住宅地の価格形成要因に関する一考察 : 関西圏のエリア比較をケースとして
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概要
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Real estate assets, particularly residential property, generally differ from stocks and other financial assetsin that conditions vary according to the individual property. In many cases residential property is considerablyexpensive for the general consumer and involves a negotiated transaction. Thus liquidity risk tends to be high, and it becomes important to evaluate the pricing.Understanding the pricing factors of residential property is important in this respect. However, manystudies in the past have used macro data to verify conditions covering the whole country or metropolitanareas. Even the majority of studies that have used individualized micro data cover only the 23 wards of Tokyo. The target area of this paper, therefore, is the Kansai region. First, empirical analyses are given usingaggregated data to confirm time series changes in property prices and their relation to the real economy. Then,pricing factors are examined for individual property value appraisal investigation points. The set of investigation points taken up comprises Hikone City (Shiga Prefecture) and Nishinomiya City (Hyogo Prefecture), andanother set comprises the area along JR Biwako Line and the Hanshin area. Comparisons between these pointsclarify the difference in property value appraisal between areas including and not including so-called brand residential sites.Paragraph 2 theoretically arranges the findings by micro and macro aspects and by time series and crosssectionalaspects. Paragraph 3 conducts empirical analyses using a VAR model for the time series aspectsand an HVM (Hedonic Value Model) for cross-sectional and panel analyses. Paragraph 4 is a summary.
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