Land Price Fluctuations and their spread over metropolitan areas

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In the process of high economic growth followed by rapid urbanization after the war, Japan has experienced inflationary rises in land prices. After the whole process of land price inflations was looked back,our analysis focussed on the recent land price inflation occurred in the later half of 1980s. The increase in land prices emerged from the demands for office spaces in the CBD of Tokyo and later spread over residential areas in the suburbs of Tokyo as well as other major metropolitan areas. This change is thought to have been brought about not only by real demand for land but also by speculative demand materialized through extraordinarily low interest rate. As a result,so-called "bubbles" have occurred in the land market. Then the sharp devaluation of land is under way since the turn of decades.(1) For the study we have built the dataset of land prices based on the "Public Anuouncement of Land Prices" in the metropolitan areas of Tokyo and Osaka. (2) Using the dataset,the land price gradient functions and diffusion functions were estimated and used for the analysis of the process of land price inflation. (3) As to bubbles in the land market, theoretical analysis have been done. (4) The impact of the improvement of transportation and other public facilities on land prices has been theoretically considered and empirically studied, utilizing hedonic approach. (5) The relationship between economic growth rates and highest land prices in the cities has been empirically investigated. (6) Lastly, the recent policies for intending to control land prices, for example the introduction of land price tax etc., have been examined.