64 160.63 148.74 125.47 176.93 2 146.62 134.08 146.26 105.26 121.81 89.88 159.53 139.53 158.87 149.07 124.64 174.56 3 146.45 134.07 145.95 102.75 123.66 89.87 159.72 140.76 157.40 149.68 125.94 176.13 4 148.44 135.98 147.16 103.98 125.81 90.84 162.16 141.33 157.95 151.75 130.23 180.99 5 151.75 139.20 150.63 108.62 128.48 92.55 165.76 143.35 160.18 153.06 135.28 185.90 6 154.94 142.36 154.40 113.56 131.06 93.94 168.57 145.62 163.27 154.76 139.01 189.28 7 157.21 144.58 157.18 116.61 132.79 94.57 170.79 148.70 165.17 156.48 141.71 191.46 8 158.52 145.82 158.26 117.45 133.48 96.03 173.01 150.12 166.41 157.84 142.37 192.38 9 158.94 146.23 157.25 116.69 134.01 97.38 174.79 150.24 166.30 160.09 143.15 191.84 10 158.67 146.04 155.11 114.88 134.03 100.14 175.85 149.97 165.16 162.10 144.15 190.25 11 158.27 145.82 153.71 113.36 134.50 100.56 176.58 151.13 162.88 163.61 146.23 188.93 12 158.60 146.08 153.81 112.61 134.14 102.41 178.59 152.37 161.96 164.31 147.24 188.73 13.1 158.61 146.15 153.80 111.65 134.17 104.04 180.23 153.51 161.23 163.28 147.45 187.44 2 159.09 146.51 153.90 110.70 133.90 105.46 182.04 153.97 161.46 164.25 148.23 186.56 3 161.13 148.44 155.71 110.73 135.79 108.36 186.30 155.89 160.25 167.84 153.96 189.67 4 165.35 152.24 159.13 113.83 138.28 111.05 192.56 159.65 161.97 174.08 161.46 194.16 5 169.47 156.06 161.94 117.92 140.98 114.09 197.54 163.74 164.64 179.56 168.41 198.04 6 173.17 159.46 164.75 121.74 143.37 117.28 202.08 167.10 167.96 184.57 173.01 200.09 7 176.39 162.38 167.02 125.69 145.63 120.58 206.33 169.07 170.47 188.33 176.87 202.97 8 178.71 164.49 168.26 127.70 146.95 124.09 210.49 170.41 172.29 191.78 178.53 204.44 9 179.97 165.61 169.02 128.03 147.30 125.74 212.83 171.70 173.23 193.51 179.91 205.25 10 180.29 165.90 168.42 127.42 146.74 127.23 214.65 173.63 173.29 194.07 179.55 204.38 11 180.20 165.81 168.78 125.87 146.45 128.00 214.79 176.02 172.72 194.15 180.19 203.71 12 180.07 165.63 168.65 125.29 146.26 128.53 214.84 177.57 171.96 193.87 180.55 204.06 14.1 179.94 165.50 167.83 123.73 146.21 129.93 214.23 178.85 172.05 194.94 181.52 204.75 2 179.96 165.35 166.98 122.61 146.13 129.85 215.25 178.57 171.29 196.97 181.91 203.45 3 181.43 166.8 168.54 123.42 148.2 131.28 217.75 181.11 170.75 199.6 186.21 205.81 190 180 170 160 150 140 130 120 (2000 1 =100.0) 3 4 5 6 7 8 9 101112 1 2 3 4 5 6 7 8 9 101112 1 2 3 4 5 6 7 8 9 101112 1 2 3 4 5 6 7 8 9 10 1112 1 2 3 2014 June Vol.73 127

England & North North Yorks & East West South South Wales East London Wales East West Humber Midlands Midlands East West 10.4 263.6 203.0 214.0 214.2 230.9 228.9 235.7 283.1 361.6 288.0 293.1 5 264.6 198.6 216.0 214.7 228.7 229.1 233.4 282.6 363.2 293.9 293.0 6 265.8 199.6 215.3 215.5 232.1 229.6 239.9 285.4 366.3 292.2 292.1 7 267.3 201.8 213.5 217.9 232.8 230.7 237.6 286.5 371.5 295.1 295.6 8 267.7 201.9 215.7 217.2 233.1 231.8 237.9 285.9 371.0 296.2 294.3 9 267.2 199.3 213.8 218.6 231.3 231.1 238.4 285.3 370.4 295.8 294.1 10 265.0 197.6 213.7 213.3 229.9 229.4 235.2 286.4 368.0 292.5 292.1 11 262.6 195.9 212.7 212.1 227.5 227.1 229.1 283.0 366.5 290.0 290.2 12 261.2 195.9 211.2 210.3 226.5 227.3 231.1 279.8 365.2 288.8 286.7 11.1 259.5 193.5 205.3 209.3 225.9 222.7 230.7 278.0 367.0 285.5 286.0 2 258.4 185.0 205.3 206.9 224.6 221.8 227.1 279.1 365.6 285.9 282.5 3 257.0 189.4 203.9 205.2 221.5 219.0 226.6 276.5 367.6 285.3 281.9 4 259.5 190.1 207.6 209.2 223.7 223.2 229.0 277.7 371.4 286.5 286.0 5 258.6 188.1 204.8 208.8 224.5 223.7 224.9 277.1 368.8 286.5 285.7 6 258.8 190.4 204.1 206.5 222.9 223.5 227.2 278.9 369.6 289.3 283.2 7 261.6 186.9 206.2 207.0 223.2 223.9 231.0 281.2 376.5 291.5 290.3 8 261.9 191.2 206.2 208.1 225.0 223.1 228.7 281.6 379.1 290.2 286.3 9 259.7 188.9 204.9 205.4 222.2 223.2 228.0 278.4 376.7 288.4 285.3 10 257.7 186.8 200.8 204.2 222.6 221.7 224.7 278.3 371.1 288.4 283.7 11 258.1 185.8 202.3 204.7 221.9 221.8 223.2 277.6 373.4 288.1 285.2 12 257.2 183.3 203.8 202.3 221.3 219.2 223.2 277.7 374.2 287.4 282.5 12.1 257.2 184.9 199.9 202.6 219.4 218.5 220.3 277.4 376.4 285.8 283.7 2 256.9 175.4 199.9 199.8 218.3 219.5 225.7 277.5 377.0 287.7 282.6 3 256.8 187.6 201.8 201.5 221.5 220.1 219.4 277.6 370.9 286.2 280.7 4 257.9 184.9 201.3 198.8 219.7 216.5 223.3 279.9 384.7 288.8 285.7 5 259.8 183.1 199.0 202.6 221.8 220.6 222.0 279.1 389.7 291.1 286.4 6 261.4 184.5 201.9 203.6 221.8 222.2 222.7 282.7 393.3 292.4 287.4 7 263.7 184.2 200.3 205.0 224.4 222.7 227.6 283.6 397.9 295.1 286.8 8 263.8 185.8 202.6 204.1 224.9 221.3 223.4 283.2 398.4 296.6 288.4 9 262.0 184.6 199.8 200.9 222.0 219.9 225.4 281.9 395.3 294.3 286.4 10 260.1 178.8 199.2 200.6 221.0 221.1 225.4 282.7 393.8 291.9 284.5 11 259.6 180.3 198.5 199.8 222.1 219.1 221.1 280.5 392.9 294.2 285.5 12 259.8 180.1 197.6 199.5 221.3 219.5 220.7 279.3 398.3 292.8 284.9 13.1 259.7 176.6 192.3 196.3 218.7 220.5 222.0 280.2 401.7 292.1 284.3 2 258.9 180.1 197.2 197.7 218.8 219.3 223.9 277.6 395.1 290.6 281.7 3 257.6 176.0 193.1 197.1 219.3 219.5 220.6 278.6 400.9 290.6 283.5 4 260.6 177.3 196.6 196.1 219.3 219.0 219.9 282.6 406.4 294.2 287.1 5 261.2 181.8 198.4 200.5 222.1 220.6 220.5 282.4 406.6 293.3 287.3 6 263.1 181.6 197.5 199.1 220.8 222.8 221.9 283.7 413.7 298.5 287.5 7 266.7 183.4 197.4 200.0 224.7 224.9 223.5 289.6 421.5 300.7 291.4 8 267.4 181.7 199.4 202.8 225.7 224.6 223.3 288.6 423.4 301.4 292.0 9 269.3 183.0 199.5 204.2 225.7 223.6 221.2 289.9 428.0 305.0 291.2 10 267.9 175.5 197.6 201.2 226.0 223.5 226.0 291.0 427.0 303.6 292.3 11 268.1 178.0 200.2 202.5 226.5 227.5 226.6 289.5 432.4 304.1 291.8 12 270.4 176.8 200.0 200.9 229.6 225.9 224.1 294.2 441.0 307.0 293.4 14.1 271.4 180.8 199.5 200.4 229.3 225.9 224.5 294.0 447.4 309.7 292.0 2 272.1 177.9 201.5 200.1 228.6 227.2 227.7 294.8 449.5 311.2 294.4 3 272.5 182.0 197.7 200.6 229.3 227.5 217.1 298.3 450.7 308.5 296.6 4 278.0 182.3 204.1 206.9 233.4 231.3 226.4 304.5 475.1 316.1 297.8 280 (1995 1 =100.0) 275 270 265 260 255 250 245 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 128 Real Estate Focus

10.6 8,419 22,729 25,477 9,979 6,819 22,190 12,802 16,416 11,636 7,177 10,931 7 8,308 22,684 25,159 9,848 6,729 21,935 12,572 16,217 11,491 7,220 10,885 8 8,305 22,545 24,268 9,762 6,691 22,115 12,632 16,077 11,487 7,217 10,830 9 8,363 22,987 24,647 9,937 6,718 22,776 12,688 16,640 11,612 7,223 10,800 10 8,418 23,149 25,071 9,840 6,801 22,948 12,980 16,798 11,614 7,293 10,869 11 8,487 23,182 25,407 10,005 6,895 22,995 13,062 16,907 11,606 7,396 10,941 12 8,564 23,375 25,377 10,220 7,003 23,277 13,157 16,968 11,609 7,567 11,181 11.1 8,645 23,495 25,870 10,513 7,148 23,372 13,491 17,282 11,803 7,693 11,713 2 8,686 23,616 26,211 10,710 7,243 23,496 13,633 17,357 11,870 7,738 11,871 3 8,738 23,747 26,206 10,941 7,314 23,605 13,653 17,452 11,913 7,762 12,354 4 8,773 23,715 26,677 10,902 7,370 23,741 13,660 17,576 11,934 7,774 12,241 5 8,819 23,769 27,086 10,873 7,419 23,996 13,717 17,245 11,930 7,770 12,279 6 8,856 23,737 27,346 10,880 7,352 24,022 13,769 17,305 11,860 7,753 12,229 7 8,874 23,750 27,674 10,915 7,325 24,124 13,846 17,256 11,868 7,726 12,188 8 8,880 23,809 27,639 10,861 7,213 24,011 13,929 17,159 11,842 7,698 12,137 9 8,877 23,866 27,576 10,771 7,087 23,999 13,943 17,094 11,852 7,645 12,143 10 8,856 23,812 27,454 10,723 6,951 24,067 13,840 17,068 11,761 7,629 11,771 11 8,832 27,454 27,325 10,718 6,926 24,003 13,811 17,006 11,620 7,561 11,726 12 8,803 23,733 27,210 10,659 6,846 23,835 13,717 16,921 11,548 7,478 11,683 12.1 8,793 23,733 27,187 10,649 6,847 23,869 13,676 16,861 11,524 7,473 11,753 2 8,767 24,067 27,169 10,636 6,822 23,789 13,656 16,752 11,523 7,389 11,726 3 8,741 23,372 27,104 10,388 6,875 23,989 13,706 16,599 11,496 7,365 11,594 4 8,711 23,271 26,929 10,353 6,918 23,792 13,604 16,528 11,485 7,367 11,528 5 8,684 23,263 26,670 10,287 6,875 23,779 13,607 16,222 11,502 7,333 11,496 6 8,688 23,796 26,844 10,225 6,898 23,969 13,673 16,183 11,508 7,341 11,502 7 8,717 23,804 26,853 10,267 7,038 23,986 13,761 16,258 11,542 7,393 11,904 8 8,738 23,997 26,905 10,327 7,104 24,037 13,813 16,316 11,618 7,399 11,882 9 8,753 24,037 26,924 10,344 7,111 24,049 13,941 16,349 11,671 7,433 12,085 10 8,768 24,222 26,933 10,348 7,123 24,147 14,086 16,432 11,716 7,444 11,972 11 8,791 24,388 26,951 10,444 7,172 24,215 14,109 16,499 11,776 7,483 11,937 12 9,715 24,518 27,034 10,398 7,202 24,525 14,340 16,567 11,807 7,551 11,939 13.1 9,812 25,075 27,655 10,403 7,205 25,060 14,647 16,592 11,867 7,619 12,098 2 9,893 25,290 28,022 10,529 7,211 25,699 14,993 16,599 11,945 7,733 12,135 3 9,998 26,011 28,147 10,534 7,261 26,221 15,309 16,603 12,176 7,817 12,444 4 10,098 26,821 28,200 10,475 7,362 26,729 15,678 16,699 12,390 7,934 12,567 5 10,180 27,349 28,265 10,486 7,417 27,135 16,073 16,813 12,517 8,101 12,729 6 10,258 27,783 28,429 10,502 7,469 27,542 16,514 16,922 12,728 8,116 12,693 7 10,347 28,478 28,672 10,561 7,532 27,883 16,866 17,022 12,979 8,119 12,774 8 10,442 29,395 28,979 10,624 7,555 28,256 17,149 17,141 13,008 8,155 12,569 9 10,554 30,497 29,306 10,670 7,609 29,146 17,399 17,290 13,064 8,211 12,443 10 10,685 31,277 29,995 10,817 7,689 29,971 17,576 17,530 13,255 8,244 12,582 11 10,758 31,333 30,544 10,986 7,740 30,330 17,871 17,812 13,489 8,273 12,629 12 10,833 31,465 31,260 11,035 7,797 30,591 18,297 18,051 13,842 8,197 12,705 14.1 10,901 32,131 31,670 11,111 7,828 30,615 18,484 18,208 13,877 8,227 12,592 2 10,960 32,764 32,022 11,152 7,869 30,970 18,497 18,184 14,060 8,269 12,691 3 11,002 33,069 32,339 11,181 7,926 31,208 18,444 18,151 14,118 8,287 12,727 4 11,013 33,241 32,527 11,237 7,960 31,155 18,510 18,046 14,217 8,265 12,669 5 10,978 33,472 32,388 11,246 7,941 30,890 18,506 17,916 14,024 8,189 12,569 12,000 11,000 10,000 9,000 8,000 7,000 6,000 5,000 ( : / m 2 ) 6 7 8 9 10 1112 1 2 3 4 5 6 7 8 9 10 1112 1 2 3 4 5 6 7 8 9 10 1112 1 2 3 4 5 6 7 8 9 10 1112 1 2 3 4 5 2014 June Vol.73 129

Composite Tokyo Kanagawa Chiba Saitama Composite Tokyo Kanagawa Chiba Saitama 10.3 82.84 86.96 82.31 73.48 70.17 1.87 2.64 0.62 2.13-0.11 4 82.93 87.27 82.30 71.85 70.89 0.11 0.36-0.01-2.22 1.03 5 83.34 88.18 81.99 71.83 70.55 0.49 1.04-0.38-0.03-0.48 6 83.11 87.76 81.68 71.66 71.55-0.28-0.48-0.38-0.24 1.42 7 83.86 88.56 81.92 73.28 72.35 0.90 0.91 0.29 2.26 1.12 8 83.62 88.65 81.28 71.75 72.45-0.29 0.10-0.78-2.09 0.14 9 83.83 88.64 81.26 73.91 72.55 0.25-0.01-0.02 3.01 0.14 10 83.13 87.48 81.35 72.86 72.92-0.84-1.31 0.11-1.42 0.51 11 83.64 88.07 81.59 74.47 72.58 0.61 0.67 0.30 2.21-0.47 12 83.35 87.48 82.29 72.51 73.19-0.35-0.67 0.86-2.63 0.84 11.1 84.06 88.86 82.26 72.98 72.18 0.85 1.58-0.04 0.65-1.38 2 83.47 87.80 82.31 73.47 71.62-0.70-1.19 0.06 0.67-0.78 3 82.98 87.56 81.42 74.10 69.62-0.59-0.27-1.08 0.86-2.79 4 82.26 86.29 81.80 73.41 69.44-0.87-1.45 0.47-0.93-0.26 5 81.92 85.81 81.86 72.30 69.69-0.41-0.56 0.07-1.51 0.36 6 82.05 85.51 82.16 73.01 71.22 0.16-0.35 0.37 0.98 2.20 7 81.66 85.47 81.57 71.12 70.75-0.48-0.05-0.72-2.59-0.66 8 81.26 85.10 81.02 70.16 71.06-0.49-0.43-0.67-1.35 0.44 9 80.51 84.61 79.34 69.51 70.93-0.92-0.58-2.07-0.93-0.18 10 79.37 83.02 77.61 70.86 71.28-1.42-1.88-2.18 1.94 0.49 11 78.58 81.97 78.10 69.79 69.28-1.00-1.26 0.63-1.51-2.81 12 78.34 81.86 78.23 67.32 69.54-0.31-0.13 0.17-3.54 0.38 12.1 78.98 82.64 79.46 67.86 68.19 0.82 0.95 1.57 0.80-1.94 2 79.30 83.28 78.51 69.51 68.39 0.41 0.77-1.20 2.43 0.29 3 78.80 82.44 78.88 69.33 67.51-0.63-1.01 0.47-0.26-1.29 4 78.31 82.08 78.53 67.47 67.17-0.62-0.44-0.44-2.68-0.50 5 78.01 81.93 78.37 65.95 66.95-0.38-0.18-0.20-2.25-0.33 6 77.41 81.57 76.91 65.92 66.38-0.77-0.44-1.86-0.05-0.85 7 76.94 80.78 76.37 67.13 66.33-0.61-0.97-0.70 1.84-0.08 8 76.38 80.22 76.28 66.00 65.25-0.73-0.69-0.12-1.68-1.63 9 76.72 80.18 77.59 65.80 65.95 0.45-0.05 1.72-0.30 1.07 10 76.66 80.01 77.81 66.14 65.47-0.08-0.21 0.28 0.52-0.73 11 76.75 80.00 77.50 67.89 65.49 0.12-0.01-0.40 2.65 0.03 12 76.44 80.52 75.88 66.41 64.69-0.40 0.65-2.09-2.18-1.22 13.1 77.07 81.67 76.05 65.24 65.17 0.82 1.43 0.22-1.76 0.74 2 77.22 81.85 76.54 63.67 66.00 0.19 0.22 0.64-2.41 1.27 3 77.12 81.02 77.87 64.89 65.43-0.13-1.01 1.74 1.92-0.86 4 76.87 80.95 77.56 63.85 65.09-0.32-0.09-0.40-1.60-0.52 5 77.24 81.97 76.79 63.03 65.51 0.48 1.26-0.99-1.28 0.65 6 77.42 82.73 75.78 61.48 66.90 0.23 0.93-1.32-2.46 2.12 7 77.82 82.63 76.52 62.61 68.60 0.52-0.12 0.98 1.84 2.54 8 77.50 81.89 76.43 64.51 67.97-0.41-0.90-0.12 3.03-0.92 9 78.03 82.53 76.93 65.64 67.37 0.68 0.78 0.65 1.75-0.88 10 79.17 84.22 77.00 66.86 67.85 1.46 2.05 0.09 1.86 0.71 11 79.85 85.08 77.91 65.87 68.56 0.86 1.02 1.18-1.48 1.05 12 80.31 85.90 78.04 65.93 68.20 0.58 0.96 0.17 0.09-0.53 14.1 79.86 85.61 77.88 65.44 66.22-0.56-0.34-0.21-0.74-2.90 2 79.95 85.40 78.16 66.00 67.10 0.11-0.23 0.37 0.93 1.13 3 80.21 86.08 78.09 64.78 67.18 0.33 0.80-0.09-1.85 0.12 86 84 82 80 78 76 74 72 (2000 1 =100.0) 3 4 5 6 7 8 9 101112 1 2 3 4 5 6 7 8 9 101112 1 2 3 4 5 6 7 8 9 101112 1 2 3 4 5 6 7 8 9 10 1112 1 2 3 130 Real Estate Focus

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