Frontiers of Real Estate Science in Japan.

• Superior document: New Frontiers in Regional Science: Asian Perspectives ; v.29
• Author: Asami, Yasushi.
• TeilnehmendeR: Higano, Yoshiro.; Fukui, Hideo.
• Place / Publishing House: Singapore : : Springer Singapore Pte. Limited,, 2021.; ©2021.
• Year of Publication: 2021
• Language: English
• Series: New Frontiers in Regional Science: Asian Perspectives
• Physical Description: 1 online resource (335 pages)

This open access book presents recent research and hot topics in the field of real estate science in Japan. It features carefully selected English translations of peer-reviewed papers and excellent articles published in the Japanese Journal of Real Estate Sciences, as well as papers presented at the Japan Association of Real Estate Sciences (JARES) annual conference. The topics covered include market analyses of vacant houses, policies for reuse of vacant houses, property tax policy, issues of land for which the owners are unknown, disaster and real estate values, the siting optimization plan and its influence on real estate, big data and ICT technology for the real estate business, and public real estate management. Real estate science in Japan has developed in step with international research in the fields of law and economics, regional science, civil engineering, environmental science, architectonics, and related areas. At the same time, it has evolved into a unique discipline that focuses on policy-oriented practical science with arguments for the reform of outdated laws, regulations, and traditional customs. Asian countries are currently growing rapidly and are catching up with developing countries. The lessons learned and know-how accumulated by JARES is helpful for practitioners and policymakers not only in Japan, but also in other Asian countries.

Table of Contents

Intro -- Contents -- Part I: Real Estate and the Legal System -- Chapter 1: Real Estate and the Legal System of Japan -- 1.1 Iwasaki (2020) -- 1.2 Nakagawa (2020) -- 1.3 Fukui (2020) -- 1.4 Yoshihara (2020) -- 1.5 Ohya (2020) -- 1.6 Ooka (2020) -- Chapter 2: Legal Issues of Land Plots with Unknown Owners -- 2.1 Introduction -- 2.1.1 The Social Problem Created by Real Estate with Unknown Ownership (Vacant Premises and Abandoned Land) -- 2.1.2 Problems in Terms of Administrative Law, Tax Law and Civil Transactions -- 2.1.3 Enactment of the Special Measures Act on Vacant Premises -- 2.1.4 Discussion Concerning Measures to Deal with Land Plots with Unknown Owners Such as Abandoned Land -- 2.2 Why Does Land Plots with Unknown Owners Arise? -- 2.2.1 The Potential Number of `Unknown´ Owners Is Very Large -- 2.2.2 The Impact of Dilution of Family Relationships and Increase in Wastelands and Abandoned Land with Unknown Owners -- 2.2.3 The Impact of Urban Concentration of Population and Industry: The Decline in Land Prices and Absence of Transactions in ... -- 2.2.4 Emergence of New Inheritance Problems: Real Estate Put in Storage Due to Elderly Inheritance and Inheritance Disputes -- 2.3 Why Must the Issue of Land Plots with Unknown Owners Be Resolved? -- 2.3.1 Impact of Change in Family Relationships: Incomplete Management Due to Increase in One-Person Households Comprised of a ... -- 2.3.2 Impairment on Public Works and Economic Activity -- 2.3.3 Problem of Collecting Fixed Assets Tax, Inheritance and Gift Taxes Pertaining to Land Plots with Unknown Owners -- 2.4 How Can the Problem of Land Plots with Unknown Owners Be Solved? -- 2.4.1 Policies to Deal with Land That Has Economic Value -- 2.4.2 Measures to Deal with Land That Has Lost Its Economic Value -- Chapter 3: The Efficiency of the Titling System: Perspectives of Economics -- 3.1 Introduction.

3.2 Two Types of Real Estate Titling Systems -- 3.3 Features of Japan´s Titling -- 3.3.1 A Recording System for the Titling System -- 3.3.2 The Cost of Not Reflecting the Current Owner Relationship -- 3.4 Economic Evaluation of the Choice of Titling System -- 3.4.1 The Theoretical Framework -- 3.4.2 Simulation Using Numerical Examples -- 3.5 Conclusion -- References -- Chapter 4: Land Plots with Unknown Owners: Causes and Legal Measures-The Necessity for a Thorough Reduction of Transaction Cos... -- 4.1 Why Is There Land with Unknown Ownership? -- 4.1.1 The State of Shared Ownership That Tends to Arise Through the Ownership and Inheritance Provisions in the Civil Code -- 4.1.2 Real Estate Registration has Little Benefit Despite the High Cost -- 4.1.3 The High Cost of Land Fixed Assets Tax Means It Is Not Worth the Usage Value -- 4.1.4 This Fixed Assets Tax on Buildings Does Not Function as the Beneficiary´s Burden in Relation to Public Service and Publi... -- 4.1.5 Distortion in Inheritance Tax Assessment -- 4.2 Land with Unknown Ownership as a Problem of Transaction Costs: The High Cost of Reconciling Rights Is an Obstacle to Land ... -- 4.3 Fixed Assets Tax on Land and Buildings, Land Capital Gains Tax, and Land Liquidity -- 4.3.1 Land Tax -- 4.3.2 Building Tax -- 4.4 Titling System, Real Estate Registration Tax, Circulation Tax, and Land Liquidity -- 4.5 Response Through Land Expropriation for Public Business -- 4.5.1 Imperfect Function of the Expropriation System and Unknown Ruling (Ruling Without Knowing the Owner´s Identity) -- 4.6 Steps to Resolve Obstructions to the Effective Utilization of Land with Unknown Ownership Considering the Cause: Preventio... -- 4.6.1 Prevention Policies from the View of What Caused There to be Land with Unknown Ownership -- Improve the Tilting Ownership and Public Notice Systems.

Reporting Obligation for the True Owner and Its Public Notification -- Principle of Titling Perfection Requirements -- Simplification of Titling Procedures -- Abolition of Real Estate Registration Tax -- The Public Notice of Land Information Approach -- Improve the Tax System that Obstructs the Circulation of Land and Buildings -- Revise Land Tax -- Tighten the Tax Rate on Fixed Assets Tax and Market Value Evaluations -- Consider the Cost to Adjust Rights in the Market Value Evaluation -- Introduce Land Capital Gains Tax and Unrealized Profit Interest Tax -- Correction of Distortion in Inheritance Tax Assessment -- Revise Fixed Assets Tax on Buildings -- Abolition of Fixed Assets Tax on Building that Do Not Cause Negative Externalities -- Abolish the Reconstruction Cost Method for Evaluating the Fixed Assets Tax on Buildings and Change to an Acquisition Price-Bas... -- Improve the Co-ownership System and Inheritance System Under the Civil Code: Restrict the State of Co-ownership -- 4.6.2 Promote the Use of Land with Unknown Ownership -- Unify the Operation of the Land Expropriation System and Aggregate the Implementation Organization -- Improve Unknown Determination -- Implementation of a Ruling Scheme for the Disposal and Use of Land for Private Sector Businesses -- Schemes Where a Business Is of a Certain Public Nature -- Scheme of Legal Fiction for the Owner´s Intent as a Transaction Costs Measure -- Abolition of the Unanimous Principle for Common Property Procedures: Simplify the State of Shared Ownership Resolution -- 4.6.3 Land Not Liquidated Even If It Minimizes Transaction Costs -- Thorough Tax Exemption for the Fixed Assets Tax: Constraints on Investment in Public Service and Public Welfare Facilities -- System for Renouncing Ownership and Inheritance in Relation to Land and Building -- Non-participation in Land with Little Usage Value.

4.7 The Connection Between Urban Aggregation and the Problem of Land with Unknown Ownership -- References -- Chapter 5: Realities and Challenges of Land Issues in the Era of Depopulation -- 5.1 Emergence of Land of Unknown Ownership -- 5.2 Issue of Unregistered Inheritances -- 5.3 557 Local Authorities ``Have Had Problems´´ -- 5.4 This Issue Will Inevitably Worsen If Nothing Is Done -- 5.5 Necessary Countermeasures in the Future -- 5.5.1 Improving Inheritance Registration -- 5.5.2 Need for a Means to Deal with Land of Unknown Ownership -- 5.5.3 Improving Land Information Infrastructure -- 5.6 Appropriately Handing Down Land to Future Generations -- References -- Chapter 6: The Negative Effect Factors of the Land Acquisition System for Profit-Oriented Enterprises in Order to Promote Econ... -- 6.1 Introduction -- 6.2 Review of Previous Studies -- 6.2.1 Land Acquisition -- 6.2.2 Negative Effect Factors on Land Acquisition System -- 6.2.3 Literature Related to Land Acquisition in Malaysia -- 6.2.4 Summary -- 6.3 Changes in Economic Policy after the Independence of Malaysia Leading to the Revision of the Land Acquisition Act in 1991 -- 6.3.1 Overview of Malaysia and Changes in Economic Policy -- 6.3.2 The Revision of Land Acquisition Act in 1991 -- Expansion of Acquisition Requirements -- Discovery of Corruption and Bribery -- 6.4 Legal System and Structure of Land Administration in Malaysia -- 6.4.1 Legal System of Malaysia -- The Federal Constitution as Supreme Law -- Provision of Property Rights in the Federal Constitution -- Limitation of Judicial Review -- 6.4.2 Legislation and Administrative Jurisdiction Over Land in Malaysia -- 6.5 Consideration and Conclusion -- References -- Chapter 7: Empirical Analysis on the System Revisions of Judicial Real Estate Auctions: Comparison with General Real Estate Tr... -- 7.1 Introduction.

7.2 Previous Research -- 7.3 Outline of Judicial Real Estate Auctions and Voluntary Sales -- 7.3.1 Outline of Judicial Real Estate Auctions -- 7.3.2 Outline of Voluntary Sales -- 7.4 Main Revisions of the Judicial Real Estate Auction System -- 7.4.1 Abolition of the Protection of Short-Term Tenancy -- 7.4.2 Revision of the Minimal Sale Price System -- 7.4.3 Introduction of Information Provided Through the Internet -- 7.5 Empirical Analysis of the Impact of System Revisions of Judicial Real Estate Auctions -- 7.5.1 Hypothesis to be Verified -- 7.5.2 Data -- 7.5.3 Estimation Model -- Heckit Model -- Switching Regression Model -- 7.5.4 Estimation Results and Consideration -- Bid Acceptance Ratio -- Number of Bidders -- Highest Bid -- 7.6 Empirical Analysis Concerning the Price Difference for Judicial Real Estate Auctions, Voluntary Sales, and General Real Es... -- 7.6.1 Background to the Problem and the Hypothesis to be Verified -- 7.6.2 Data -- 7.6.3 Estimation Model -- 7.6.4 Estimation Results -- 7.7 Policy Proposals Concerning Revisions of the Court Auction System -- 7.7.1 Proposal Concerning the Resolution of Information Asymmetry for Auction Properties -- Expand the Data Listed in the Broadcast Information of Tri-set System -- Improving the Preliminary Inspection Procedures -- 7.7.2 Proposal for Lower Limit Price for Effective Bidding -- 7.7.3 Property Handover -- 7.8 Conclusion -- 7.9 Future Issues -- References -- Part II: Real Estate Tax System and Real Estate Market in Japan -- Chapter 8: Introduction: Real Estate Tax System and Real Estate Market in Japan -- 8.1 Characteristics of Real Estate Affairs in Japan -- 8.2 Issues Related to the Land Legal Systems in Japan -- 8.3 Characteristics of Real Estate Market in Japan -- 8.4 Conclusion -- References.

Chapter 9: Professional Practices in Fixed Assets Valuation and Assessor Education in North America: Suggestions for Japan.