The residential property price index released from MLIT is an indexed report of trends in real estate values, created by applying information from nearly three hundred thousand of real estate transaction prices yearly.
MLIT has been releasing residential property price index since Aug 2012. This index was developed according to international guidelines with the cooperation with IMF(International Monetary Fund) and Eurostat(Statistical Office of the European Union). Outbreak of the financial crisis in 2008 was the major circumstances leading to an increased need of creating and releasing a residential property price index that was in accordance with international common rules.
The purpose of residential property price index is to ensure transparent and revitalize real estate transactions by understanding real estate market fluctuations in a timely and appropriate manner.
The contents of residential property price index
Targeted real estate properties are first separated into residential and commercial categories, then sorted into even more specific types of properties for indices and recent trends as shown below.
【Residential properties】
Residential area (empty lot)
Detached house (land with building)
Condominium
【Commercial properties】
Office
Warehouse
Factory
Condominium・Apartment (one building)
Commercial area
Industrial area
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2010 average equals 100. Additionally, month-to month basis figures are indicated to easily compare price estimation.