Abstract
In Japan, the disclosure of in-depth land price data is increasingly considered to be critical to establishing transparent and fair land markets. The land market value publication by the Land Appraisal Committee, under the Ministry of Land, Infrastructure, Transport and Tourism, and prefectural governments (chika-koji and chika-chosa in Japanese) have played a major role in land pricing, and since 2005, publicly accessible real estate transaction prices have also been integral components of land pricing. However, these datasets alone do not provide adequate information to all market participants. The appraised prices often differ from actual transaction prices, and important transactional information such as the precise location, time, and attributes of properties are restricted due to privacy constraints. Further, appraised prices are not easily comparable with actual transaction prices due to dissimilar distribution points.
In this paper, we propose the publication of land price information by interpolating appraised prices for every transaction location using kriging, and comparing them to actual transaction prices; subsequently, we draw a map that allows us to easily understand trends in land prices. In addition, we develop an experimental online database that allows for easily searchable interpolated appraised land prices, accompanied by land price history and local market conditions.
