What impact did the Great East Japan Earthquake have on the real estate market ？ It is possible that the earthquake could be said to have largely caused two shocks to the real estate market. One was a shock to the domestic market. Specifically, it can be assumed that investment favoring coastal areas has slowed down due to the extensive “tsunami” damage. This is also evident in the decrease in population in such areas. “Tsunami” damage is a geographical issue, but it is also possible to think that foreign capital fled from the entire Japanese market in the wake of the nuclear disaster at the Fukushima Daiichi power plant. The second was a shock to the overseas real estate market. If the capital invested in Japan has been withdrawn, the capital is likely to head for real estate markets in other countries. Furthermore, if there has been an outflow of population from Japan, such demand pressure could cause a shock to the overseas real estate market. This paper aims to organize the possibility of these two routes of shocks brought on by the Great East Japan Earthquake by surveying other prior research that dealt with similar events.

The Urayasu City supported 3,961 damaged houses restoration. The City organized three committees. The first one showed the liquefaction had occurred deeper area than general understanding. It also showed all the possible restoration works and five preventive measures against next liquefaction. The second one inspected two preventive measures were effective and pointed out issues to carry out the preventive projects. The last one examined candidate areas and made specifi c plans. The Consortium constituted by private corporations, the city and the university discussed original development standard and new developments according to the high standard are just beginning.

The law provides the voting rights must be determined by the unit area. The rule was made when the condominiums were relatively small and simple. Nowadays condominiums have become much bigger and high rise. The difference of the market value in a high rise condominium is relatively large. The value of a condominium is made up by the land value and the building value. There are four ways to explain the high price at the upper story in the building. The buyer pay more money for the unit in upper story because of the higher benefi t during the building lifetime. One of the four ways to explain is to assume the high value is a depreciable asset.

In the procedure of land readjustment project, land owners sometimes request to inspect documents about temporary replottings. But, right to inspect these documents is not accepted in judicial precedents. Thinking that the temporary replotting is in fact a permanent replotting, in order to realize a fair substitute replotting, it is necessary for land owners to be accepted the right to inspect the documents about the temporary replotting.