| Budget Amount *help |
¥15,470,000 (Direct Cost: ¥11,900,000、Indirect Cost: ¥3,570,000)
Fiscal Year 2020: ¥3,120,000 (Direct Cost: ¥2,400,000、Indirect Cost: ¥720,000)
Fiscal Year 2019: ¥4,030,000 (Direct Cost: ¥3,100,000、Indirect Cost: ¥930,000)
Fiscal Year 2018: ¥2,340,000 (Direct Cost: ¥1,800,000、Indirect Cost: ¥540,000)
Fiscal Year 2017: ¥2,340,000 (Direct Cost: ¥1,800,000、Indirect Cost: ¥540,000)
Fiscal Year 2016: ¥3,640,000 (Direct Cost: ¥2,800,000、Indirect Cost: ¥840,000)
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| Outline of Final Research Achievements |
Real estate is one of the largest assets in Japan and is a driver of both the overall economy and individual wealth. Real estate markets have merged with financial markets as exemplified by the 2008 financial crisis. It is important to understand pricing in real estate markets in connection with financial markets. In this regard, we developed rational pricing models called “Hedonic DCF Pricing Models.” These models allowed us to understand two sources of real estate prices in the aspects of both cross-sectional and time-series dynamics. More specifically, by conducting empirical analyses, we showed that real estate prices have both hedonic and cashflow values: 1) the former is the monetary value of the benefits which real estate provides by consuming a bundle of attributes such as square footage, age, walking distance from the nearest station, and so on. 2) the latter is the asset value which is closely connected with macroeconomic factors such as stock prices and loans.
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