PROBLEM TO BE SOLVED : To solve the problem with conversion of real estate into a security : that, while real estate conventionally invested, such as buildings, can be evaluated because of ample data, real estate of the types unprecedented in markets, such as land for which a leasehold for business purposes is set, is difficult to evaluate.SOLUTION : A system for analyzing the value of real estate converted to the security has an input means 11, a calculation means 12, and an output means 13. In the calculation means 12, the amount of risks of real estate concerned and an expected interest assume a given predetermined proportionality relationship to each other and the amount of risks can be calculated using a scenario approach. Based on the relationship between the amount of risks and the expected rate of return and on the calculated amount of risks, the expected interest and the current price of the real estate concerned are calculated. The real estate to be converted to the security is a limited proprietary right of land 1 for which a leasehold for business purposes is set.