부동산 리츠(REITs) 상품의 투자 결정요인 우선순위 분석

The purpose of this study is to analyze the priorities according to the importance of factors influencing investment decisions of REITs products, which are indirect real estate investment methods. To this end, the investment determinants of REIT products were derived through related prior research, and the priorities of the investment determinants of REIT products were analyzed according to importance and urgency using the AHP (Analytic Hierarchy Process) technique. An AHP survey was conducted on REITs product investment experts and officials. Investment determinants were classified into the investment environment of REITs products, structural characteristics of REITs products, real estate characteristics of REITs products, and management capabilities of REITs companies, and defined with 12 sub-factors and 39 indicators. The real estate market economy in the investment environment, the current borrowing rate in the capital raising market, the future interest rate outlook, and the alternative market outlook, followed by the total investment amount of investment characteristics, dividend income, transfer income, investor characteristics, real estate location, real estate transactions, such as whether Seoul and the metropolitan area are located, whether development is favorable, and whether the station area is located, and the management capabilities of REITs are important in the order of professional manpower excellence, CEO reputation and experience, and equity capital ratio. The study is significant in that it presented implications for investment revitalization and product development as basic data for REITs investment decisions.