IPD不動産投資インデックス

日本における課題と展望

抄録

The Japanese property investment market has changed rapidly in the last several years. This change is symbolised by launch of J-REIT. However, they have still been lack of fundamental infrastructures such as property investment index and performance benchmark.
Investment Property Databank, a British company, was established in 1985and has provided with property performance benchmark service and property index. The IPD system has developed and been adopted into 13 countries.
The purpose of this paper is firstly to show a short history of IPD index and its future. The significance of performance benchmark measurement is also explained in this context. The second purose is to discuss about practical issues which Japanese property market should overcome in order to have IPD-type index. The impact of the important changes in the current Japanese property market on property index is summarised.
The establishment of a standard property investment index is not as easy as that of the other investment markets. Property investment index relies on property valuation while property valuation is often an issue of disputes in property market industry. However, more important issue in Japan is the perception of property investors or fund managers regarding to investment performance measurement. The performance measurement is a basic strategic tool for rational and efficient property portfolio management. It is substantially important for the Japanese property investors to realise the importance of this concept. The property investment index is a tool to make property market more transparent and efficient.