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Analysis on the Apartment Investment Performance

지역별 아파트 투자성과에 관한 분석

  • Received : 2013.02.01
  • Accepted : 2013.02.12
  • Published : 2013.02.28

Abstract

The purpose of this study is to analyze the apartment investment performance including the risk and to verify the presence or absence of regional characteristics. This study made an analysis on the apartment investment performance by dividing it into long and short-term basis. Data collection period is 10 years from 2002 to 2012 and target area includes Gangnam and Gangbuk (southern and northern area of Seoul) and 6 metropolitan cities. For evaluating the investment performance, this study used the earning rate of 5 year 1st class national housing bond as the risk-free rate of return and 1~2 year interest rate of fixed deposit for calculating lease profit. The results of study are as follows, Treynor's Index was used in long investment performance evaluation because of regional characters non-existing in Seoul and Incheon whereas Jensen's Index was used in evaluating because of regional characters existing in 5 metropolitan cities. And Jensen's Index was used in short-term evaluation of all districts as existing regional characters in all districts. Short-term performance considering regional characteristics yielded different results of simple evaluation. Therefore, in case of simple rate of return to evaluate the performance, the recognition of that can be distorted.

Keywords

Investment Performance;Systemic Risk;Non-systemic Risk;Abnormal Return;Risk-free Rate

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Cited by

  1. Volatility Analysis of Housing Prices as the Housing Size vol.13, pp.7, 2013, https://doi.org/10.5392/JKCA.2013.13.07.432