Knowledge Based Real Estate Industry: Pricing Indices and Industry Standards

• 발행기관: 한국부동산연구원
• 저자명: Thomas B. Harker
• 간행물 정보: 『부동산연구』제15권 제2호, 195~209쪽, 전체 15쪽
• 주제분류: 사회과학 > 지역개발
• 파일형태: PDF
• 발행일자: 2005.12.30

영문 초록

Over the last couple of decades, global real estate markets, North America, Europe, Australia and New Zealand, have transformed real estate from a speculative to a knowledge based market. To a large extent, this has been accomplished through the creation of price indices and establishment of minimum industry standards. The principal benefit of this transformation has been greater access to capital markets for real estate development projects resulting in access to a larger pool of capital, greater liquidity, and lower borrowing cost. Also, this transformation has allowed real estate to provide institutional investors with new capital market products that differ from their traditional investments, stocks and bonds, in both risk and return characteristics. Despite this rapid evolution in global real estate, Korea lags behind in developing a knowledge based real estate industry; it has been slow to develop transactional data and uniform industry standards. Not only has this put Korea at a disadvantage in attracting international capital for real estate projects but has held back a more rapid development of its own capital markets. While it has many obstacles to creating price indices and standards, Korea has an opportunity not only to replicate current international practices but to exceed them; a desirable strategy since global practices are constantly changing and evolving. This paper concludes that in Korea, which does not have a large pension funds or real estate investment associations, effective price indices can only be achieved through a cooperative effort of government, private industry and academia, with each performing a function best suited to its capabilities.

목차

Ⅰ. Introduction

Ⅱ. Price Indices and Minimum Industry Standards

Ⅲ. Existing Price Indices Summary

Ⅳ. Opportunity

Ⅴ. Obstacles

Ⅵ. Recommendation

Ⅶ. Summary

키워드

real estate real estate price indices real estate industry standards real estate investment standards global real estate markets a knowledge based real estate industry