• Journal of Digital Convergence
• /
• v.10 no.6
• /
• pp.181-187
• /
• 2012

This study inquires into what effect the tax burden of investors, for typical taxes related to real estate investment; acquisition tax, comprehensive real estate holding tax, and transfer income tax, might have on the real estate investment behaviors; the purpose of long-term investment. These real estate investment behaviors have been analyzed to see how much they affect investment performance such as realized compound yield. This study model, which considers the fact that the choice of investment behavior for the degree of tax burden of investors may lead to different results in real estate investment, is expected to be an effective decision-making tool for investment.

• The Journal of the Korea institute of electronic communication sciences
• /
• v.7 no.3
• /
• pp.625-632
• /
• 2012

Real Estate investment decision process make a purpose of the investment, the investment environment, cost convenience ananlysis and the investment validity. For this, Real Estate investment intention decision has investment ananlysis and grope for practice. therefore this paper has a purpose for Real Estate investment decision process that solve the more than brilliant course about Real Estate investment.

• Journal of the Economic Geographical Society of Korea
• /
• v.6 no.1
• /
• pp.211-231
• /
• 2003

In this study, first, current state and future prospects of indirect real estate investment systems after foreign exchange crisis are analyzed, and second, policy alternatives for activating indirect real estate investment markets are examined. After foreign exchange crisis, various indirect real estate investment systems, such as REITs, ABS and CRC, were introduced. Present market size of indirect real estate investment is not larger than expected. The reasons are the problems of incomplete system on the one hand, and real estate market conditions on the other hand. But long term prospects of indirect real estate investment markets may not be pessimistic. Considering the positive effects of indirect real estate investment systems to the real estate and financial markets, policy supports for activating indirect real estate investment market may be needed. The representative alternatives are reconciliation and integration of indirect real estate investment systems, upgrading the infrastructure of real estate industry, and activating the networks between indirect real estate investment markets and related markets such as financial makets, capital markets, restructuring markets.

• Journal of Digital Convergence
• /
• v.15 no.11
• /
• pp.113-120
• /
• 2017

The purpose of this study is to analyze how the relative proportion of retention between real estate for business and investment real estate among the real estate held by corporations has been changed after and before the Financial Crisis as well as whether there has been any difference between KOSPI and KOSDAQ listed companies in terms of their share of the real estate. The increasing pattern of real estate owned by KOSDAQ were similar to the KOSPI companies except for investment properties during the Financial Crisis. The proportion of real estate owned by KOSPI had been lower than that of KOSDAQ companies in both investment and business real estate before the Financial Crisis. However, during the period of the Financial Crisis, the proportion of real estate for business held by KOSPI firms was higher than that of KOSDAQ firms. Furthermore, the portion of investment of real estate owned by KOSPI has remained higher than that of KOSDAQ after the Financial Crisis period and the recent period. Based on the results of this analysis, how the relevance of the change of portion between real estate for business and investment real estate affects management performance will be figured out in the future studies.

• Journal of Cadastre & Land InformatiX
• /
• v.49 no.1
• /
• pp.45-63
• /
• 2019

Until recently, most people have invested in a traditional portfolio consisting of stocks, bonds and real estates based on the three-division method of properties in Korea. However, this study analyzed the impact of the composition of a portfolio combining representative real estate indirect investment products such as Reits and real estate funds on the investment performance. For this purpose, the empirical analysis using the mean variance model, which is the most appropriate method for the portfolio composition, was used. For variables used in this study, mixed asset portfolios were classified into Portfolio A through Portfolio G depending on the composition of assets, and the price indices selected as Kospi, Krx bond, Reits Trus Y7, Hanwha-Lasal fund, and Office (Seoul). The results are as follows; first Portfolio D, which combined bonds, stocks, Reits and Real Estate funds, and Portfolio G, which added the office, the actual real estate, were shown to have the lowest risk. second, Portfolio B composed of bonds, stocks and Reits and Portfolio D with added real estate funds had the lowest risk while Portfolio F composed of bonds, stocks, offices and real estate funds, and Portfolio G with added Reits were the most profitable. As a result, it has been analyzed that it was more effective to compose a portfolio including Reits and real estate funds, which were real estate indirect investment products that eliminated the illiquidity limitation of real estates than real estates, the traditional three-division method of properties. Therefore, it is possible to minimize the risk of investors and reduce the cost of ownership of the real estate by solving the illiquidity problem that is the biggest disadvantage of the direct investment, In addition, it is considered that it is more necessary to reinvigorate the real estate indirect investment market where small amounts can be invested.

• Korean Journal of Construction Engineering and Management
• /
• v.16 no.6
• /
• pp.144-155
• /
• 2015

This paper is to understand investment's efficiency and performance of commercial real estate assets diversified by use and district. To do so, this paper divides two different commercial real estate markets(office build market and retail real estate market) in Seoul city by district into "GBD(Gangnam Business District), YBD(Yeouido Business District), and CBD(Central Business District)" and "GBD(Gangnam Business District), SBD(Shinchon Business District), and CBD(Central Business District)" respectively, configures these districts each other to structure portfolios as its portion varies based on Markowitz's Mean-Variance principle, and looks at risk-return relationship of portfolios to find out efficiency, performance, and optimal investment chosen based upon Sharpe's Performance Index. As a result, the portfolio configured by "10 to 30% of office building asset at CBD" and "70 to 90% of retail real estate asset at CBD" is shown to be the most optimal, suggesting the highest quarterly Sharpe's performance index of 2.7118~2.7776 with quarterly rate of return of 1.826%~1.838% and quarterly standard deviation of 0.573~0.589. Furthermore, it is obvious that diversified portfolio configured by use(office-retail) shows better investment performance than that by district with same type of asset(office-office or retail-retail). Finally, results driven from this research will play an important role to stimulate real estate and construction markets through enlarging ideas as to diversified investment by use and district on real estate indirect investment products.

• Journal of the Economic Geographical Society of Korea
• /
• v.10 no.3
• /
• pp.245-262
• /
• 2007

This paper aims at analyzing the characteristics of performance and asset management system of listed property trusts(LPT) in Australia, and elucidating the implications for Korean real estate indirect investment market. The main results of this paper are as follows. Firstly, LPT have a leading position among the real estate indirect investment systems in Australia, through the rapid growth of market capitalization. Secondly, LPT achieved superior risk adjustment performance than other financial products, and had valid portfolio diversification effect. Thirdly, many LPT have used stapled securities structure as a asset management system, and stapled LPT revealed superior risk adjustment performance than unit LPT. Finally, implications and policy measures such as using the stapled structure and activating the development activities were examined for the development of Korean real estate indirect investment market.

• Korea Real Estate Review
• /
• v.27 no.1
• /
• pp.7-16
• /
• 2017

In this study, we examine whether there are prospect theory investment patterns for individual investors in the real estate market. We use the maximum potential profit rate and the maximum potential loss rate of individual investors as a research method and additionally analyze it using the Jeong and Park(2015) model. As a result of the analysis, it was found that the investment pattern according to the prospect theory and disposition effect for individual investors. And we find the difference between zoning areas. This difference in investment behavior is believed to be due to the purpose of the real estate and the existence of rent fee, which creates a difference in investment behavior depending on the purpose. The limitations of this study are the analysis measurement of potential profit and potential loss using the land price index like the study of jeong and Park(2015). This implies that a new property price index needs to be developed or a benchmark for real estate assets is needed for deeper study of real estate investment sentiment.

• Journal of the Korea Academia-Industrial cooperation Society
• /
• v.13 no.12
• /
• pp.6128-6134
• /
• 2012

In so many real estate development projects, there were strong needs to have a powerful tool to check feasibility of those projects. But there were not enough tool and measure to cover risk of real estate development and construction. Therefore I tried to find a real tool to measure investment value of development properly and efficiently, by means of case studies of many real estate development projects. Finally I found a fact that no tools of investment value analysis are perfect and efficient to hedge all kinds of risks in projects. Especially NPV(Net Present Value) and IRR(Internal Rate of Return) were not sufficient by themselves to measure investment value. So I found out that MIRR(Modified IRR), XIRR(X-IRR), ARR(Average Rate of Return), PP(Payback Period) and so on, would be supplementaries of proper and efficient investment value analysis.

• The Journal of Asian Finance, Economics and Business
• /
• v.7 no.11
• /
• pp.549-556
• /
• 2020

Real estate markets play an essential role in the economic development of both developed and developing countries. Investment decisions in private real estate demand the consideration of several qualitative and quantitative criteria. Especially in Vietnam, demand for housing, apartments are rising which has resulted because of the migration from rural to urban areas. This study aims to determine the influencing factors of the real estate purchasing behavior and then recommend a grey Multi-Criteria Decision Making (MCDM) support model to evaluate real estate alternatives based on a numerical example in Vietnam. A set of essential criteria are identified based on experts' opinion, and the proposed determinants are initial investment, maintenance cost, prestige location, distance to interesting places, parking lot, public transportation, property condition, total area size, number of rooms, and neighbors. The subjective weights were obtained by using the Decision-Making Trial and Evaluation Laboratory (DEMATEL) model, and the Grey Relational Analysis (GRA) technique is employed to prioritize and rank real estate alternatives. The results reveal that this approach can be useful to make purchasing decisions for many kinds of real estate property under uncertain business environments. These findings indicate that the presented hybrid model has advantages in granting flexibility to the preferences of decision makers.