상업용부동산의 구매의도에 미치는 영향 요인 연구: 부동산 관심도의 매개효과 중심으로

This study notes the necessity of identifying behavioral finance drivers that explain investors' actual purchasing behavior in the highly volatile South Korean Commercial Real Estate (CRE) market, moving beyond the analysis focused on residential properties. Specifically, the objective is to empirically analyze the effects of investor psychological characteristics and government policies on purchase intention, along with the mediating effect of real estate involvement. Addressing gaps in prior research that mainly focused on residential markets, location factors, and macroeconomic variables, this study adopts a novel approach by exploring how individual psychological factors and policy perceptions connect to purchase behavior. The survey was conducted from August 24 to September 6,2025, and involved 238 adult respondents nationwide. Both quantitative data(vis SPSS Win 28.0 and Macro 3.4) and qualitative insights were collected, with a five-point Likert scale used for measurement. Utilizing hierarchical regression and multi-level statistical techniques, the research systematically tracks the relative impact of psychological variables, government policy, and information-seeking pathways. Results show that among psychological traits, conspicuousness and risk-taking propensity have significant positive impacts on CRE purchase intention, whereas overconfidence does not directly translate into increased purchase intention. This suggests that the desire for social status, success symbolism, and willingness to tolerate uncertainty are decisive drivers of actual CRE purchasing. Secondly, government policies were found to influence purchase intention indirectly by increasing investors’ information-seeking behavior and market interest, highlighting a mediating effect of real estate interest. This “psychological filtering effect” demonstrates that policy signals amplify curiosity and drive behavioral change only when investor engagement is heightened. Thirdly, real estate interest functions as a key mediator linking psychological factors and government policies to purchase intention, confirming that heightened interest leads to greater behavioral shifts and market participation. This study confirmed that conspicuous desire and risk tolerance are crucial drivers of actual purchasing behavior. Therefore, customized marketing strategies tailored to individual investors based on conspicuous desire and risk tolerance, as well as financial policies and information provision strategies that maximize the effect of increasing interest in real estate in government policy design, are necessary to enhance the effectiveness of these strategies. Furthermore, this study attempted a novel approach that links individual investor psychological factors and policy perceptions to commercial real estate purchasing behavior. By applying a behavioral finance perspective to identify irrational drivers in the CRE market and demonstrating the psychological filtering effect of policy signals, this study suggests that it can make substantial academic and practical contributions to stimulating investment behavior and refining policy design in the highly volatile commercial real estate market.