Effects of the occupation by a third party in the real estate auction market

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  • 第三者占有が不動産競売市場に与える影響
  • ダイサンシャ センユウ ガ フドウサン キョウバイ シジョウ ニ アタエル エイキョウ

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This paper analyzes the effect of occupation on the real estate auction. Hedonic analysis on the winning bid reveal that the real estate occupied by a third party are priced lower by 8％ than that without occupation. Combining with the findings in the previous literature, this paper shows that the regulation reform on the vacation introduced in 2003 decreased the transaction cost significantly but there is still room for refinement.

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