地上權住宅與所有權住宅投資報酬率之比較研究

Abstract

台灣地狹人稠、平原少高山多，位於城市精華地段的土地更是ㄧ位難求，因此精華地段的地價往往創下歷年來的天價，而昂貴的地價很自然而然的就轉嫁於購屋者的身上。因此為了降低土地的價格，而又能達到需用土地人的目的，將土地以設定地上權的方式來加以開發，不失為是ㄧ種途徑。 在政府政策的影響下，越來越多的公有土地僅出售使用權。站在地主的角度，每筆土地都是獨一無二、且往往不僅不會折舊還會增值、再加上法律的保障，任何人都不容易拿走其所有權，因此除非有不錯的出賣行情，大部分地主都不願出售其土地，也因此有許多大地主僅是將土地放著而不予理會。但是土地的價值在於利用而非持有，當土地設定地上權後，地主每年有一定的租金收入，且當期限屆滿時，可以依照契約所定補償地上權人地上物的價格來收回土地，或是無償收回土地及地上物。如此藉著土地設定地上權的方式，創造地主與投資者雙贏的局面。 站在投資者的角度來看待設定地上權的土地開發，投資者可以減少在土地上所花費的成本，並且在契約所訂的地上權設定期間內將土地經營獲利，若其收入足夠支付經營成本及利息，其報酬率自然優於地主。 本研究以探討地上權住宅的投資報酬率為目的，並以所有權住宅的投資報酬率為比較標的，經從財務面以現金流量折現法計算其年金現值等財務評估技術，並經實證分析結果來說明這兩種在法律層面上不相同的住宅權利其投資報酬率。

In Taiwan, a large amount of people live on narrow parts of land which are lots of high mountains and not many fields or flat lands. It has been harder to find reasonably priced land in city, and over the years there has been a large unexpected incline in prices. However, because of the expensive land costs, in order to reduce the value of land and achieve the landowner’s requirements, the law (superficies on land) needs to be developed to stop the fast rising prices. In government policy, more public land is only rented. In the landowner point of view, land is very precious. They don’t worry about depreciation, as land costs will rise every year. Land prices would be set by the law to protect the landowner; this will prevent anyone to snatch the ownership from landowner.Most landowners will only offer land for sale if it can be sold for a reasonable price. If they can’t, they will not sell and just put the land aside. The landowner should either be forced to use the land or sell if this is the case. If the landowner sells he can earn regular rental revenue every year when the land set up by surface right. After the lease is expired, the landowner has to pay to house owner according to the prices of house or he can free to get the land or the property on land back. So, both landowner and investor will have a win-win situation. In the investor point of view, he can reduce the cost on the land if set up by superficies right. Moreover, investor can gain the profit of managing land during agreement period. If the revenue is enough to pay cost and interest, the yield of investment will be better then landowner’s. The study confers with the yield of investment on the house with surface right and compare with the house with ownership. In the finical aspect, it can be analyzed the yield of investment on houses with two different rights by discounted cash flow to calculate future value of annuity.