[...] the value of the average Japanese house depreciates to zero in 22 years. (It is calculated separately from the land, which is more likely to hold its value.) Most are knocked down and rebuilt. Sales of new homes far outstrip those of used ones, which usually change hands in the expectation that they will be demolished and replaced. In America and Europe second-hand houses accounted for 90% of sales and new-builds for 10% in 2017. In Japan the proportions are the other way around. — The Economist
The Economist article describes Japan’s throwaway housing culture as a phenomenon that is not only a burden on the national economy and the environment but also does not see renovation and refurbishment of existing structures as an appreciation in value.
There are exceptions of course: one rare example of an upgraded old structure is this Kyoto guest house makeover by B.L.U.E. Architecture Studio, published on Archinect earlier this month.
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