Empirical Analysis of the Effect of the Infection and Damage of COVID-19 on Land Prices

Ryuji Kutsuzawa, Nobuo Akai and Toru Takemoto
Additional contact information
Ryuji Kutsuzawa: Ministry of Land, Infrastructure, Transport and Tourism
Nobuo Akai: Osaka School of International Public Policy, Osaka University
Toru Takemoto: Professor, Nihon University, College of Law

No 21J009, OSIPP Discussion Paper from Osaka School of International Public Policy, Osaka University

Abstract: During the outbreak of the coronavirus 2019 disease (COVID-19), social distance and telework is encouraged to prevent the infection and the demand for houses,shops and offices including location and style is changing,as a result,the change will be reflected in land prices. Therefore,this paper will analyze the effects of the number of COVID-19 cases and deaths per capita on land prices through changes in residents'preferences for residential and commercial land by using a fixed effect model with panel data of land prices compiled by the Japanese government and an instrumental variable to cope with the endogeneity of COVID-19 cases and deaths. The results show that 1) the number of COVID-19 cases and deaths per capita have negative impacts on land prices, 2) the infection and damage of COVID-19 affects land prices in commercial areas greater than those in residential areas, 3) COVID-19 has greater influence on land prices at the point where land is highly used and the floor area ratio is higher.

Keywords: COVID-19，official land price; fixed effect analysis (search for similar items in EconPapers)
Pages: 14pages
Date: 2021-12
New Economics Papers: this item is included in nep-ure
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.osipp.osaka-u.ac.jp/archives/DP/2021/DP2021J009.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:osp:wpaper:21j009

Access Statistics for this paper

More papers in OSIPP Discussion Paper from Osaka School of International Public Policy, Osaka University Contact information at EDIRC.
Bibliographic data for series maintained by Akiko Murashita ().