Land Tenure Security and Home Maintenance: Evidence from Japan
AbstractThis paper considers two land tenure modes. leasehold and freehold. and models housing maintenance incentives under land tenure security in Japan. Compared with freeholders, leaseholders are equally likely to remain in the premises, but spend less on home maintenance, because leaseholders are not full residual claimants, even under land tenure security. The empirical results show that maintenance expenditures of leaseholders are about 30% lower than those of freeholders in the Japanese residential land market. Empirical evidence also indicates that leaseholders are equally likely to remain in their premises even when they undermaintain their dwellings.
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Bibliographic InfoPaper provided by CIRJE, Faculty of Economics, University of Tokyo in its series CIRJE F-Series with number CIRJE-F-520.
Length: 21 pages
Date of creation: Sep 2007
Date of revision:
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Other versions of this item:
- Shinichiro Iwata & Hisaki Yamaga, 2009. "Land Tenure Security and Home Maintenance: Evidence from Japan," Land Economics, University of Wisconsin Press, vol. 85(3), pages 429-441.
- K11 - Law and Economics - - Basic Areas of Law - - - Property Law
- R38 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Government Policy
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