- April 21, 2024
- Posted by: legaleseblogger
- Category: Related News
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I think this is very misleading. Median data for the whole Japan does make a lot of sense as It depends very highly on the location (Tokyo/major city vs inaka, distance to the train station etc).
I was able to resale my apartment at the same price i bought new 5 years ago as my neighborhood gained in attractiveness. This is a specific case but shows that median values can be far from the reality.
you can see the same data but for only Tokyo
https://propertyresearch.jp/housing-market-report/Tokyo
Land appreciates, but buildings depreciate a lot
Those two blues are very similar
I’d personally like to see how they’re sourcing and calculating these graphs. The website where this is pulled from is only 37 days old (via whois).
And maybe this is just too skeptical, but what is a website called “propertyresearch” possibly going to say other than “investing in property is good.” That is to say, I have doubts our interests are aligned.
I’ve often wondered how much of this is a self-fulfilling prophecy…
– People are told that homes decrease in value over time.
– Armed with this knowledge, they build their home out of the cheapest materials possible, and spend nothing on general upkeep / renovations over the years.
– After 30+ years of neglect, their home has fulfilled its promise of being a worthless pile of garbage.
I had a home built near Tokyo a few years ago. Spent a bit extra to customize it so it’s nicer (open floorpan, wood floors, minimal wallpaper, and high-quality insulation in the walls & windows.) I didn’t spend extra hoping to buck the depreciation trend, rather I simply wanted to live in something of decent quality. But I do think in 20 years, this design we chose’ll reflect a lot better in the resale market than typical new construction I see these days, which tends to sport the cheapest plastics and laminates inside, and still lack decent insulation and windows, among other things.
Sharp premium for new apartment buildings, and price for both seems to stablize after around 20 years, maybe that would be a good timing to buy?
Full report in https://propertyresearch.jp/housing-market-report/Japan
Is this for all of Japan? If you bought a new apartment in a good Tokyo location 5,10,15,20 years ago it likely would have appreciated. I had a new apartment in Shinagawa that doubled. Similarly with a house too.
Edit: actually it looks like this is perhaps a snap shot of today rather than a depreciation curve. I.e. comparing a new apartment /house today with a an older one today – not how the original price changed over time.
Interesting. We closed on our land for our house last November and looking at land prices around where we are building prices have already gone up, not by a lot but by a noticeable amount. We paid 1.5M per sqm in Shinagawa, land is at least that in our neighborhood now.
Not sure how much the depreciation on the house will ultimately be, but it’s encouraging to see there likely will be some inflation.
Why are the lines the same color
apartments are including ‘mansion’ or only ‘apaato’?
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The fact that this is what its I love so much.
So a 5 year old apartment is about the sweet spot to buy in.
300k yen per square meter is the price of a cheap house on cheap land. Not land in the sorts of places people tend to build new apartments/mansions.
If you took location into consideration I doubt you’d find much difference per sqm.
Does this take into account the 90s bubble?
That’s seriously weird, and where do you find 500000 house ?
Besides , it really depends on location and quality …just my land today is nearly 2.5x
Is that graph follows the same trend for real-estate rentals? I have not heard any apartment that lowers its rent over time.
While houses countryside drop in price, houses in urban areas increases. Maybe more houses are in countryside that caused the graph to decline.
Interesting thread, thanks for posting
While casa donpaulo doesn’t live in the Tokyo metro area we have both a house and an apartment so the data points did attract my attention
Prices are way up in this neck of the woods for sure
As an aside, the neighboring house has been vacant for years so I suggested we try and sell the land as one unit in order to gain a bit more of a premium. Obviously split by our relative Tsubo holdings… they haven’t responded yet
I heard that In NYC land is cheap and building is expensive. In Japan, land is expensive and building is cheap.