논문초록

Astract



The 21th century is the time of change and information-oriented. In the investment of Real Estate of the 21th century, too, the investment by the specialist that has both the various theories and the systematic knowledges will be the generalization, a new market of Real Estate is been forming because of the combination both Information Technology(as developed speedly) and Finance.



Since the late of the year of 1997, for 2~3 year the Domestic Real Estate Market is shrunk till full in the economic risk situation, the Management System of IMF, with the Structural Adjustment of the Corporation. A lot of corporation’s bankruptcies, the withdrawals of Unfruitful Corporation, the unemployment rates of an epoch-making, the slumps of the prices of Real Estate, and the booms of the Interest Rate etc., all people were in the time of trouble.



There were to be chosen the autonomous methods of Price System of Lot in Sale for Aparts, to be relieved the Construction Restriction, and to be expanded the Tax Benefactions for the Investment of Real Estate etc., that is, there are to be promoted the Positive Real Estate Policies for the conquest of the above risk situations and Real Estate Market’s Activating by the Government. Resultly Lot in Sale of Aparts has been progressed satisfactorily since the year of 1999, and the Market of Real Estate is activated remarkably into the center of the Market of Aparts.



Most of all, the Region and Living Environment, the Condition of Circumference etc., accordingly whether the Excellent Condition of Location is or not, in this time there is a new special feature that the actual states of distinction between regions are serious. From the year of 2001 the Financial Structure of Corporation is improved again accordingly overcoming the various difficult elements. Therefore our economics have been overcome the control under the IMF System within the shortest time historically. Lately there is to be shown even a overheating actual state that the price of dwelling house and land has been a sudden rise more than 50% in a part and reconstruction region for 1 year only because of the Inflow into the Real Estate Market of the Investment Capital.



Like the above fact, the special point of the Real Estate Market has a lot of fluent, for example, the Real Estate goes with the Situation of Economics. The funds in the street are moved into the Real Estate Market, the overheating situation, as the prices rise suddenly is shown. Resultly there is clear that the Investors will have the Economic Losses as a bubble to fall into. In particular, the Investment of Real Estate shall be done carefully with the consideration of the various situations of the Uncertainty and Risk Nature in such situation, as investors have used the Loaned Money of the Low Rate of Interest and is increasing more day by day the home debts because of the Purchase of the Real Estate and the Improvement of the Consumption Psychology accordingly the Government’s Activating of the Domestic Demand. Moreover, Demand is the Creation of Supply, the situations that the Stabile Investment Incomes are needed by the Planned Investment before the Fact are needed the Faithful Risk Analysis for the Investment.



This Research reached the results, as the Construction of the Efficient Investment System and the Decreased Risk because of the methods like the analysis of the concept and the Income Rate and Risk for the Real Estate Investment, moreover, the Risk Management Technology, into the subject on the Risk Analysis and the Management Technology of the Real Estate Investment with this Structure Change of the Real Estate Market. In the first chapter, as an introduction, there was described about the purpose and the method of this research. In the second chapter there was researched about the relationship between Risk and Income Rate into core of the Real Estate Investment. Above all, there are to be considered about the overall concepts of the Real Estate , for example, the concept and special nature and management of the Real Estate, the change and countermove of Investment Environment etc. Also, there are to be known about the Risk of the Real Estate Investment, for example, the Concept of the Risk with the Real Estate Investment, the Type and Special Nature of the Investment etc.. Along with, there is to be done the Investigation of the Documentary Records relating to the above. In the third chapter there was researched about the Income and Risk Analysis of the Real Estate Investment, that is, like the Measurement of Income and the Risk, and the estimation of the relation between the Risk and the Income etc..



In the fourth chapter there was researched about the Technology of the Risk Management of the Real Estate Investment for achieving the Minimizing of the Investment Risk, the Stabile and Efficient Investment based on the research results about the aforementioned Risk of the Real Estate Investment, the aforementioned Income Rate, and the relation. Above all, there was described the methods to exclude the Dangerous Investment as the most basic method of the Risk Management of the Real Estate Investment. What is more, there was to be examined the Conservative Investment Forecast Method and the Use Method of the Risk Adjustment Reduction Rate, to be described about the Theory of Portfolio used widely as the method that is able to gain the Stabile Incomes with the Minimized Risks in the Risk Management of the Real Estate Investment, moreover, to be made the Alternative Plan by the construction of the Portfolios by the Building Type and the Use Region about the Development of the Commercial Street. In the fifth chapter, as the results of this paper, there were induced the composite conclusions by the present researcher into core of the Risk Management Technology needed to the time of the Real Estate Investment based on the Income Rate of the Real Estate and the Risk Analysis.



Based on the Theory of the Real Estate Investment with making minimize the Risk Rate, by making maximized Income Rate with making use the Management Technology etc. through the Risk Analysis, resultly the Construction of the System for the Efficient Investment is the purpose of this research.