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Land Prices in the Tokyo Metropolitan Area: A Hedonic Analysis of Judicial Auction Prices

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  • Yumi Saita

    (Bank of Japan)

Abstract

In this paper, hedonic price indices for land in Tokyo sold by auction are estimated for the period 1992-2002, relying upon a newly constructed auction property database. The estimation results show that since the bursting of the bubble, auction prices of land in the Tokyo metropolitan area have continued to decline, although, with the exception of 1997, the pace of their decline has been slowing. It is also found that compared to the Officially Published Land Price index and the Urban Land Price index, which are based on appraisal prices, the estimated hedonic price index has the following characteristics. (i) It has fallen more sharply, (ii) it has been more volatile, and (iii) its turning points have preceded those of the other indices.

Suggested Citation

  • Yumi Saita, 2003. "Land Prices in the Tokyo Metropolitan Area: A Hedonic Analysis of Judicial Auction Prices," Bank of Japan Working Paper Series 03-E-4, Bank of Japan.
    • Handle: RePEc:boj:bojwps:03-e-4
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    File URL: http://www.boj.or.jp/en/research/wps_rev/wps_2003/data/wp03e04.pdf
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    References listed on IDEAS

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    1. Shigenori Shiratsuka, 1995. "Effects of Quality Changes on the Price Index: A Hedonic Approach to the Estimation of a Quality Adjusted Price Index for Personal Computers in Japan," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, vol. 13(1), pages 17-52, July.
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    Cited by:

    1. Nobuo Inaba & Takashi Kozu & Toshitaka Sekine & Takashi Nagahata, 2005. "Non-performing loans and the real economy: Japan’s experience," BIS Papers chapters, in: Bank for International Settlements (ed.), Investigating the relationship between the financial and real economy, volume 22, pages 106-27, Bank for International Settlements.
    2. Koji Nakamura & Yumi Saita, 2007. "Land Prices and Fundamentals," Bank of Japan Working Paper Series 07-E-8, Bank of Japan.
    3. Takako Idee & Shinichiro Iwata & Teruyuki Taguchi, 2011. "Auction Price Formation with Costly Occupants: Evidence Using Data from the Osaka District Court," The Journal of Real Estate Finance and Economics, Springer, vol. 42(1), pages 84-98, January.
    4. Koichiro Kamada & Wataru Hirata & Hajime Wago, 2007. "Determinants of Land-Price Movements in Japan," Bank of Japan Working Paper Series 07-E-7, Bank of Japan.
    5. Shehryar Rashid & Asjad Tariq Sheikh, 2015. "Farmers’ Perceptions of Agricultural Land Values in Rural Pakistan," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 54(4), pages 809-821.
    6. Ilhyock Shim & Goetz Von Peter, 2007. "Distress Selling and Asset Market Feedback," Financial Markets, Institutions & Instruments, John Wiley & Sons, vol. 16(5), pages 243-291, December.
    7. Takashi Nagahata & Yumi Saita & Toshitaka Sekine & Towa Tachibana, 2004. "Equilibrium Land Prices of Japanese Prefectures: A Panel Cointegration Analysis," Bank of Japan Working Paper Series 04-E-9, Bank of Japan.
    8. Takako Idee & Shinichiro Iwata & Teruyuki Taguchi, 2008. "Auction Price Formation with Costly Occupants: Evidence Using Data from the Osaka District Court," CIRJE F-Series CIRJE-F-593, CIRJE, Faculty of Economics, University of Tokyo.
    9. Kazunari Ohashi & Mr. Manmohan Singh, 2004. "Japan’s Distressed-Debt Market," IMF Working Papers 2004/086, International Monetary Fund.

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