Analysis of architectural potential value of older rental condominiums and study of real estate value by adding social value

Abstract

In the central part of Fukuoka City, while large-scale urban development is progressing, the aging of rental apartments constructed during the high economic growth period has become a pressing urban issue. However, there is insufficient information available to understand the actual situation..The “Reizensou” building in Hakata Ward, Fukuoka City, which is 65 years old and has received the Fukuoka City Urban Landscape Award, serves as a successful case of revitalization leading to increased social value. Based on the established revitalization methods from Reizensou, we have devised a “Social Value Analysis Method for Real Estate” to visualize the social value of properties. Through this method, we objectively confirmed that Reizensou has greater social value compared to similar projects.To identify properties with high latent value for revitalization, we need to focus not only on traditional assessments based on the age of construction but also on the inherent charm related to “architectural latent value.” Therefore, we initiated property verification using the “Retro Attractiveness Index. By first identifying properties with high architectural latent value and then working on social value enhancement, we aim to contribute to the revitalization of the rental apartment stock.