DOI QR코드

DOI QR Code

A Study on the Investment Determinants for Residential Real Estate Development by Investor Perspectives

주거용 부동산 개발을 위한 투자자 관점에 따른 의사결정 요인에 관한 연구

  • Kwon, Jaehong (MG Credit Information Service Co, Ltd.) ;
  • Lee, Jaewon (Department of Real Estate Studies, Konkuk University) ;
  • Lee, Sangyoub (Department of Real Estate Studies, Konkuk University)
  • Received : 2020.07.14
  • Accepted : 2020.07.31
  • Published : 2020.09.30

Abstract

This study analyzed the importance of factors according to the investor's perspective through a survey of residential real estate experts using AHP and fuzzy theory. Analysis results showed that rent, profitability, traffic accessibility, commercial and infrastructure, and financial regulation are important in common. By expert group, financial and credit groups cited profitability, rent, traffic accessibility, supply and tax benefits, construction and development groups cited traffic accessibility, rent, direct access, profitability, commercial area and infrastructure, and appraisal and evaluation groups cited rent, profitability, transportation accessibility, financial regulation and supply as the most important factors. This showed that it had a preference characteristic that was associated with work. In other words, it focuses most on the financial perspective in investment characteristics, and it values convenience such as accessibility to transportation and commercial districts and infrastructure as its location characteristics. In addition, it was found that easing financial regulations in the market is important to expand investment in real estate. This study aims to help the business feasibility analysis of residential property developers and rational decision-making of general investors who are consumers, taking into account the various perspectives of the expert group.

본 연구는 주거용 부동산의 투자의사 결정에 영향을 미치는 요인에 대해 분석을 위해, 주거용 부동산 관련 전문가들을 대상으로 AHP와 퍼지이론을 활용한 설문분석을 통해 투자자의 관점에 따른 요인의 중요도 차이 및 우선순위를 비교 및 분석하였다. 분석 결과, 전체적으로 임대료, 수익성, 교통 접근성, 상권 및 인프라, 금융규제 등이 중요하며, 전문가그룹별로는 금융·여신 그룹은 수익성. 임대료, 교통 접근성, 공급물량과 세제 혜택을, 건설·개발 그룹은 교통 접근성, 임대료, 직주 접근성, 수익성과 상권 및 인프라를, 감정·평가 그룹은 임대료, 수익성, 교통접근성, 금융규제와 공급물량을 가장 중요한 투자의사결정 요인으로 도출하여 업무와 연관성이 있는 선호특성을 가지고 있다는 것을 알 수 있었다. 즉 부동산 투자특성에 있어 가격특성과 경제특성, 즉 재무적 관점에 가장 중점을 두고 있으며, 부동산특성 내 입지특성으로 교통 접근성과 상권 및 인프라 등 편의성을 중요하게 여고 있으며, 적극적인 부동산 투자확대를 위해서 시장의 금융규제 완화를 중요하게 생각하는 것으로 나타났다. 이러한 항목별 전문가그룹의 다양한 관점을 고려하여 주거용 부동산을 개발하는 사업자의 사업 타당성 분석과 수요자가 되는 일반 투자자들의 합리적인 의사결정에 도움이 되고자 한다.

References

  1. Satty, T.L. (1980). The Analytic Hierarchy Process, New York; McGraw Hill.
  2. Van Laarhoven, P.J.M., and Pedrycz, W. (1983). "A fuzzy extension of Saaty's priority theory." Fuzzy Sets and Systems, IFSA, 11, pp. 229-241. https://doi.org/10.1016/S0165-0114(83)80083-9
  3. Chang, D.Y. (1996). "Applications of the extent analysis method on fuzzy AHP." European Journal of Operational Research, EURO, 95(3), pp. 649-655. https://doi.org/10.1016/0377-2217(95)00300-2
  4. Choi, C.G., Jung, D.S., and Ji, K.H. (2007). "Patterns of using Offictels as Office, Residential, and Mixed - A Case Study Approach on Offictels in Gangnam Station Region -" Journal of the Korean Urban Management Association, KUMA, 20(2), pp. 123-144.
  5. Choi, K.Y. (2011). "A Study on the Housing Policies for Senior Citizens and Their Preference for Housing Tenure : With Special Reference to the Case of Geumcheon-Gu, Seoul." Master thesis, Yonsei Univ., Korea.
  6. Go, K.J. (2004). "A Study on the Residential Satisfaction of Public Space at Officetel." Master thesis, Ajou Univ., Korea.
  7. Ha, J., Jeong, M., and Lee, S. (2015). "An analysis on the Investment Determinants for Urban Business Hotel Development." Korean Journal of Construction Engineering and Management, KICEM, (16)4, pp. 107-117.
  8. Ha, J.S. (2007). "A Study on Preferred Attributes and Intention of Choice for The Development of Silver Town Based on Demanders' Lifestyle." PhD thesis, Konkuk Univ., Korea.
  9. Ha, J.S., and Shin, J.C. (2008). "Influence of the Attractive Properties of Investment in Real Estate on Investor's Realized Rate of Return and Investment Satisfaction." Korea Real Estate Academy Review, KREA, 33, pp. 42-58.
  10. Hwang, J.K. (2012). "A Study on the intention of move into and preference attributes for urban-life style housing." Master thesis, Konkuk Univ., Korea.
  11. Jeon, J.M. (2015). "A study on the price determinants of officetel : Focusing in Youngdeungpo-gu." Master thesis, Yonsei Univ., Korea.
  12. Jin, S.H. (2013). "An analysis on determinants of office rent in Seoul : Focused on green building certification office." Master thesis, Hanyang Univ., Korea.
  13. Jo, J.W., and Choi, C.G. (2011). "A Study on the Tenant's Preference of the Multi-family House and Officetel in Seoul." Journal of the Korea Real Estate Analysts Association, KREAA, 17(2), pp. 5-33.
  14. Jung, S.B. (2018). "A study on the satisfaction about residential officetel." Master thesis, Korea Univ., Korea.
  15. Kang, C.H. (2010). "A Study on the Effects that Residential Satisfaction has on the Housing Choice of Baby Boomer." PhD thesis, Jeonju Univ., Korea.
  16. Kang, H.G., and Kim, M.H. (2010). "Priority of Residential Choice and Housing Satisfaction among Studio-type Multi-family Housing Dwellers in the City of Gwangju." Journal of the Korean housing association, KHA, 21(3), pp. 11-21.
  17. Kim, C., Lee, J., and Lee, S. (2019). "Determinants for Shared Workspace Selection by User Attributes in Seoul." Journal of Housing and Urban Finance, Korea Housing & Urban Guarantee Corporation, 29(4), pp. 109-133.
  18. Kim, H.Y., Lee, Y.S., and Yoon, H.G. (2011). "The Study on Housing Characteristics Preferred by Babyboomer After Retirement - Focusing on Apartment's Residents of Gangnam Region in Seoul." Journal of the Korean housing association, KHA, 21(5), pp. 83-92. https://doi.org/10.6107/JKHA.2010.21.5.083
  19. Kim, J., and Lee, S. (2011). "A Study on the Evaluation Model to Select Public-Private Partnership Development Project." Korea Real Estate Review, Korea Real Estate Research Institute, 21(1), pp. 73-109.
  20. Kim, K.S. (2013). "A Study on the Housing Policy for Seniors in the Ageing Society." Master thesis, Incheon Univ., Korea.
  21. Kim, J. (2012). "A Study of Factors Affecting Decision and Real Estate Investment." The Journal of The Korea Institute of Electronic Communication Sciences, KIECS, 7(3), pp. 625-632. https://doi.org/10.13067/JKIECS.2012.7.3.625
  22. Kim, J.C. (2008). "A study on silver town service satisfaction and its selecting and deciding factor." PhD thesis, Kukje Thological Univ., Korea.
  23. Kim, J.H., and Han, H.G. (2014). "An Effect of Housing Purchase Decision Making Factors on Purchasing Mentality and the Role of Local Government." Korean Local Government Review, NAKLGS, 16(2), pp. 283-304.
  24. Kim, W.H., Shin, S.H., and Won, Y. (2008). "A Study on the Demander's Consciousness of Developing Residential Complex for the Aged." Journal of the Korean Urban Management Association, KUMA, 21(2), pp. 323-341.
  25. Kim, W.S. (2006). "A Study on the Effect for Real Estate Investment Decisions." Master thesis, Dong-a Univ., Korea.
  26. Kim, Y.J., Kwak, S.Y., and Ahn, K.H. (2011). "Alalysis on the Location Factor Preference of Residential Officetel by Household Characteristics." SH Urban Research & Insight, SHURI, 1(1), pp. 43-50.
  27. Koo, D.H., and Yang, S.C. (2004). "Officetel Rent Determinants in Seoul." Journal of The Korean Association of Regional Geographers, KARG, 10(3), pp. 654-666.
  28. Lee, C.M., Ryu, K.M., and Im, S.E. (2007). "Characteristics of The Officetel Market in The Seoul Metropolitan Area." Journal of the Korea Real Estate Analysts Association, KREAA, 13(3), pp. 5-20.
  29. Lee, H.B., and Kim, W.P. (2013). "A Study on the Improvements and the Residential Satisfaction with the Small-size Urban Life-Type Housing through Public Opinion Survey." Journal of the Architectural Institute of Korea Planning & Design, AIK, 29(4), pp. 159-166. https://doi.org/10.5659/JAIK_PD.2013.29.4.159
  30. Lee, J.H., and Koh, B.S. (2012). "A study on the Determination Factor of Residential Satisfaction in the Apartment Houses - Focusing on Jeonbuk area." Journal of The Residential Environment Institute of Korea, REIK, 10(3), pp. 226-239.
  31. Lee, J.W., Bae, S.Y., and Lee, S.Y. (2018). "Effects of the Educational Environment on Studio Apartment Prices : Focusing on Deposit and Monthly Rental Rates in Seoul." Korea Real Estate Review, KRERI, 28(3), pp. 65-77. https://doi.org/10.35136/krer.28.3.5
  32. Lee, K.J. (2014). "The determinants on officetel prices in Incheon metropolitan areas." Master thesis, Yonsei Univ., Korea.
  33. Lee, Y.M. (2010). "A Model on Determinating Factors of the Each Officetel Unit Price : Focused on Gangnam-gu" Master thesis, Hanyang Univ., Korea.
  34. Moon, H.M. (2010). "Analysis of the Characteristics of Participants Decision - Making in Real Estate Auction." PhD thesis, Kangwon National Univ., Korea.
  35. Moon, J.S. (2016). "A Study on Officetel Income rate : Focused on interrelation Seoul officetel determining factors of price, rent and income rate." Master thesis, Konkuk Univ., Korea.
  36. Oh, J.A., Jung, Y.J., and Hwang, Y.S. (2016). "A Study on the Trend of Studio Apartment Community Facilities." Journal of Academic Conference of the Korean Institute of Interior Design, KIID, 10, pp. 313-316.
  37. Oh, J.Y. (2013). "Geumcheon-Gu 1.2 Analysis of household selection of small houses." Master thesis, Konkuk Univ., Korea.
  38. Paek, J.S. (2016). "Influence Analysis of Individual Investor Characteristics for Real Estates Investment Preferences Factors." PhD thesis, Hanyang Univ., Korea.
  39. Park, H., and Lee, S. (2017). "Analysis of Leasing Decision Determinants by the Store Size and Lend-Lease Perspectives for Mix-Used Shopping Mall Development." Korean Journal of Construction Engineering and Management, KICEM (18)2, pp. 49-57. https://doi.org/10.6106/KJCEM.2017.18.2.049
  40. Park, J.G. (2010). "The Effects of Investor's Satisfaction on Environmental and Behavioral Factors in the Real Estate Market." Master thesis, Chosun Univ., Korea.
  41. Park, J.S. (2013). "A Study on Real Estate Investment Behavior according to the Aging of Baby Boomers. -Focus on Daejeon Metropolitan City-." PhD thesis, Mokwon Univ., Korea.
  42. Park, S.Y., Jee, E.Y., Choi, E.H., and Han, S.J. (2006). "A study on the Analysis of the elements that affect the housing preference of the Elderly." Korean Journal of Gerontological Social Welfare, KSGSW, 34, pp. 81-104.
  43. Park, W.S. (2015). "Analysis of Residential Location Preference Factors by Characteristics of Households in the Case of Seoul Metropolitan Area Households : Comparative Analysis with the Case of Daegu . Gyeongbuk Households." Journal of The Korean Association of Regional Geographers, KARG, 21(3), pp. 515-528.
  44. Shin, H.K., and Lee, J.M. (2008). "A Study of Elderly Residing Support Policy in Advanced Age Society." Journal of Korean Home Management Association, KHMA, 26(5), pp. 15-25.
  45. Sim, K.Y., Lee, S.H., and Kim, Y.M. (2006). "A Study on Real Stators' behavioral Factors Affecting Investment Satisfaction, Trust in Investment Firms and Reinvestment Intention." Real Estate Marketing, KMA, 14(5), pp. 527-557.
  46. Song, J., Kim, J., and Lee, S. (2014). "An analysis on the Investment Determinants for Urban Business Hotel Development." Korea Real Estate Academy Review, Korea Real Estate Academy, 56, pp. 193-206.
  47. Yang, H.S. (2003). "A Study on the Effect factors of investment satisfaction in real estate marketing." PhD thesis, Kyungnam Univ., Korea.
  48. Yoo, M.S. (2019). "A Study on how investor's attribute affects real estate gratification and reinvestment." Master thesis, Pusan National Univ., Korea.