住宅收益資本化率之研究─以時間、空間、產品類型探討

An Analysis of Housing Capitalization Rates- Time, Space and Types

翁于涵(Yu-Han Wong)

指導教授 ： 彭建文

國立臺北大學/公共事務學院/不動產與城鄉環境學系/碩士(2013年)

摘要

收益法為不動產估價三大方法之一，根據不動產估價技術規則，運用直接資本化法計算收益價格時有五種估計收益資本化率的方式，但真正在運用上仍有許多不確定性，不易客觀估計。本研究以1994年至2012年的台北市、新北市住宅不動產為研究對象，透過特徵價格法估計住宅不動產之特徵房價與特徵租金，再利用直接資本化法計算收益資本化率，探討收益資本化率在不同的時間、地區、產品類型下有何差異。研究結果顯示：時間差異部分，在景氣衰退期間，收益資本化率高於景氣復甦期間；空間差異部分，收益資本化率在市中心低於郊區，且在景氣復甦期間，不同區位之資本化率差距較顯著；而產品類型部分，住宅大樓之資本化率高於公寓、屋齡與資本化率成正向關係。透過實證結果，估價師或投資者在估計收益資本化率時，應考量在不同景氣時點、不同區位的預期成長性、不同產品類型或屋齡，收益資本化率之差異，期能更客觀地反映市場報酬率。

關鍵字

不動產估價 ； 收益法 ； 收益資本化率 ； 特徵價格 ； 特徵租金 ； 不動產景氣

並列摘要

The income approach is one of three approaches adopted to real estate valuation. In Taiwan’s Regulations on Real Estate Appraisal, there are five methods for estimating a capitalization rate when applying the direct capitalization method. In practice, however, inaccuracy or uncertainty remains the case. The housing market 1994-2012 in Taipei and New Taipei is taken as subject of the survey and as substantial support to the argument in the study. First, the sales price/rent of the subject property is estimated through hedonic pricing model. Then with this hedonic price/rent and in the use of direct capitalization method, the capitalization rates is brought about. The purpose of the study is to try and look into the variations of the capitalization rate in terms of time period, location and types of property. The results show that with the timescale, capitalization rates are higher during a period with a downturn in the housing market than the when with an upturn; with the location of property, capitalization rates are lower in the city center than those in the suburbs, and capitalization rates in various sites differ significantly in the course of the business recovery; with the types of property, capitalization rates of a mansion is higher than that of an apartment, and the building age is positively related to its capitalization rate. The down-to-earth evidence from the study suggests that a real estate appraiser or an investor, when try to estimate the capitalization rate of property, should take into account changes in the real estate cycle, the expectation of locational growth, housing types and the building age. An appraisal thus done can more objective reflect the profitability of property.

並列關鍵字

Real Estate Appraisal ； Income Approach ； Capitalization Rates ； Hedonic Price ； Hedonic Rent ； Real Estate Cycle

參考文獻

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