The Action of the Ministry of Land, Infrastructure, Transport and Tourism towards Adequate Management of the Public Real Estate (Promotion of PRE Strategy)

Abstract

Local governments own large amount of real estate and their ways to manage the property have a major impact on the formation of fair land prices and the realization of effective land use. In local governments, various actions for the better management of their assets, such as introducing public accounting system and constructing new legal system, have been pushed forward. On the other hand, private sector has accumulated knowledge and experience in utilizing real estate. It is required to form and maintain real estate as a national asset under cooperation between public and private sectors by establishing stable funds flow between finance and real estate. The Ministry of Land, Infrastructure, Transport and Tourism have been promoting effective measures and advanced actions toward adequate management of real estate from the viewpoint of utilizing public real estate. It is hoped that this report, by sorting out the backgrounds and points of the issue, would facilitate the actions to promote adequate management and to enhance the fluidity of public real estate.