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The space-time structure of land prices in Japanese metropolitan areas

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  • Asao Ando
  • Ryuichi Uchida

Abstract

This study aims to clarify the space-time nature of land price upheaval that Japanese metropolitan areas experienced in the late eighties. Long-term panel data of land prices for two major metropolitan areas were first compiled, based on the Public Notifications. The parameters of the cross-sectional land price functions calculated in the process suggest that the price formations in Osaka are approximately two to three years behind that in Tokyo. The space-time structure of land price changes within the Tokyo area was studied using one- and two-dimensional diffusion models, where monocentricity of fund supplies to the land market is assumed. It is concluded, regardless of dimensions, that heat conduction provides a good analogy for the space-time behavior of land market: diffusion coefficients suggest that the land price increase has propagated fastest towards north-north-east and south-south-west, and slowest along the orthogonal direction. Copyright Springer-Verlag 2004

Suggested Citation

  • Asao Ando & Ryuichi Uchida, 2004. "The space-time structure of land prices in Japanese metropolitan areas," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 38(4), pages 655-674, December.
    • Handle: RePEc:spr:anresc:v:38:y:2004:i:4:p:655-674
    DOI: 10.1007/s00168-003-0181-6
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    Cited by:

    1. Feng Yuan & Weiye Xiao & Yehua Dennis Wei, 2023. "Heterogeneous mechanisms of urban land price in China: a perspective of natural restrictions and strategic supply," Palgrave Communications, Palgrave Macmillan, vol. 10(1), pages 1-14, December.
    2. Yokoi, Takahisa & Ando, Asao, 2012. "One-directional adjacency matrices in spatial autoregressive model: A land price example and Monte Carlo results," Economic Modelling, Elsevier, vol. 29(1), pages 79-85.

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    R150; C230;

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