The Japanese Journal of Real Estate Sciences

Direction of Housing Market and Policy From standpoint of People's Life

Tohru KURAHASHI

2004 Volume 18 Issue 1 Pages 8
Published: July 26, 2004
Released on J-STAGE: June 15, 2011

DOIhttps://doi.org/10.5736/jares1985.18.8

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Housing Subsidy, Tenant Benefit, and Efficiency of Public Housing

Ryohei NAKAMURA

2004 Volume 18 Issue 1 Pages 9-15
Published: July 26, 2004
Released on J-STAGE: June 15, 2011

DOIhttps://doi.org/10.5736/jares1985.18.9

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There are several types of housing subsidies such as rent subsidy. While the necessity of rent subsidy is decreasing for the medium income class, public housings still have a substantial role of safety net for the low income class. In this article I investigate the role of public housing as a safety net and its evaluation from the viewpoint of affordability and efficiency.

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Analysis of Age Discrimination in the Rental Housing Market and Residential Segregation of Elderly

Masayuki NAKAGAWA

2004 Volume 18 Issue 1 Pages 16-21
Published: July 26, 2004
Released on J-STAGE: June 15, 2011

DOIhttps://doi.org/10.5736/jares1985.18.16

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This paper applies audit study technique to age discrimination in Japanese rental housing market. Using data from the 2001 Osaka Audits, this paper analyzes the level and causes of the discrimination, and argues the relation between age discrimination and residential segregation of elderly. The estimated level of discrimination is high: The number of available housing units about which elderly home-seekers are told is 30 percent fewer. Econometric tests suggest that stereotyping about elderly renters' ability to pay and rental terms, and young people's preference for a neighborhood of young inhabitants influences agent behavior. And age discrimination and inflexibility in the housing market for the elderly are probable reason for residential segregation of elderly.

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Efficiency of Housing Market

Shunichi MAEKAWA

2004 Volume 18 Issue 1 Pages 22-28
Published: July 26, 2004
Released on J-STAGE: June 15, 2011

DOIhttps://doi.org/10.5736/jares1985.18.22

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There are many literatures about the efficiency of housing market and some of them pointed out that the housing market is inefficient, because the search cost is relatively great and the time on market is relatively long because of incomplete information.
In addition, in this paper, we suggest that transaction prices (adjusted quality) in housing market vary because buyer's and seller's reservation prices vary and therefore inefficient transactions take place in housing market. In inefficient transactions, the player who cannot participate in the perfect competitive market, such as the seller who has too high a reservation price, or the buyer with too low a reservation price, may still be able to participate in the actual housing market. And inefficient transactions are one of causes of the social cost.

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Community and the Living Environment

Hiroyasu SAITO

2004 Volume 18 Issue 1 Pages 29-33
Published: July 26, 2004
Released on J-STAGE: June 15, 2011

DOIhttps://doi.org/10.5736/jares1985.18.29

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In Japan, the population has shown increasing concern with the revitalization of community. I think this illustrates an emerging awareness that social relations are eroding and the bond of community therefore weakening.
I believe that this has to do not only with changing times and related social transformations, but also with our relationships to the living environment. This paper therefore examines issues concerning the revitalization of community by considering the current situation in terms of some of these relationships.

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[title in Japanese]

Yasuyoshi HAYASHI

2004 Volume 18 Issue 1 Pages 34-40
Published: July 26, 2004
Released on J-STAGE: June 15, 2011

DOIhttps://doi.org/10.5736/jares1985.18.34

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The Ministry of Land, Infrastructure and Transport clearly converts the housing policy to give its priority to private housing market. But it is only the pursuit of market priority policy in Europe and the U. S., etc. in 1980s. It can be said we should build another important policy to develop ‘new social cooperative sector’ in housing and community field supported by various organizations in the New Public

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Cash-flow Evaluation Method for Urban Redevelopment Project Including Real Option of Multiple Staged Constructions

Daisuke TERASHIMA, Yasuo TOMITA

2004 Volume 18 Issue 1 Pages 41-48
Published: July 26, 2004
Released on J-STAGE: June 15, 2011

DOIhttps://doi.org/10.5736/jares1985.18.41

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In Japan, land price would not be expected to rise rapidly as before. Therefore, the value of urban redevelopment projects would depend on cash-flow of income gain more than capital gain. The value of income gain would be so sensitive to uncertainty such as floor rent and vacancy rate etc. In addition, recent researches indicate that flexibility of decision making on projects, which is called real option, should be considered in project evaluation. Kariya (2001) and Kawaguchi (2002) developed evaluation methods for real estate projects including uncertainty and real option. Kariya (2001) developed standard method considering uncertainties of floor rent and vacancy rate on building usage stage, and Kawaguchi (2002) expanded it to evaluate various uncertainties on from project planning stage to building usage stage. In this study, we expand those methods of Kariya (2001) and Kawaguchi (2002) as to evaluate urban redevelopment project including real option of multiple staged constructions which can be found in real world. Then the calculation method is presented using Dynamic Discount Cash Flow Method. Finally in application the usefulness and feature of the method are proved.

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Risk/Return Analysis of Japan Major 13 Cities' Development by Asset Allocation of Office, Residential and Retail

Go OKAZAKI, Norihiro NAKAI

2004 Volume 18 Issue 1 Pages 49-57
Published: July 26, 2004
Released on J-STAGE: June 15, 2011

DOIhttps://doi.org/10.5736/jares1985.18.49

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After the bubble economy, financing of urban development has been changing dramatically in Japan. It is one of the main reasons that banks prefer corporate loan to non-recourse loan. This paper focuses on risk/return status of tangential portfolio, one of efficient portfolio, and then asset allocation of office, residential and retail. By using income gains of individual cities, an efficient frontier curve is depicted. It is FY1992-2001; including the end of bubble economy and with that effect. We can find some specifications in/out Metropolitan area in terms of risk, return and asset allocation.

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A study on considering the participation of private developers in urban renewal project in China By a case study in Tianjin focused on fairness and transparency

Qing ZHAO, Masahiko NAKANISHI, Norihiro NAKAI

2004 Volume 18 Issue 1 Pages 58-67
Published: July 26, 2004
Released on J-STAGE: June 15, 2011

DOIhttps://doi.org/10.5736/jares1985.18.58

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Since the 90's, private developers in China have been growing remarkably, and as the reform of land-market progresses, they are taking greater actions in urban renewal project than before. In this research we clarified the statutory process of urban renewal, and considered the states of private developers in an actual renewal project in Tianjin Nanshi. We examined them by focusing on ‘fairness’-neither the benefits of private developers, public, nor residents should be damaged by the renewal project, and ‘transparency’-the procedure should be definite and the system should be open. The paper concludes that some parts of the renewal process are not transparent, and recommends to improve the legal system of urban renewal, for example, to introduce a public participation in order to modify the structure that the development plans depend too much on the agreement between the government and developers.

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[title in Japanese]

[in Japanese]

2004 Volume 18 Issue 1 Pages 68-70
Published: July 26, 2004
Released on J-STAGE: June 15, 2011

DOIhttps://doi.org/10.5736/jares1985.18.68

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[title in Japanese]

[in Japanese]

2004 Volume 18 Issue 1 Pages 71-72
Published: July 26, 2004
Released on J-STAGE: June 15, 2011

DOIhttps://doi.org/10.5736/jares1985.18.71

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[in Japanese]

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[title in Japanese]

[in Japanese]

2004 Volume 18 Issue 1 Pages 73-78
Published: July 26, 2004
Released on J-STAGE: June 15, 2011

DOIhttps://doi.org/10.5736/jares1985.18.73

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