투자자심리가 주거용 부동산 수익률에 미치는 영향

초록

The study sought to unveil the relationship among location, policy and residential property prices by utilizing investor sentiment. The real estate investor sentiment index was derived using the methodology used by Baker and Wugler(2006) and Kim and Park(2017), and the derived real estate investor sentiment was analyzed by utilizing macroeconomic variables selected by Baker and Wugler(2006) and Kim and Byun(2010). CD rate, GDP growth rate and population by region were selected as control variables and empirical analysis was conducted through panel regression analyses. The analysis results are as follows. First, the relationship between investor sentiment and residential real estate yields when location levels are high and policies are implemented is shown to be negative. Second, the relationship between investor sentiment and residential real estate yields in areas with high location levels has been shown to be negative. Third, when the policy was implemented, investor sentiment and its relationship with residential real estate returns seemed to indicate a negative relationship. This study provides a new interpretation and additional perspectives on existing research and market mechanisms by showing that location and policy impact on residential real estate yields may vary depending on the level of investor sentiment. Empirical evidences found in behavioral finance has proven to be valid in the real estate market as well.

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