{"title":"日本公寓住房设备陈旧、翻新不力、折旧过快","authors":"Masatomo Suzuki , Chihiro Shimizu","doi":"10.1016/j.jjie.2024.101306","DOIUrl":null,"url":null,"abstract":"<div><p>Employing a novel dataset on Tokyo condominium resales with details regarding their equipment and renovation status, this study provides a background for the rapid depreciation of Japanese condominiums, particularly due to obsolete housing equipment and weak renovation. Condominiums over the age of 20 years tend to lack contemporary equipment and exhibit severe economic obsolescence. This is measured as a greater rate of price decline caused by the lack of contemporary equipment for old condominiums than new condominiums. While intensive renovation can slow down depreciation by adding contemporary equipment to old condominiums, only around half of such condominiums undergo intensive renovation. These trends are consistent across the Tokyo metropolitan area. The results imply the potential to shift to a society where properties can attain longer economic lives through appropriate renovations and contemporary housing equipment is provided through frequent new constructions, as often seen in Asian countries.</p></div>","PeriodicalId":47082,"journal":{"name":"Journal of the Japanese and International Economies","volume":"71 ","pages":"Article 101306"},"PeriodicalIF":2.6000,"publicationDate":"2024-01-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Obsolete housing equipment, weak renovation, and rapid depreciation of Japanese condominiums\",\"authors\":\"Masatomo Suzuki , Chihiro Shimizu\",\"doi\":\"10.1016/j.jjie.2024.101306\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><p>Employing a novel dataset on Tokyo condominium resales with details regarding their equipment and renovation status, this study provides a background for the rapid depreciation of Japanese condominiums, particularly due to obsolete housing equipment and weak renovation. Condominiums over the age of 20 years tend to lack contemporary equipment and exhibit severe economic obsolescence. This is measured as a greater rate of price decline caused by the lack of contemporary equipment for old condominiums than new condominiums. While intensive renovation can slow down depreciation by adding contemporary equipment to old condominiums, only around half of such condominiums undergo intensive renovation. These trends are consistent across the Tokyo metropolitan area. The results imply the potential to shift to a society where properties can attain longer economic lives through appropriate renovations and contemporary housing equipment is provided through frequent new constructions, as often seen in Asian countries.</p></div>\",\"PeriodicalId\":47082,\"journal\":{\"name\":\"Journal of the Japanese and International Economies\",\"volume\":\"71 \",\"pages\":\"Article 101306\"},\"PeriodicalIF\":2.6000,\"publicationDate\":\"2024-01-28\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of the Japanese and International Economies\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S0889158324000029\",\"RegionNum\":3,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"ECONOMICS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of the Japanese and International Economies","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0889158324000029","RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"ECONOMICS","Score":null,"Total":0}
Obsolete housing equipment, weak renovation, and rapid depreciation of Japanese condominiums
Employing a novel dataset on Tokyo condominium resales with details regarding their equipment and renovation status, this study provides a background for the rapid depreciation of Japanese condominiums, particularly due to obsolete housing equipment and weak renovation. Condominiums over the age of 20 years tend to lack contemporary equipment and exhibit severe economic obsolescence. This is measured as a greater rate of price decline caused by the lack of contemporary equipment for old condominiums than new condominiums. While intensive renovation can slow down depreciation by adding contemporary equipment to old condominiums, only around half of such condominiums undergo intensive renovation. These trends are consistent across the Tokyo metropolitan area. The results imply the potential to shift to a society where properties can attain longer economic lives through appropriate renovations and contemporary housing equipment is provided through frequent new constructions, as often seen in Asian countries.
期刊介绍:
The Journal of the Japanese and International Economies publishes original reports of research devoted to academic analyses of the Japanese economy and its interdependence on other national economies. The Journal also features articles that present related theoretical, empirical, and comparative analyses with their policy implications. Book reviews are also published.