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Impact of Detailed Regulations for Land Use on Land Prices

Research Project

Project/Area Number 06650672
Research Category

Grant-in-Aid for General Scientific Research (C)

Allocation TypeSingle-year Grants
Research Field Town planning/Architectural planning
Research InstitutionThe University of Tokyo

Principal Investigator

ONISHI Takashi  The U.of Tokyo, Professor, 大学院・工学系研究科, 教授 (80143824)

Co-Investigator(Kenkyū-buntansha) YOSHIDA Akira  The Tohoku AT The U., Lecturer, デザイン工学部, 講師 (70244986)
FUKUSHIMA Shigeru  The U.of Tokyo, Assistant, 大学院・工学系研究科, 助手 (10251349)
Project Period (FY) 1994 – 1995
Project Status Completed (Fiscal Year 1995)
Budget Amount *help
¥1,900,000 (Direct Cost: ¥1,900,000)
Fiscal Year 1995: ¥800,000 (Direct Cost: ¥800,000)
Fiscal Year 1994: ¥1,100,000 (Direct Cost: ¥1,100,000)
Keywordsdatabase of Land Prices / "adjusted" database / NPV / heclonic approach / parameter / Land Price estimation / The tevised ACTS 1992 / detailed regulations / 地価シュミレーション / 地価分析 / 土地利用変化 / 収益還元アプローチ / ヘドニックアプローチ
Research Abstract

Section1)Creation of Database
We created a database of Land Prices (1982,87,90,91,92) in the 23 Tokyo wards based on figures obtained from the "Koujikakaku" statistics, released by the National Land Agency, and the "Kijunchika" data given by the Tokyo Metropoitan Government..Furthermore, we produced an "adjusted" database based on the attributes of each property, taking into account qualities such as land use (regulation/actual), building volume (regulation/actual), front road width, distance to the nearest station, etc.
Section2)Developing Land Price Model and Estimation
We developed two land price models ; the net present value (NPV) model and the hedonic approach model.The accuracy of the latter model was enhanced by establishing standard parameters based on various control groups, primarily those which make similar use of land assets.In addition, a comparison of the two models was conducted to determine which provided the most accurate data, and based on such, we were able to make a quantitative estimate on the impact on land prices resulting from the additional regulations.
Section3)Conclusion
From the aforementioned estimates, we found that the detailed regulations legistlated in the Urban Planning Act and Construction Act (revised in 1992) would have a negative impact on land prices in Tokyo.In view of such, instead of off-setting the decrease in land value with monetary compensation for landowners, we concluded that it is more important for governement to develop policies which would encourage efficient use of land within the limits of the revised Acts.

Report

(3 results)
  • 1995 Annual Research Report   Final Research Report Summary
  • 1994 Annual Research Report

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Published: 1994-04-01   Modified: 2016-04-21  

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