2005 Fiscal Year Final Research Report Summary
A comprehensive study on the development of the real estate industry in Japan
| Project/Area Number |
15330065
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| Research Category |
Grant-in-Aid for Scientific Research (B)
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| Allocation Type | Single-year Grants |
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| Section | 一般 |
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| Research Field |
Economic history
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| Research Institution | University of Tokyo |
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Principal Investigator |
KASUYA Makoto University of Tokyo, Faculty of Economics, Associate Professor, 大学院・経済学研究科, 助教授 (40211841)
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| Co-Investigator(Kenkyū-buntansha) |
KIKKAWA Takeo University of Tokyo, Institute of Social Science, Professor, 社会科学研究所, 教授 (20161507)
HARADA Sumitaka University of Tokyo, Institute of Social Science, Professor, 社会科学研究所, 教授 (50013016)
KASE Kazutoshi University of Tokyo, Institute of Social Science, Professor, 社会科学研究所, 教授 (20092588)
NAKAMURA Naofumi University of Tokyo, Institute of Social Science, Associate Professor, 社会科学研究所, 助教授 (60262086)
WATANABE Keiichi Komazawa University, School of Economics, Associate Professor, 経済学部, 助教授 (00267387)
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| Project Period (FY) |
2003 – 2005
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| Keywords | real estate / electric railways / zaibatsu / buildings for rent / office buildings / land reclamation / the conversion of farmland / the bubble economy |
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| Research Abstract |
We shed light on the growth of the real estate industry from Meiji Restoration to the present with referring mainly to renting of houses and office buildings and to real estate development. Even in the Edo period many merchants let out their land and/or houses in cities. After Meiji Restoration landownership was authorized by the law and registry system was formed. With the formation of these legal systems industrialization and urbanization changed the real estate business significantly. Modern building technique, which was introduced from Western countries, made it possible to construct multistory buildings with elevators. Because the larger the size of the land where a building is constructed, the higher the percentage of the rentable space to the total space of the building, constructing larger buildings was more profitable. Moreover, electric railways were laid rapidly around 1910, housing areas were formed in the suburbs of Tokyo and Osaka, and salaried people began to commute to their office. After the outbreak of World War I, the heavy and chemical industry grew very fast and the demand for factory site near Tokyo increased significantly. In order to meet the demand Soichiro Asano reclaimed land near Yokohama from the sea. In this way, real estate businesses began to develop. After the outbreak of World War II, however, land and housing price was controlled by the government and the control impeded the development of the industry. During the war a large quantity of farmland was converted into factory or housing sites. In the high-growth era the conversion increased dramatically as a result of urbanization and industrialization. After Oil Shock of 1973 the growth rate of the Japanese economy declined and the pace of the conversion also declined ; thus the redevelopment of central area of large cities came to be done by real estate firms.
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Research Products
(14 results)
