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

Yumi Saita
Additional contact information
Yumi Saita: Bank of Japan

No 03-E-4, Bank of Japan Working Paper Series from 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.

Date: 2003-11
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (10)

Downloads: (external link)
http://www.boj.or.jp/en/research/wps_rev/wps_2003/data/wp03e04.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:boj:bojwps:03-e-4

Access Statistics for this paper

More papers in Bank of Japan Working Paper Series from Bank of Japan Contact information at EDIRC.
Bibliographic data for series maintained by Bank of Japan ().