부동산투자의 스타일에 관한 전문가 인식조사

Abstract

This study surveys the understanding of the investment style, opinion about the style classification, and expected rate of return by style from real estate investment experts in Korea. The result is as follows. Firstly, the experts know the investment style well and expect its spread in the future. Secondly, about the criteria of Core Style, they are more conservative for the sector and region, and more generous for the lease concentration and LTV than the experts in US and UK. This reflects the investment tendency of Korean investors focusing on the prime office buildings in major business districts in Seoul. Lastly, the expected rate of return and capitalization rate by style show rational orders of means and standard deviations, but the levels are much lower than those in US and UK. This seems to be caused by the recent hard competition of investment in Korea. Meanwhile, the proportion of the income return in the total return calculated by the expected rate of return and capitalization rate is similar to the answer of direct question.