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| Title: | 臺北市住宅收益資本化率之研究
Residential Capitalization Rate in Taipei |
| Authors: | 許家瑜
Hsu, Chia-Yu |
| Contributors: | 陳奉瑤
Chen, Feng-Yao
許家瑜
Hsu, Chia-Yu |
| Keywords: | 收益資本化率
特徵價格理論
不動產估價
Income Capitalization Rate
Hedonic Price Theory
Real Estate Appraisal |
| Date: | 2023 |
| Issue Date: | 2023-09-01 15:15:02 (UTC+8) |
| Abstract: | 特徵價格租售比是過往學術研究普遍用於估計住宅資本化率的一種方法，應用上需選擇相近的租金與價格資料，惟我國租屋市場長期存在地下經濟及實價登錄租金資料登載不全的問題，加上無法同時獲取同一住宅的兩種售價，使得樣本的異質性影響估計。有鑒於此，本文透過Lisi模型的加以改進，可於不使用租金資料而僅使用價格資料，突破傳統方法的限制，作為我國萃取資本化率的替代方法。
經實證，Lisi的模型於住宅型態之分布，由低至高依序為公寓0.98%、華廈1.26%、住宅大樓1.30%，特徵價格租售比為公寓2.18%、華廈2.37%、住宅大樓2.24%。顯示公寓基於較大的土地持份，使都更重建後分回的價值高，而存在資本返還的增值利益，因此最低；住宅大樓則因產權複雜、整合不易，故為最高。雖然Lisi模型的實證結果貼近淨資本化率，但容易受到不同的變數設定、範圍選取，及樣本數量而產生不穩定性；而特徵價格租售比整體偏高，估價師認為毛資本化率應介於2%，不過也表示兩種結果就層次上的差異與經驗值相近。因此，本文建議後續研究應多方嘗試不同的變數設定與範圍界定進行探討，以尋求適當的毛資本化率。
The price-to-rent ratio is a commonly used method in academic research to estimate residential capitalization rates. However, the housing market in Taiwan has been existence of an informal rental economy and incomplete rental data due to unreported transactions. Additionally, the inability to access two sales prices, which further complicates the estimation process. To overcome these limitations, this study proposes the Lisi’s method, which leverages only price data to extract capitalization rates in Taiwan`s real estate market.
Lisi’s model for residential properties shows the results as follows: 0.98% for apartments, 1.26% for mansion, and 1.30% for buildings. The price-to-rent ratio shows as: 2.18% for apartments, 2.37% for mansion, and 2.24% for buildings. Although the results of the Lisi`s model closely with the net capitalization rate, it is susceptible to instability due to variable settings, scope selection, and sample size. Furthermore, the results of the price-to-rent ratio indicate a higher value than anticipated. Appraisers suggest that the gross capitalization rate should ideally within 2%, yet they also consider the sequential of the housing types, which aligns with experience. Therefore, this study recommends that future research should explore different setting of variables and scope definitions to determine an appropriate gross capitalization rate. |
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| Description: | 碩士
國立政治大學
地政學系
110257009 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0110257009 |
| Data Type: | thesis |
| Appears in Collections: | [地政學系] 學位論文
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