This article is intended as a preliminary guide only and refers to some, but not all, items that should be considered in detail before starting any real estate transaction or due diligence. Real estate transactions are often complex, especially in foreign countries and we strongly recommend that you seek independent professional advice … Read more…
With older apartments often presenting attractive investment opportunities, it’s worth knowing how long the roof over your head will last.
REthink Tokyo spoke to PLAZA HOMES about which Japanese apartments are most likely to stand the test of time.
History and current condition of Japanese apartments
While century-old vintage apartments can be found all over Europe and New York City, commercial apartments have only been around in Japan for just over 50 years.
PLAZA HOMES said that the establishment of the Building Unit Ownership Law in 1960 helped apartment living become a “popular alternative to home ownership” in Japan.
According to a survey conducted by the Ministry of Land, Infrastructure and Transport in 2013, the number of apartment buildings (by age group) is:
- 970,000 30-40 years (built 1973-1983,)
- 310,000 40-50 years (built from 1963 to 1973,)
- 10,000 over 50 years old (built before 1963.)
Data shows that about 22% of the total number of apartment buildings (5,900,000 in 2012) in Japan are over 30 years old.
What is the lifespan of reinforced concrete structures?
According to PLAZA HOMES, previous studies have found that the lifespan of a building constructed of reinforced concrete ranges from 68 to 150 years, depending on its finishing material and the method of manufacturing the exterior of the building.
Legally, the number of years during which the structure will remain durable within the meaning of tax law (useful life in immobilization) if it is built in reinforced concrete is 47 years.
The Housing Performance Rating System – introduced in 2000 – highlighted that many apartments built after 2000 are durable enough to last around 50-60 years or up to 70-90 years depending on the degree of durability. . .
What is the lifespan of a rebuilt apartment?
According to data from a survey by the Ministry of Land, Infrastructure and Transport, in 2014, the lifespan of reconstructed apartments was 33.4 years (national average) and around 40 years on average for Tokyo and Osaka. .
The number of apartments in Japan that have been rebuilt (by age group) is; 36.5% for buildings between 30-40 years old, 23.7% for 40-50 years and 23.2% for 20-30 years.
These data show that there is a considerable difference in the lifespan of reconstructed apartments depending on certain factors.
PLAZA HOMES said that the lifespan of an apartment is often “very dependent” on the choices of its residents.
Click here for more information on Japanese apartments.
Source: MAISONS PLAZA
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This article and the articles linked above are not complete and are intended as preliminary guides only. These guides refer to certain things to consider before starting any real estate or due diligence transaction. Real estate transactions are often complex fields, especially in foreign countries and we strongly recommend that you seek independent professional advice … Read more…