재건축아파트 투자성 분석에 관한 연구 : 江東市營2차아파트의 평형별 수익율 비교분석을 중심으로 = bA Study on the Analysis of Investment in Reconstruction Apartment

국문 초록 (Abstract)

한글초록:1997년 11월 IMF라는 초유의 국가긴급사태가 발생하면서 不動産 暴落 등 극심한 景氣沈滯를 맞이하게 되었다. 이에 정부는 경기를 진작시키기 위하여 미분양아파트 양도세 면제 및 완화, 최초 주택구입자 대출금 지급, 분양권 전매금지 폐지 등의 不動産 관련 政策 緩和를 실시하여 2000년부터 2004년 현 시점까지 不動産 活況 시기를 가져오게 되었다. 특히 서울시와 수도권을 중심으로 불붙기 시작한 再建築아파트시장의 가격상승은 금융시장의 저금리를 바탕으로 한 家計貸出의 擴大와 再建築事業에 대한 투자수익의 기대감으로 부산광역시 등 지방도시까지 파급되어 再建築아파트시장에 대한 국민적인 관심과 투기수요를 유발하였다.또한 2003.7.1일부터 도시및주거환경정비법의 시행으로 재건축조합과 시공회사들이 재건축조합의 설립인가, 안전진단 등을 급속히 추진함에 따라 再建築事業이 진행되는 단지는 급속한 가격상승이 유발되었다, 따라서 정부는 再建築 아파트시장의 價格上昇을 억제하기 위하여 서울, 경기도 및 충청도지역에 투기과열지구 및 투기지구를 지정하고 분양권의 전매금지, 양도소득세의 실거래가기준 과세 및 비과세 요건강화, 주택거래신고제, 소형평형 의무비율, 재건축아파트사업의 후분양제 도입, 개발이익환수제 등을 발표하였다.이런 일련의 不動産 市場 중 가장 큰 부분을 차지하며 국민의 지대한 관심의 대상인 再建築아파트에 대한 무작위, 주먹구구식 投資를 止揚하고 收益性 分析을 통한 가장 적절한 投資時點 및 평형 情報를 제시하고 한다

국문 초록 (Abstract)

영문초록:After September 1997, the government declared that Korea faced the moratorium and have to receive monetary-aid from the IMF, all kinds of individual firms and public firms had fired many people from their jobs. When this monetary stringency had been passed through, in the stock market the investors had gained big profits and they had invested in the kosdaq market. One-years later, the stock market became at the level of 'IMF'period so that the investors (ant corps)lost their principals. Considering this circles of the stock market, the money invested in the stock market cannot be the investment. But in the real estate market, the investors can be sure of payment of principals although the price of real estate decrease, because the real estate exist at the period of depression. In spite of this principle, it is unfair that a investment in real estate is regarded as a speculation. The reasons why the land scheduled to be reconstructed is popular to investors are as follows. In Seoul, there are old and decrepitude houses which had been constructed. So the city administration has a subject of a reconstruction business. Government have tried to increase the ratio house stock by reconstruction of old and decrepitude houses to solve the problem that house land is insufficient. At present, the price of 'Joensei' are up to 60~70% of the transaction prices in Seoul and the capital region so that the administration have faced two problems that as early stage reconstruction of old and decrepitude and they cannot help approving this business because of expecting the prices of houses to increase. Low leveled ratio of house stock will lead to increase of the house price so that preparations for the increase are needed but the government has not acknowledge the importance of these problems. Also if apartments in regions scheduled to be reconstructed are designed and constructed by the existing method of construction, these apartments constructed at present including reconstruction business will have circles of reconstruction in 20∼30 years later. To solve these problems, the government have to intervene affirmatively in reconstruction, not to leave to private firms, support the regions where reconstruction have to be proceeded in finance and a tax system and control restrictedly the regions where national resources are overused. The policy that designate reconstruction regions has to be concerned to extend the life of a house. In the case of kangDong-SiYoung Second apartment which are 5 storied in AmSaDong, 13Pyong have high income ratio of investment more than 22Pyong(large Pyong) in 2001~2002 years. However, in 2003~2004 years large Pyong(22pyong) have high income ratio of investment.SO, in the beginning of reconstruction, small Pyong have high income ratio of investment and in the end of reconstruction, large Pyong have high income ratio of investment