This study pursues an investigation on investment characteristics such as the factors that have an influence on the decision of REITS investment from the perspective of normal investors. Especially, an empirical survey is conducted for normal investors around the three Gangnam Gu to serve as a foundation for revitalization of listed development REITs by identifying the present condition and investment characteristics of normal investors around the three Gangnam Gu, the primary real estate investment area, in order to understand investment characteristics of normal investors for listed development REITs. In conclusion, the main factor that affects the intention of investment of normal investors was profitability and stability of development REITs most of all, and the accompanied reliability must be fully considered to induce investment participation. As normal investors regards stable allocation highly, the executives and staff members involved have to exert all their professionalism and management ability from the foundation of the development plan to conduct the development more systematically. Meanwhile, the enough promotional activity to increase the awareness of normal investors for development REITs is the remaining work to be done by companies and departments involved, and much effort is required above all to develop a variety of products that can draw interest of normal investors instead of developing products that can encourage institutional investors only.