국내 부동산 조각투자 상품의 배당수익률 결정요인에 대한 분석

국내 부동산 조각투자 상품의 배당수익률 결정요인을 분석했다.

Abstract An Empirical Analysis of the Determinants of Dividend Yields in Real Estate Fractional Investments Lee, Bo Ram Major of Real Estate Graduate School of Real Estate Youngsan University Adviser : Song, Seon Ju This study explores the determinants of annualized dividend yield in Korea’s emerging real estate fractional investment market, which has recently garnered attention as a technology-driven alternative to traditional real estate investing.

While the global real estate investment landscape remains concentrated among a small pool of institutional investors, the fractional investment model—where a single property is divided into small tradable ownership units—offers individuals broader access to high-value assets. Despite its growing popularity, there has been limited empirical analysis on what drives returns in these fractionalized products, particularly in contrast to more established indirect vehicles such as REITs or real estate funds.

Using panel data comprising 248 observations from 22 fractional real estate products issued between December 2020 and December 2024, this study applies a fixed-effects model to examine how financial attributes, operational characteristics, and physical asset features influence dividend yields. The dependent variable is the annualized pre-tax dividend yield based on the initial offering price per digital asset unit (DABS), while independent variables include metrics such as total assets, liabilities, rental income, ROE, holding period, asset type, and platform operator. Empirical results indicate that six out of eleven variables showed statistically significant effects on dividend yields.

Financial variables like total assets, ROE, and monthly rent had positive correlations, with asset size reflecting economies of scale and ROE capturing profitability. Conversely, total liabilities and operational period showed negative associations, likely due to the structural constraints of non-leveraged investment formats and recent real estate market stagnation. Surprisingly, conventional real estate metrics such as location, floor area, and zoning classification were not significant, underscoring the greater importance of cash flow-related factors over physical characteristics in determining returns.

These findings highlight that fractional real estate yields are shaped by complex, multi-layered factors beyond asset quality or location. Implications include the need for investors to assess not just headline yields but also platform transparency and financial disclosures; for platforms to strengthen operational reliability and disclosure standards; and for regulators to develop standardized reporting and investor protection systems. With institutional regulation of fractional real estate investment set to be implemented by late 2025, establishing credibility and protecting investors will be critical for sustainable market growth.