Pricing Structure in Tokyo Metropolitan Land Markets and its Structural Changes: Pre-bubble,Bubble, and Post-bubble Periods |
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| Authors: | Chihiro Shimizu Kiyohiko G Nishimura |
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| Institution: | (1) Department of International Economics and Business, Reitaku University, 2-1-1 Hikarigaoka, Kashiwa-Shi, Chiba 277-8686, Japan;(2) Policy Board, Bank of Japan, 2-1-1 Nihonbashi-Hongokucho, Chuo-Ku, Tokyo 103-8660, Japan |
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| Abstract: | In this paper, we estimate hedonic price equations of Japanese commercial and residential land prices for a 25-year period
and to investigate possible structural changes in these price equations. Our price equations are based on transaction prices,
not appraised land values, of commercial land in Central Business Districts of Tokyo (Chiyoda Ward, Chuo Ward, and Minato
Ward), and residential land of its suburb (Setagaya Ward). We find that price structure differs substantially among locations,
reflecting differences in supplier pricing and end-user preferences. We also find significant structural changes in price
structure, identifying pre-bubble, bubble and post-bubble periods.
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| Keywords: | Quality-adjusted real estate price index Hedonic approach Bubble economy Structure change Switching regression model |
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