The Japanese Journal of Real Estate Sciences

[title in Japanese]

[in Japanese]

2007 Volume 21 Issue 1 Pages 9-11
Published: June 30, 2007
Released on J-STAGE: June 15, 2011

DOIhttps://doi.org/10.5736/jares1985.21.9

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Valuation of Town Brand and Consumer Behavior

[in Japanese]

2007 Volume 21 Issue 1 Pages 12-20
Published: June 30, 2007
Released on J-STAGE: June 15, 2011

DOIhttps://doi.org/10.5736/jares1985.21.12

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The amendment of valuation standards for real estate and due diligence

Takashi UEMATSU

2007 Volume 21 Issue 1 Pages 50-51
Published: June 30, 2007
Released on J-STAGE: June 15, 2011

DOIhttps://doi.org/10.5736/jares1985.21.50

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The recent cases which was pointed out by Finance Agency in J-REITs'market

Katsuhiro KONISHI

2007 Volume 21 Issue 1 Pages 52-55
Published: June 30, 2007
Released on J-STAGE: June 15, 2011

DOIhttps://doi.org/10.5736/jares1985.21.52

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Recently, Financial Service Agency charged a few J-REIT investment entities that they provided information to the real estate appraisers inappropriately. These cases indicate that investment management agencies should practice more explicable decision making process.

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The Use and Limitation of Engineering Reports

Kimiyoshi MACHIYAMA, Naoki NAKAMURA

2007 Volume 21 Issue 1 Pages 56-61
Published: June 30, 2007
Released on J-STAGE: June 15, 2011

DOIhttps://doi.org/10.5736/jares1985.21.56

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A set of investigations which a prospective purchaser (a buyer) conducts prior to a property transaction is referred to as due diligence, and results of a physical investigation conducted as part of the due diligence are complied in an engineering report. The results are reported as opinions of the engineers.
Property transactions traditionally have taken place under regulatory compliance which used to be considered as a minimum requirement in Japan. Main subjects of the transaction used to be lands. Buildings were considered as extras.
In the current movement of real estate securitization, however, it has been recognized that reale state profits are earned from both lands and buildings. A brand new scheme is coming to be established such that a prospective purchaser (a buyer) conducts due diligence under his/her responsibilities, evaluates risks associated with buildings, lands or the environment, and invests with appropriate investment decisions.

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The recent amendment of valuation standards for real estate

Takaji KUMAKURA

2007 Volume 21 Issue 1 Pages 62-69
Published: June 30, 2007
Released on J-STAGE: June 15, 2011

DOIhttps://doi.org/10.5736/jares1985.21.62

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The recent amendment of valuation standards for real estate is aimed at improving the real estate investment market.
Real estate appraisers should carry out the accountability in the investment market.

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The effects of the amendment of valuation standards for real estate securitization on the business of clients of appraisal reports

Yusuke MIZOKOSHI

2007 Volume 21 Issue 1 Pages 70-76
Published: June 30, 2007
Released on J-STAGE: June 15, 2011

DOIhttps://doi.org/10.5736/jares1985.21.70

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Recently, real estate market in Japan is strongly recovering. The growth of real estate securitization market is one of the factors that provide this environment. In Japan, appraisal of real estate plays an important role in this market. This Paper aims to review some effects of the recent amendment of valuation standards of real estate, which has been established by the government of Japan, from the standpoint of clients of appraisal reports. Because the recent amendment demands more detailed explanations than before for appraisers, clients would be able to understand the basis of valuation better. On the other hand, increasing complexity of procedures may require more time and fee.

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The Significance of Amendment to “Criteria for the Appraisal of Real Estate” from a licensed real estate appraiser's point of view

Noriyuki ITO

2007 Volume 21 Issue 1 Pages 77-85
Published: June 30, 2007
Released on J-STAGE: June 15, 2011

DOIhttps://doi.org/10.5736/jares1985.21.77

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The Significance of Amendment to “Criteria for the Appraisal of Real Estate” from a licensed real estate appraiser's point of view.
In securitization market Property Appraisal Report is useful for asset evaluation, LTV test, an investment decision etc. The Property is not One Price but rather exist in price range resulting from various cash-flow scenarios. Accordingly detailed due diligence process is necessary for appraisal report's accuracy. Amendment to “Criteria for the Appraisal of Real Estate” requires cooperation among market players or higher level of objectivity and accountability of the report more than before. Format unification on DCF method will make it possible to verify the report with others and lead to enlarge variety of database.

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The meaning of new valuation standards for real estate from a rating agency's standpoint

Shun-ichi KODAMA

2007 Volume 21 Issue 1 Pages 86-93
Published: June 30, 2007
Released on J-STAGE: June 15, 2011

DOIhttps://doi.org/10.5736/jares1985.21.86

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The recent amendment of valuation standards for real estate will be useful for rating agencies. Real estate appraisers should be required to explain the process and reason for their judgment clearly.

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Estimating Mortgage Choice and Demand for Housing

The Effect of Risk Aversion and Interest Rates

Ryuji KUTSUZAWA

2007 Volume 21 Issue 1 Pages 94-103
Published: June 30, 2007
Released on J-STAGE: June 15, 2011

DOIhttps://doi.org/10.5736/jares1985.21.94

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After the reform of the Government Housing Loan Corporation (GHLC) in 2001, various types of housing loan have been supplied and adjustable rate loan and short time fixed rate loan is increasing in Japan. This paper examines how the mortgage choice between the adjustable rate loan (ARM; including short time fixed rate loan) and the fixed rate loan (FRM) is done and how the change of interest rate influences the choice and the demand for housing. We obtain the results that the mortgage choice is influenced not only by the difference between the rate of FRM and that of ARM but also risk aversion and that the housing demand is decreasing by about 1.63% if ARM rates are raised by 1%.

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Biased Risk Perception and Land Prices in the Disaster Area of the Great Hanshin

Awaji Earthquake

Yasuo KAWAWAKI

2007 Volume 21 Issue 1 Pages 104-115
Published: June 30, 2007
Released on J-STAGE: June 15, 2011

DOIhttps://doi.org/10.5736/jares1985.21.104

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This paper examines the influence of consumer's risk perception on land prices in the disaster area of the Great Hanshin-Awaji Earthquake before and after the earthquake for 14 years based on the theoretical model of biased risk perception. Residential land prices data are merged with earthquake hazard measures andother characteristics of the land in order to estimate the hedonic price of the earthquake risk. Theestimates suggest that the hedonic price fell significantly after the event for several years implying consumer's biased risk perception by information of the earthquake risk.

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Maintenance of Local Forest Environment by a Prefectural Tax

Toward Theoretical Basis of Local Forest Environment Tax

Yan CHEN, Kazuyuki TANAKA

2007 Volume 21 Issue 1 Pages 116-126
Published: June 30, 2007
Released on J-STAGE: June 15, 2011

DOIhttps://doi.org/10.5736/jares1985.21.116

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What is a theoretical basis for a local (prefectural) forest environment tax (FET)? First, in 2, wesurvey the behaviors of the representative prefectures and relevant papers and documents. In 3, we build a simple optimizing model, to get necessary conditions for total welfare maximization of a local market societywithout any government, any tax, or any public expenditure. Then, in 4, we introduce a local government collecting FET and employing goods and labor for the local forest. And, in 4.2, we find that under specific fiscalconditions we can have the same optimal state as one we've got in 3. This can be one primitive basis for FET as is presented in 5.

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[title in Japanese]

[in Japanese]

2007 Volume 21 Issue 1 Pages 127
Published: June 30, 2007
Released on J-STAGE: June 15, 2011

DOIhttps://doi.org/10.5736/jares1985.21.127

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[title in Japanese]

[in Japanese]

2007 Volume 21 Issue 1 Pages 130-131
Published: June 30, 2007
Released on J-STAGE: June 15, 2011

DOIhttps://doi.org/10.5736/jares1985.21.130

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[title in Japanese]

2007 Volume 21 Issue 1 Pages 132-133
Published: June 30, 2007
Released on J-STAGE: June 15, 2011

DOIhttps://doi.org/10.5736/jares1985.21.132

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[title in Japanese]

[in Japanese]

2007 Volume 21 Issue 1 Pages 134-137
Published: June 30, 2007
Released on J-STAGE: June 15, 2011

DOIhttps://doi.org/10.5736/jares1985.21.134

JOURNAL FREE ACCESS

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