주택투자 결정지표에 관한 연구
A Study on the Decision Criterion of House Investment Using the Excess Return on Various Types of House Investment
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This study shows the calculation of excess return on various house investment using the concept of capitalization rate. In declining of house price, the conversion rate of Chonsei and monthly rent and the total investment return are some limitation, for the conversion rate overestimates the return on house investment. So we need the practical method to calculate return on house investment and the decision criterion of house investment. Actual analysis of Kook-min bank house price Index through the developed calculation method supplies the decision criterion of house investment in particular region. Also we can compare the excess return on house investment between regions of Korea. Firstly, without considering leverage effect of deposit, returns on full-monthly rent is higher than those of Chonsei and monthly rent with variable deposit. In case of owner-housing type, Seoul and Incheon are only lucrative area, but in full-monthly rent type, except for Daegu, all regions are positive criteria on house investment. Secondly, considering leverage effect of deposit, returns on monthly rent is higher than those of Chonsei and monthly rent with variable deposit too.
Abstract
This study shows the calculation of excess return on various house investment using the concept of capitalization rate. In declining of house price, the conversion rate of Chonsei and monthly rent and the total investment return are some limitation, for the conversion rate overestimates the return on house investment. So we need the practical method to calculate return on house investment and the decision criterion of house investment. Actual analysis of Kook-min bank house price Index through the developed calculation method supplies the decision criterion of house investment in particular region. Also we can compare the excess return on house investment between regions of Korea. Firstly, without considering leverage effect of deposit, returns on full-monthly rent is higher than those of Chonsei and monthly rent with variable deposit. In case of owner-housing type, Seoul and Incheon are only lucrative area, but in full-monthly rent type, except for Daegu, all regions are positive criteria on house investment. Secondly, considering leverage effect of deposit, returns on monthly rent is higher than those of Chonsei and monthly rent with variable deposit too.
참고문헌 (7)
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