베트남 주거용부동산의 자본환원율 스프레드 결정요인 분석: 하노이시 아파트를 중심으로

With the recent increasing investment in foreign real estates among domestic private investors, the necessity of investment information is increasing. Accordingly, this study analyzed the impact and influencing degree of Vietnamese real estates that were being pointed out as investment area of interest on capitalization rate spread and aims to provide this as investment decision-making index. The analysis data were 1,057 cases of apartment in Hanoi, Vietnam transacted from Jan. 1 to Dec. 31, 2018 and the actual transaction cases were collected and utilized for analysis. As a result, first, capitalization rate spread of Hanoi apartment had a higher explanation power by macro-economic indicators rather than by real estate characteristics. Second, Adjusted.  indicating the goodness-of-fit of the analytic model appeared most highly in the Model 4 that included macro-economic indicator, real estate characteristics, and transaction characteristics. Third, the capitalization rate spread enhancement factors were inflation rate, lending interest rate, purpose of investment, etc. and the deteriorating factors appeared as real GDP growth rate, exclusive area, elapsed years, percentage of foreigner residence, etc. This study is significant in that it provided information on the investment into foreign real estates. In future, it seems that the time series analysis of capitalization rate spread, etc. is needed through data collection.