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Estimation of Property Price Indexes

Research Project

Project/Area Number 23330084
Research Category

Grant-in-Aid for Scientific Research (B)

Allocation TypeSingle-year Grants
Section一般
Research Field Applied economics
Research InstitutionReitaku University

Principal Investigator

SHIMIZU Chihiro  麗澤大学, 経済学部, 教授 (50406667)

Co-Investigator(Kenkyū-buntansha) 唐渡 広志  富山大学, 経済学部, 教授 (00345555)
佐藤 英人  帝京大学, 経済学部, 准教授 (00396798)
森田 学  青森中央学院大学, 経営法学部, 専任講師 (40599560)
Research Collaborator 吉田 二郎  ペンシルバニア州立大学, ビジネススクール, 准教授
DIEWERT W. Erwin  ブリティッシュコロンビア大学, 経済学部, 教授
DENG Yongheng  シンガポール国立大学, ファイナンス学部, 教授
GELTNER David  マサチューセッツ工科大学, 不動産センター, 教授
CKARK Terry Nicholas  シカゴ大学, 社会学部, 教授
CHAU Kwong Wing  香港大学, 建設不動産学部, 教授
WONG Kelvin S.K.  香港大学, 建設不動産学部, 准教授
FUERST Franz  ケンブリッジ大学, 土地経済学部, 教授
FOX Kevin  ニューサウスウェールズ大学, 経済学部
HILL Robert  グラッツ大学, 経済学部, 教授
EMILI Tortosa-Ausina  Universitat Jaume I de Castelló, 経済学部, 教授
Project Period (FY) 2011-04-01 – 2015-03-31
Project Status Completed (Fiscal Year 2014)
Budget Amount *help
¥17,290,000 (Direct Cost: ¥13,300,000、Indirect Cost: ¥3,990,000)
Fiscal Year 2014: ¥2,860,000 (Direct Cost: ¥2,200,000、Indirect Cost: ¥660,000)
Fiscal Year 2013: ¥4,290,000 (Direct Cost: ¥3,300,000、Indirect Cost: ¥990,000)
Fiscal Year 2012: ¥4,680,000 (Direct Cost: ¥3,600,000、Indirect Cost: ¥1,080,000)
Fiscal Year 2011: ¥5,460,000 (Direct Cost: ¥4,200,000、Indirect Cost: ¥1,260,000)
Keywords不動産価格指数 / 指数理論 / ヘドニック価格法 / リピートセールス価格法 / ユーザーコスト / Flexible Functional Form / Builder's Model / 物価指数 / 住宅価格指数 / 商業不動産価格指数 / ヘドニック法 / リピートセールス法 / トービンのq / 経済統計 / 土地 / 建物の減価償却 / 環境 / グリーンビルディング / ヘドニック・アプローチ / リピートセールス指数 / GIS / 経済危機 / 不動産バブル
Outline of Final Research Achievements

The European statistical agency, published “Residential Property Price Index (RPPI) Handbook”. This book describes some of the problems associated with constructing price indexes for residential house prices and gives advice on methods that could be used in order to construct house price indexes. If accurate regional house price indexes for the U.S. would have been widely available to the public, it is unlikely that so many bad housing loans would have been made; i.e., the housing bubble would have been immediately visible and both lenders and borrowers could have foreseen that U.S. house price inflation rates over the period 2000-2007 were not sustainable. Part of the problem is that national statistical agencies have not constructed official house price indexes. The RPPI Handbook is an attempt by the international statistical community to encourage countries to construct house price indexes according to the suggested “best practices” that are laid out in the Handbook.

Report

(5 results)
  • 2014 Annual Research Report   Final Research Report ( PDF )
  • 2013 Annual Research Report
  • 2012 Annual Research Report
  • 2011 Annual Research Report
  • Research Products

    (54 results)

All 2015 2014 2013 2012 2011 Other

All Journal Article (29 results) (of which Peer Reviewed: 9 results,  Acknowledgement Compliant: 2 results,  Open Access: 1 results) Presentation (20 results) (of which Invited: 6 results) Remarks (5 results)

  • [Journal Article] Residential Property Price Indexes for Tokyo2015

    • Author(s)
      Diewert, W. E. and C. Shimizu
    • Journal Title

      Macroeconomic Dynamics

      Volume: 19 Issue: 8 Pages: 1-56

    • DOI

      10.1017/s1365100514000042

    • Related Report
      2014 Annual Research Report
    • Peer Reviewed / Open Access / Acknowledgement Compliant
  • [Journal Article] Nonlinearity of Housing Price Structure -Secondhand Condominium Market in Tokyo Metropolitan Area-2014

    • Author(s)
      Shimizu,C,K.G.Nishimura and K.Karato
    • Journal Title

      International Journal of Housing Markets and Analysis

      Volume: 17 Issue: 4 Pages: 459-488

    • DOI

      10.1108/ijhma-10-2013-0055

    • Related Report
      2014 Annual Research Report
    • Peer Reviewed / Acknowledgement Compliant
  • [Journal Article] Longitudinal trends in equity of park accessibility in Yokohama, Japan: An investigation of the role of causal mechanisms2014

    • Author(s)
      Yasumoto, S., A. Jones and C. Shimizu
    • Journal Title

      Environment and Planning A

      Volume: 46 Issue: 3 Pages: 682-699

    • DOI

      10.1068/a45683

    • Related Report
      2014 Annual Research Report
    • Peer Reviewed
  • [Journal Article] Commercial Property Price Indexes and the System of National Accounts2014

    • Author(s)
      Diewert, W. E., K. Fox and C. Shimizu
    • Journal Title

      Discussion Paper, Vancouver School of Economics, University of British Columbia

      Volume: 14-09 Pages: 1-35

    • Related Report
      2014 Annual Research Report
  • [Journal Article] How Are Property Investment Returns Determined? - Estimating the Micro-Structure of Asset Prices, Property Income, and Discount Rates -2014

    • Author(s)
      Shimizu, C
    • Journal Title

      一橋大学経済研究所Real Estate Markets, Financial Crisis, and Economic Growth, Working Paper Series

      Volume: 12 Pages: 1-25

    • NAID

      120005514920

    • Related Report
      2014 Annual Research Report
  • [Journal Article] Residential Property Price Indexes for Japan: An Outline of the Japanese Official RPPI2014

    • Author(s)
      Shimizu, C., W. E. Diewert, K. G. Nishimura and T. Watanabe
    • Journal Title

      Discussion Paper, Vancouver School of Economics, University of British Columbia

      Volume: 14-05 Pages: 1-56

    • Related Report
      2013 Annual Research Report
  • [Journal Article] Sustainable Measures and Economic Value in Green Housing2013

    • Author(s)
      Shimizu, C
    • Journal Title

      Open House International Journal

      Volume: 38 Pages: 57-63

    • Related Report
      2013 Annual Research Report
    • Peer Reviewed
  • [Journal Article] A Conceptual Framework for Commercial Property Price Indexes2013

    • Author(s)
      Diewert, W. E. and C. Shimizu
    • Journal Title

      Discussion Paper, Vancouver School of Economics, University of British Columbia

      Volume: 13-11 Pages: 1-25

    • Related Report
      2013 Annual Research Report
  • [Journal Article] Residential Property Price Indexes for Tokyo2013

    • Author(s)
      Diewert, W. E. and C. Shimizu
    • Journal Title

      Discussion Paper, Vancouver School of Economics, University of British Columbia

      Volume: 13-07 Pages: 1-48

    • Related Report
      2013 Annual Research Report
  • [Journal Article] Separating the Age Effect from a Repeat Sales Index:Land and structure decomposition2013

    • Author(s)
      Wong.,SK, KW Chau, K. Karato, C.Shimizu
    • Journal Title

      CSIS Discussion Paper: (The University of Tokyo)

      Volume: No.125 Pages: 1-20

    • Related Report
      2013 Annual Research Report
  • [Journal Article] Aging and Real Estate Prices: Evidence from Japanese and US Regional Data2013

    • Author(s)
      Saita,Y., C.Shimizu and T.Watanabe
    • Journal Title

      東京大学金融教育研究センターWorking Paper

      Volume: F-334 Pages: 1-26

    • Related Report
      2013 Annual Research Report
  • [Journal Article] 「不動産投資リターンはどのように決まるのか?-資産価格・不動産収益と割引率のマイクロストラクチャの推計-」2013

    • Author(s)
      清水千弘
    • Journal Title

      麗澤大学経済社会総合研究センター・ワーキングレポート

      Volume: No.53 Pages: 21-21

    • NAID

      120005397558

    • Related Report
      2012 Annual Research Report
  • [Journal Article] Estimating Quality Adjusted Commercial Property Price Indexes Using Japanese REIT2013

    • Author(s)
      Shimizu,C, W.E.Diewert, K.G.Nishimura and T.Watanabe
    • Journal Title

      CARF Working Paper (University of Tokyo)

      Volume: F307 Pages: 27-27

    • Related Report
      2012 Annual Research Report
  • [Journal Article] 持ち家の帰属家賃の測定2013

    • Author(s)
      清水千弘
    • Journal Title

      季刊住宅土地経済

      Volume: No.88, (2013年春季号) Pages: 10-19

    • NAID

      40019659233

    • Related Report
      2012 Annual Research Report
  • [Journal Article] 資産価格と割引率のマイクロストラクチャの測定-資産価格の理論的基礎と計量経済学的接近-2013

    • Author(s)
      清水千弘
    • Journal Title

      麗澤経済研究

      Volume: 第21巻第1号 Pages: 33-50

    • Related Report
      2012 Annual Research Report
  • [Journal Article] Selection of the Winning Office Investment Market in Tokyo2012

    • Author(s)
      Shimizu, Chihiro
    • Journal Title

      Real Estate Issue

      Volume: 37(2) Pages: 51-60

    • Related Report
      2012 Annual Research Report
    • Peer Reviewed
  • [Journal Article] The Estimation of Owner Occupied Housing Indexes using the RPPI: The Case of Tokyo2012

    • Author(s)
      Shimizu,C, W.E.Diewert, K.G.Nishimura and T.Watanabe
    • Journal Title

      麗澤大学経済社会総合研究センター・ワーキングレポート

      Volume: No.50 Pages: 32-32

    • Related Report
      2012 Annual Research Report
  • [Journal Article] 住宅価格指数を取り巻く最近の話題 -国際住宅価格指数ハンドブックの論点を踏まえて-2012

    • Author(s)
      清水千弘
    • Journal Title

      ESTRELA

      Volume: No.225 Pages: 14-21

    • Related Report
      2012 Annual Research Report
  • [Journal Article] 中古住宅市場における情報の非対称性がリフォーム住宅価格に及ぼす影響2012

    • Author(s)
      原野啓・中川雅之・清水千弘・唐渡広志
    • Journal Title

      日本経済研究

      Volume: 66 Pages: 51-71

    • NAID

      40019177391

    • Related Report
      2011 Annual Research Report
    • Peer Reviewed
  • [Journal Article] リピートセールス不動産価格指数における集計バイアス2012

    • Author(s)
      唐渡広志・清水千弘・中川雅之・原野啓
    • Journal Title

      日本経済研究

      Volume: 66 Pages: 22-50

    • NAID

      40019177380

    • Related Report
      2011 Annual Research Report
    • Peer Reviewed
  • [Journal Article] 地区計画・建築協定の規制が戸建住宅価格に及ぼす影響2012

    • Author(s)
      谷下雅義・長谷川貴陽史・清水千弘
    • Journal Title

      都市住宅学

      Volume: 76 Pages: 104-111

    • NAID

      130006898179

    • Related Report
      2011 Annual Research Report
    • Peer Reviewed
  • [Journal Article] グリーンビルと不動産鑑定評価2012

    • Author(s)
      清水千弘
    • Journal Title

      不動産鑑定

      Volume: 2012.4 Pages: 28-42

    • Related Report
      2011 Annual Research Report
  • [Journal Article] 不動産市場情報と不動産鑑定価格2012

    • Author(s)
      清水千弘
    • Journal Title

      不動産鑑定

      Volume: 2012.2 Pages: 24-35

    • Related Report
      2011 Annual Research Report
  • [Journal Article] 経済危機と住宅価格指数2012

    • Author(s)
      Erwin Diewert・清水千弘
    • Journal Title

      日本経済新聞・経済教室

      Volume: 2012.1.13 Pages: 1-1

    • Related Report
      2011 Annual Research Report
  • [Journal Article] 東京大都市圏における持家取得者の住居移動に関する研究2011

    • Author(s)
      佐藤英人・清水千弘
    • Journal Title

      都市計画論文集

      Volume: 46-3 Pages: 559-564

    • NAID

      10030402015

    • Related Report
      2011 Annual Research Report
    • Peer Reviewed
  • [Journal Article] 不動産取引価格と不動産鑑定価格2011

    • Author(s)
      清水千弘
    • Journal Title

      不動産鑑定

      Volume: 2012.2 Pages: 31-42

    • Related Report
      2011 Annual Research Report
  • [Journal Article] 不動産バブルの教訓2011

    • Author(s)
      清水千弘
    • Journal Title

      日本不動産学会誌

      Volume: 25(1) Pages: 29-38

    • NAID

      130005103800

    • Related Report
      2011 Annual Research Report
  • [Journal Article] Power Laws in Real Estate Prices During Bubble Periods2011

    • Author(s)
      Takaaki Ohnishi, Takayuki Mizuno, Chihiro Shimizu, Tsutomu Watanabe
    • Journal Title

      東京大学金融教育研究センターWorking Paper

      Volume: CARF-F-263 Pages: 22-22

    • Related Report
      2011 Annual Research Report
  • [Journal Article] スプロール化と中心市街地の衰退-大規模店舗の立地規制と商業施設投資リスク-2011

    • Author(s)
      中村良平・清水千弘
    • Journal Title

      東京大学空間情報科学研究センターDiscussion Paper

      Volume: No.109 Pages: 18-18

    • Related Report
      2011 Annual Research Report
  • [Presentation] Real Estate Prices;Availability, Importance, and New Developments2014

    • Author(s)
      Shimizu, C
    • Organizer
      Second IMF Statistical Forum:Statistics for Policymaking;Identifying Macroeconomic and Financial Vulnerabilities
    • Place of Presentation
      IMF, Washington. D.C, (USA)
    • Year and Date
      2014-11-18 – 2014-11-19
    • Related Report
      2014 Annual Research Report
    • Invited
  • [Presentation] Decomposing a CPPI into Land and Structure Components.2014

    • Author(s)
      Shimizu, C
    • Organizer
      International Conference on Commercial Property Price Indicators(Eurostat, ECB, IMF and BIS, OECD)2014
    • Place of Presentation
      European Central Bank, Frankfurt, (Germany)
    • Year and Date
      2014-09-29 – 2014-09-30
    • Related Report
      2014 Annual Research Report
    • Invited
  • [Presentation] Measuring Commercial Property Prices in Tokyo2014

    • Author(s)
      Shimizu, C
    • Organizer
      33rd IARIW General Conference
    • Place of Presentation
      Rotterdam, (Netherlands)
    • Year and Date
      2014-08-24 – 2014-08-30
    • Related Report
      2014 Annual Research Report
  • [Presentation] Sticky Housing Rents and Monetary Policy:The Japanese Experience2014

    • Author(s)
      Shimizu, C
    • Organizer
      Society for Economic Measurement
    • Place of Presentation
      Chicago University, (USA)
    • Year and Date
      2014-08-18 – 2014-08-20
    • Related Report
      2014 Annual Research Report
  • [Presentation] Urban Amenities and Rent2014

    • Author(s)
      Shimizu, C
    • Organizer
      XVIII World Congress of Sociology
    • Place of Presentation
      Yokohama, (Japan)
    • Year and Date
      2014-07-15 – 2014-07-20
    • Related Report
      2014 Annual Research Report
  • [Presentation] Alternative approaches to CPPIs for Tokyo2014

    • Author(s)
      Shimizu, C
    • Organizer
      United Nations Economic Commission, Meeting of the Group of Experts on Consumer Price Indices,2014
    • Place of Presentation
      United Nations, Geneva, (Switzerland)
    • Year and Date
      2014-05-26 – 2014-05-28
    • Related Report
      2014 Annual Research Report
    • Invited
  • [Presentation] The Investment Value of Green Buildings2013

    • Author(s)
      Shimizu,C
    • Organizer
      European Real Estate Society Annual Congress2013,
    • Place of Presentation
      Vienna, Austria
    • Related Report
      2013 Annual Research Report
  • [Presentation] Commercial Property Price Indexes for Tokyo2013

    • Author(s)
      Shimizu,C
    • Organizer
      Ottawa Group Meeting 2013
    • Place of Presentation
      Denmark Statistics Office, Copenhagen Denmark
    • Related Report
      2013 Annual Research Report
    • Invited
  • [Presentation] 日米の住宅価格の分布とバブル2012

    • Author(s)
      大西立顕・水野貴之・清水千弘・渡辺努
    • Organizer
      日本物理学会
    • Place of Presentation
      関西学院大学
    • Year and Date
      2012-03-24
    • Related Report
      2011 Annual Research Report
  • [Presentation] 東京大都市圏における持家取得者の住居移動に関する研究2011

    • Author(s)
      佐藤英人・清水千弘
    • Organizer
      日本都市計画学会
    • Place of Presentation
      東京大学
    • Year and Date
      2011-11-19
    • Related Report
      2011 Annual Research Report
  • [Presentation] 東京都区部における賃貸オフィスビルの環境性能が賃貸価格に与える影響に関する研究2011

    • Author(s)
      菅田修・川村康人・清水千弘
    • Organizer
      日本不動産学会
    • Place of Presentation
      京都大学
    • Year and Date
      2011-10-16
    • Related Report
      2011 Annual Research Report
  • [Presentation] 持家の帰属家賃と賃貸家賃の時系列比較2011

    • Author(s)
      森田学・清水千弘・唐渡広志
    • Organizer
      日本不動産学会
    • Place of Presentation
      京都大学
    • Year and Date
      2011-10-16
    • Related Report
      2011 Annual Research Report
  • [Presentation] On the Evolution of the House Price Distribution2011

    • Author(s)
      Ohnishi, T., T.Mizuno, C.Shimizu, T.Watanabe
    • Organizer
      ISI (International Statistics Institute (2011, 58th Congress
    • Place of Presentation
      Dublin, Irland
    • Year and Date
      2011-08-22
    • Related Report
      2011 Annual Research Report
  • [Presentation] Global Trend in Green Investing for Property Market2011

    • Author(s)
      Shimizu, C
    • Organizer
      2011 CHINA-JAPAN-USA Innovation Forum for Sustainable Built Environment
    • Place of Presentation
      Southwest Jiaotong University, Chengdu, China
    • Year and Date
      2011-07-15
    • Related Report
      2011 Annual Research Report
  • [Presentation] Will green buildings be appropriately valued by the market?2011

    • Author(s)
      Shimizu, C
    • Organizer
      2011 CHINA-JAPAN-USA Innovation Forum for Sustainable Built Environment
    • Place of Presentation
      Tongji University, Shanghai, China
    • Year and Date
      2011-07-14
    • Related Report
      2011 Annual Research Report
  • [Presentation] House Prices at Different Stages in Buying/Selling Process2011

    • Author(s)
      Shimizu, C., K.G.Nishimura, T.Watanabe
    • Organizer
      Ottawa Group Meeting2011, (United Nations Statistical Division)
    • Place of Presentation
      Inter Continental Hotel, Wellington, New Zealand
    • Year and Date
      2011-05-05
    • Related Report
      2011 Annual Research Report
  • [Presentation] Biases in commercial appraisal-based property price indexes in Tokyo-Lessons from Japanese experience in Bubble period

    • Author(s)
      Shimizu,Chihiro
    • Organizer
      International Conference on Commercial Property Price Indicators
    • Place of Presentation
      European Central Bank(Frankfurt)
    • Related Report
      2012 Annual Research Report
    • Invited
  • [Presentation] The Estimation of Owner Occupied Housing Indexes using the RPPI: The Case of Tokyo

    • Author(s)
      Shimizu,Chihiro
    • Organizer
      Meeting of the Group of Experts on Consumer Price Indices
    • Place of Presentation
      UNITED NATIONS(Geneva)
    • Related Report
      2012 Annual Research Report
    • Invited
  • [Presentation] Will green buildings be appropriately valued by the market?

    • Author(s)
      Shimizu, Chihiro
    • Organizer
      ZEMCH2012, International Conference
    • Place of Presentation
      Glasgow Arts School, UK
    • Related Report
      2012 Annual Research Report
  • [Presentation] Commercial Property Price Indexes for Tokyo-Transaction-Based Index, Appraisal-Based Index and Present Value Index-

    • Author(s)
      Shimizu, Chihiro
    • Organizer
      Economic Measurement Group International Workshop
    • Place of Presentation
      (Crown Plaza Hotel in Sidney by New South Wales University, Australia) , 2012.11.23.
    • Related Report
      2012 Annual Research Report
  • [Remarks] 麗澤大学 清水千弘研究プロジェクト

    • URL

      http://www.cs.reitaku-u.ac.jp/sm/shimizu/Project.html

    • Related Report
      2014 Annual Research Report
  • [Remarks] 研究プロジェクト 「家計・企業の多様性に配慮した不動産価格指数の開発」2011-2014

    • URL

      http://www.cs.reitaku-u.ac.jp/sm/shimizu/Project.html

    • Related Report
      2013 Annual Research Report
  • [Remarks] 麗澤大学 清水千弘 研究プロジェクト

    • URL

      http://www.cs.reitaku-u.ac.jp/sm/shimizu/Project.html

    • Related Report
      2012 Annual Research Report
  • [Remarks] 研究論文は,すべて下記からダウンロードができる

    • URL

      http://www.cs.reitaku-u.ac.jp/sm/shimzu/Papers-and-Books.html

    • Related Report
      2011 Annual Research Report
  • [Remarks] 学会報告・国際会議のプログラム及び報告用スライドは,すべ下記からダウンロードできる

    • URL

      http://www.cs.reitaku-u.ac.jp/sm/shimizu/Social-Activity.html

    • Related Report
      2011 Annual Research Report

URL: 

Published: 2011-04-06   Modified: 2019-07-29  

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