一、房地产投资的理论住宅投资的决策涉及企业、家庭甚至政府,因而住宅投资有其特殊性。在所有投资需求中,住宅投资对实际利率最为敏感。这是于住宅的折旧速度非常慢(几十年的旧住宅比比皆是),因此折旧费微乎其微。这样实际利率对住房投资决定显然十分重要。如果是租房,那么支付给房主的租金中大部分是对住宅所占用的资金的报酬;如果是自己购房居住,那么住宅成本的 First, the theory of real estate investment Residential investment decisions involving businesses, families and even the government, so residential investment has its own particularity. Among all investment needs, residential investment is the most sensitive to real interest rates. This is a very slow depreciation of dwellings (decades of old homes abound), so depreciation is minimal. Such real interest rates are clearly important for housing investment decisions. If it is rented, then the majority of the rent paid to the landlord is the compensation for the funds occupied by the home; if it is their own home to buy, then the cost of housing