A Study on Reconstruction of Condominium in the Metropolitan Area Using Real Estate Data

Abstract

In Japan, there is concern about the impact of the growing stock of older condominiums on the buildings themselves and the surrounding environment, and immediate action is needed. While in other countries, repair, elimination, and retirement of aged condominiums are the mainstream methods, in Japan, reconstruction is sometimes used. This study proposes a new decision criterion using discriminant analysis to address the problem of the difficulty and long time required to build consensus for rebuilding older condominiums. Discriminant analysis used building attributes and other variables to differentiate and predict condominium properties that have been successfully reconstructed from those that were not. Simple and clear answers will enable non-expert judgment and aid in consensus building. Multiple discriminant formulas were obtained and compared for Tokyo and neighbouring cities, as well as by subdividing and adding up these subdivisions. At the same time, coefficients of variables were changed or added to increase the reliability of the equations. As a result, a new modified discriminant equation with a high degree of reliability that advances previous studies was obtained. In addition, through the process of creating the formula, we discovered a new option for determining whether or not to rebuild based on whether or not there is an excess floor-area ratio, which is generally considered to be the solution in Japan, by increasing the site area.