Japanese land values – resources

August 16, 2010  |  Real Estate

The new Modern Art Museum near Roppongi

This article collates together some of the resources on the web that can be used to help assess Japanese land values. Land valuation in Japan is made complicated by the different agencies that issue data on land value combined with the relative lack of liquidity in real estate.

The Japanese National Tax Administration is one agency that collates land price information that is generally used in valuations when assessing inheritance tax or fixed assets tax where the value is intended to be around 80% of the public price. This price is referred to as “rosenka” which can be translated as “roadside prices” and the NTA site includes maps with annotations of the rosenka price.

Regrettably the first two resources below are in Japanese, however where possible links have been included to an example to illustrate how the underlying data is presented on the website. This article will be updated from time to time with new resources.

Land price resources

 

Tokyo land appraisal

Tokyo appraisal

Tokyo Association of Real Estate Appraisers

One of the best resources for Tokyo land values is the database of land valuations projected onto Google Maps by the Tokyo Association of Real Estate Appraisers. Although in Japanese the maps are also annotated with English place names and include data for earlier years and price changes (drop down boxes at the top). There site also includes some valuable links to further resources mainly in Japanese.

Land prices

Professor Nishimura “Distortion in Land Price Information

This excellent academic paper published in 2003, while being a few years old, includes an excellent summary of issues arising from the lack of transparency in Japanese land valuation including explaining the land value reporting system that instead of providing, as one would expect, one market value apparently generates four values subject to the distortions described in the paper.

Rosenka

Tax authority “rosenka” values

This site leads to the Japanese tax authority land price database. This link leads to a map showing land prices in Aoyama, one of the most expensive commercial residential district in central Tokyo.

Homepage for http://www.chikamap.jp/

Research Center for Property Assessment System

This site maintained by a foundation, “The Research Center for Property Assessment System” is probably the best site for Japanese land prices. If there are problems accessing the map shown in the thumbnail to the right then access the homepage, click the button to the bottom right marked 次へ, then look for the four radio button choices and click the one to the far right marked その他 and then finally press the button with green characters agreeing to the terms of the site marked 同意する. Here is a link to a map showing where prices are assessed in the Hiroo area.

Land Ministry home page

Ministry of Land, Infrastructure

This is the English language website of the Japanese Ministry of Land, Infrastructure, Transport and Tourism that includes reports on land price trends and other more detailed information. It includes this English Language map of Japan with real estate transaction details.

The Association for Japanese Real Estate Securitisation includes English pages and their index of JREIT values.


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