부동산 디지털유동화와 감정평가 역할: 카사의 DABS 사례를 중심으로

Abstract

Real estate digital asset-backed securities (DABS), which integrate blockchain technology with real estate securitization, have recently garnered interest from general investors. However, the application of blockchain technology in the real estate sector is still in its early stages. This study aims to explore the relationship between the returns of DABS and appraisal values, with a particular focus on Casa's real estate DABS case, and to assess the role of appraisal in this context. The structure of real estate DABS necessitates a low initial public offering (IPO) price to generate profits. In this framework, appraisal plays a crucial role as a benchmark. A high appraisal value can lead to anticipated losses following the DABS IPO. Specifically, the rate of return for real estate DABS is closely tied to the initial appraisal value. If the IPO price is set based solely on the market price at the time, it may fail to secure investment returns and could result in losses for investors. For commercial real estate, appraisals are conducted to reflect market prices, and if the real estate market declines, DABS investors may face liquidation issues due to falling DABS prices. To address this, appraisals should consider both the IPO price and the projected price at the end of the DABS operating period. To ensure accurate return disclosures, it is advisable to evaluate and present both the profitability-based issuance price and the expected price one year after the initial property sale. Currently, appraisals are performed biennially post-listing, but annual evaluations are needed to accurately reflect fair value. Fair value assessment is closely related to DABS price formation, making annual evaluations essential for proper price optimization. The analysis of Casa's DABS case revealed that appraisal plays several key roles: (1) determining the public offering price for DABS, (2) influencing the return on sale of DABS, and (3) serving as a standard for profit distribution between real estate owners and investors. Given that appraisal values significantly impact DABS marketability, there is a need to strengthen standards for fair value calculation and address potential evaluation distortions. This study contributes to the understanding of appraisal's role in the expanding digital asset market by proposing a framework for re-evaluating appraisal practices through the analysis of real estate DABS cases.