Year-end Sale % OFF 
Abstract
Market price of existing houses in Japan depreciates more dramatically than in other advanced economies including the US. It is usually recognized that the price of the structure of wooden residential properties in Japan become zero after 20 years of construction. In this paper, actual transaction data from MLIT is analyzed with several assumptions because of availability of data. The attempt to decompose the price of the structure and land revealed that the structure component depreciates very rapidly and the price of the structure becomes not only zero but also negative after 28 years on average.
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