사회적 여건 및 정책 변화에 따른 리츠(REITs) 관련 연구경향과 리츠실적 변천에 관한 연구

사회·정책 변화에 따른 리츠 연구경향과 실적 변화를 분석했다.

Even before the formal introduction of REITs in Korea, many studies had exolored REIT-related themes. However, a comprehensive analysis of the evolution of this research remains absent. To this end, this study investigates the dynamic interrelationships among social conditions, real estate and REIT policies, REIT performance, and academic research output to derive policy implications. The research period from 1998 to 2022 is divided into three stages: the introductory period, the growth period, and the maturity period. The analysis classifies research papers by topic using keyword frequency and policy relevance, and examines REIT performance in depth with a focus on housing REITs.

The analysis shows a steady increase in research output and a sharp rise in REIT performance at a specific point. In the introductory period, the connection between research trends and policy remained weak. During the growth period, the implementation of real estate policies involving REITs coincided with greater diversity in research topics. In the maturity period, research increasingly focused on rental housing REITs, reflecting growing interest in public and private cooperation. The analysis examines the relationship among related policies, research output, and REIT asset performance across defined periods.

Following the enactment of the Special Act on Private Rental Housing in 2015, both research on housing REITs and their asset performance increased sharply. Housing REIT assets are concentrated in new residential districts within the Seoul metropolitan area, major metropolitan cities, and large urban centers, often near overcrowded zones designated for urban restructuring.

When exploring the relationship between policies, research performance, and REIT asset performance during a deep-dive period, we find that following the enactment of the Special Act on Private Rental Housing in 2015, research and asset performance related to residential REITs increased sharply and in a preceding and succeeding manner. The location of residential REIT assets is centered in new downtown sites across the metropolitan area, major cities, and large urban areas, particularly within overpopulation control zones.