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

Kiyohiko G. Nishimura and Chihiro Shimizu
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Kiyohiko G. Nishimura: Faculty of Economics, University of Tokyo
Chihiro Shimizu: RECRUIT Residential Research Institute, RECRUIT Co. Ltd.

No CIRJE-F-195, CIRJE F-Series from CIRJE, Faculty of Economics, University of Tokyo

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.

Pages: 46 pages
Date: 2003-02
New Economics Papers: this item is included in nep-geo and nep-ure
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Citations: View citations in EconPapers (10)

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Persistent link: https://EconPapers.repec.org/RePEc:tky:fseres:2003cf195

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