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Distortion in Land Price Information---Mechanism in Sales Comparables and Appraisal Value Relation---

Author

Listed:
  • Kiyohiko G. Nishimura

    (Faculty of Economics, University of Tokyo)

  • Chihiro Shimizu

    (RECRUIT Residential Research Institute, RECRUIT Co. Ltd.)

Abstract

This paper investigates the nature and magnitude of distortion in land price information publicly available in Japan, especially in the Published Land Price of the Japanese Government. After examining characteristics of various land price information in Japan, we construct hedonic price indexes based on both actual transaction prices and Published Land Prices, and compare them to find possible distortion in the governmental price information. We find a large and systematic discrepancy between actual transaction prices and Published Land Prices, suggesting serious problems in the governmental information system. We also consider possibility of structural change in the Japanese real estate markets, and examine its effect on price indexes.

Suggested Citation

  • Kiyohiko G. Nishimura & Chihiro Shimizu, 2003. "Distortion in Land Price Information---Mechanism in Sales Comparables and Appraisal Value Relation---," CIRJE F-Series CIRJE-F-195, CIRJE, Faculty of Economics, University of Tokyo.
    • Handle: RePEc:tky:fseres:2003cf195
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    File URL: http://www.cirje.e.u-tokyo.ac.jp/research/dp/2003/2003cf195.pdf
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    Cited by:

    1. Chihiro Shimizu & W. Erwin Diewert & Kiyohiko G. Nishimura & Tsutomu Watanabe, 2015. "Estimating quality adjusted commercial property price indexes using Japanese REIT data," Journal of Property Research, Taylor & Francis Journals, vol. 32(3), pages 217-239, September.
    2. Chihiro Shimizu & Kiyohiko G. Nishimura & Yasushi Asami, 2003. "Measuring the Cost of Imperfect Information in the Tokyo Housing Market," CIRJE F-Series CIRJE-F-238, CIRJE, Faculty of Economics, University of Tokyo.
    3. Mitchell, Olivia S. & Piggott, John, 2004. "Unlocking housing equity in Japan," Journal of the Japanese and International Economies, Elsevier, vol. 18(4), pages 466-505, December.
    4. Erwin Diewert & Chihiro Shimizu, 2020. "Alternative Land‐Price Indexes for Commercial Properties in Tokyo," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 66(4), pages 784-824, December.

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