{"id":3997,"date":"2024-01-05T04:49:59","date_gmt":"2024-01-04T20:49:59","guid":{"rendered":"http:\/\/www.gssinst.org\/irer\/?p=3997"},"modified":"2025-12-03T02:25:41","modified_gmt":"2025-12-02T18:25:41","slug":"aging-city-and-house-prices-impact-of-aging-condominium-stock-on-the-housing-market-in-the-tokyo-metropolitan-area","status":"publish","type":"post","link":"https:\/\/www.gssinst.org\/irer\/2024\/01\/05\/aging-city-and-house-prices-impact-of-aging-condominium-stock-on-the-housing-market-in-the-tokyo-metropolitan-area\/","title":{"rendered":"Aging City and House Prices: Impact of Aging Condominium Stock on the Housing Market in the Tokyo-Metropolitan Area"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"3997\" class=\"elementor elementor-3997\" data-elementor-settings=\"[]\">\n\t\t\t\t\t\t<div class=\"elementor-inner\">\n\t\t\t\t\t\t\t<div class=\"elementor-section-wrap\">\n\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6b084dbc elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6b084dbc\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-47d15be8\" data-id=\"47d15be8\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-73767d13 elementor-widget elementor-widget-text-editor\" data-id=\"73767d13\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\"><div class=\"article_label\">Article<\/div><p class=\"article_title\">Aging City and House Prices: Impact of Aging Condominium Stock on the Housing Market in the Tokyo-Metropolitan Area<\/p><div><p class=\"title_label_large\">Author<\/p><p class=\"title_label_large\">Start Page \/ End Page<\/p><p class=\"title_label\">Volume<\/p><p class=\"title_label\">Issue Number<\/p><p class=\"title_label\">Year<\/p><p class=\"title_label_large\">Publication<\/p><\/div><div><p><!-- Author \/ StartEndPage \/ Volume \/ IssueNumber \/ Year \/ Publication --><\/p><p class=\"title_text_large\">Masayuki Nakagawa, Chihiro Shimizu<\/p><p class=\"title_text_large\">465 \/ 490<\/p><p class=\"title_text\">26<\/p><p class=\"title_text\">4<\/p><p class=\"title_text\">2023<\/p><p class=\"title_text_large\">International Real Estate Review<\/p><\/div><div class=\"empty\">\u00a0<\/div><p class=\"abstract_label\">Abstract<\/p><p>Based on an analysis of the housing market in the Tokyo metropolitan area, this study focuses on the external diseconomies of aging condominiums. It is possible that the quality of the condominium stock deteriorates more rapidly than that of ordinary housing. This deterioration in quality leads to a reduction in the quality of housing services received by residents. Furthermore, this worsening of the residential environment may lead to external diseconomies. We run hedonic models to identify the external diseconomies of aging condominiums in the residential market of the Tokyo metropolitan area. The results of our estimated models indicate that such external diseconomies occur for detached housing in areas where detached houses and condominiums coexist. These external diseconomies exert downward pressure on prices. Specifically, detached housing prices are lowered by around 3.2% for each 1% increase in the proportion of total building floor area in neighborhoods where condominiums were built before 1990. In other words, aging condominiums begin to generate diseconomies in their vicinities approximately 20 years after they were built.<\/p><p>\u00a0<\/p><p><!-- PDF DownloadLink --><\/p><p class=\"download\"><a href=\"http:\/\/www.gssinst.org\/irer\/wp-content\/uploads\/2024\/07\/vol26-no4_1-Aging-City-House-Prices-Shimizu.pdf\" target=\"_blank\"><strong>View PDF -https:\/\/doi.org\/10.53383\/100370<\/strong><\/a><\/p><div>\u00a0<\/div><div><p class=\"abstract_label\">Keywords<\/p><p>Aging condominium, External diseconomies, Hedonic approach, Depreciation, Vacant house<\/p><\/div><div>\u00a0<\/div><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Article Aging City and House Prices: Impact of Aging Condominium Stock on the Housing Market in the Tokyo-Metropolitan Area Author&hellip;<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"article-template.php","format":"standard","meta":[],"categories":[265,264],"tags":[],"_links":{"self":[{"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/posts\/3997"}],"collection":[{"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/comments?post=3997"}],"version-history":[{"count":10,"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/posts\/3997\/revisions"}],"predecessor-version":[{"id":4643,"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/posts\/3997\/revisions\/4643"}],"wp:attachment":[{"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/media?parent=3997"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/categories?post=3997"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/tags?post=3997"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}