정비사업 사업성변화에 따른 투자결정 인식에 관한 연구

정비사업의 사업성 변화가 투자결정 인식에 미치는 영향을 분석했다.

During the last administration, Korea's real estate prices skyrocketed, and everyone was so eager to invest in real estate that a new word, 'Yeongkkeul' was coined. During this period, people who thought that newly built apartments were too expensive and therefore not worth investing in, or people who invested a small amount of money and naturally wanted real estate for actual residence over time, investing in improvement project as a place to invest in real estate is commonly referred to as a cost-effective product.

At this time, in the real estate market in the Busan area, there was talk that the revenue could increase by stage, such as an additional 50 million won if a improvement zone was designated, an additional 100 million won if a cooperative was established, and an additional 150 million won if a construction contractor was selected. However, recently, international war broke out, interest rates rose, the real estate market entered a downward trend, and to make matters worse, construction costs also rose due to rising prices and labor costs.

From the perspective of the businessowner of the improvement project, it is difficult to increase the sales price that should be set as income, and the difficult times have arrived when construction costs among the expenses that must be spent are rising, so many improvement areas are in a situation where business feasibility is inevitably reduced.

In addition, many investors who are interested in improvement project that can be entered into with low initial investment costs compared to the rising housing prices during the real estate boom have become union members in most improvement areas, so from the union's perspective, the opinions of only indigenous people living in the improvement area couldn’t be considered. Accordingly, in improvement project, there are many cases where business feasibility is reduced due to increases in construction costs, changes in economic conditions, and conflicts between unions and union members.

As a result, this study examines the impact of each factor on the business feasibility of improvement project and how they change. We looked into whether it exists through literature, previous studies, and cases. As an example, among the redevelopment and reconstruction project areas in the Busan region, two sites each where business feasibility changed due to the each relevant factors were selected and analyzed for feasibility, and used as the basis for empirical analysis.

In this situation of changing business feasibility, we analyzed the importance of what investors in improvement projects think about factors that are important and hindering the promotion of improvement projects, and analyzed the investment status, investment satisfaction, and reinvestment awareness when investing in maintenance projects. The research was analyzed through a questionnaire. First, as a result of analyzing the general information of the survey respondents, the majority of respondents were in their 40s in age group, college graduates in education level, and household annual income of less than 50 million to 100 million won.

Regarding the level of knowledge about the maintenance business, 33.9% responded that they were average, 37.8% responded that they knew, and 28.3% responded that they did not know much. In addition,89.2% of people had investment experience (intent), and they also showed high levels of investment satisfaction and reinvestment awareness. Second, in the analysis of changes in the business performance of the improvement project, respondents were asked about the important factors and obstacles in promoting the improvement project.

As a result of the response, the percentage of respondents who answered business performance and member contributions was the highest, and the percentage of respondents and APT brands among the important factors was relatively low. Next, it was found that the increase in construction costs was the biggest obstacle, and considering that the percentage of respondents who answered "constructors and APT brands" in important factors was the lowest, it can be said that contractors who can lower construction costs are preferred over the APT brand of contractors.

Third, as a result of the analysis of the perception of investment decisions in improvement project, the majority of people responded that the purpose of investment was to realize profits through sales and that the holding period at the time of investment was less than 3 to 5 years. In addition, when it comes to investment, many people responded that they invest before improvement area designation and that most of them invest in the early stage of the business before establishing a cooperative due to the low initial investment cost. In connection with this, it was revealed that they prefer products worth less than 200 million won.

Many people responded that the location factor considered important when investing in improvement project is transportation facilities, and that parking facilities were considered the most important functional factor. In addition, in the analysis of matters that investors should consider other than business feasibility when business feasibility declines, the location of the area (97.2%) is considered to be the most important, and the high-end brand proposed by the contractor (73.2%) is relatively less important. appeared low. Investment satisfaction and reinvestment awareness related to investment in improvement project were also high.

Five implications were proposed based on the results of the empirical analysis.First, from the union's perspective, the focus should be on transparent management of the union and doing its best to eliminate discord between the union and its members to quickly promote projects. Second, in improvement project, constructors should not try to collect high construction costs by promoting high-end brands, but should come up with ways to improve the cooperative's business feasibility by loweri