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Land Tenure Security and Home Maintenance: Evidence from Japan

  • Shinichiro Iwata
  • Hisaki Yamaga

Land tenure security law in Japan gives leaseholders a dual right: either they can renew the lease at the market rent, or they can make a claim on the landowner to purchase the premises at the market price. There is, however, a market imperfection because of the fact that leaseholders must incur a transaction cost in exercising the right of claim. Therefore, leaseholders are not full residual claimants even under land tenure security. Under this condition, we find theoretically and empirically that compared with freeholders, leaseholders are equally likely to remain in the premises, but they spend less on maintenance.

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Article provided by University of Wisconsin Press in its journal Land Economics.

Volume (Year): 85 (2009)
Issue (Month): 3 ()
Pages: 429-441

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Handle: RePEc:uwp:landec:v:85:y:2009:i:3:p:429-441
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  1. Fry, Maxwell J & Mak, James, 1984. "Is Land Leasing a Solution to Unaffordable Housing? An Answer from Fee Simple versus Leasehold Property Price Differentials in Hawaii," Economic Inquiry, Western Economic Association International, vol. 22(4), pages 529-49, October.
  2. Gyourko, Joseph & Linneman, Peter, 1990. "Rent controls and rental housing quality: A note on the effects of New York City's old controls," Journal of Urban Economics, Elsevier, vol. 27(3), pages 398-409, May.
  3. Sumner J. La Croix & James Mak & Louis A. Rose, 1995. "The Political Economy of Urban Land Reform in Hawaii," Urban Studies, Urban Studies Journal Limited, vol. 32(6), pages 999-1015, June.
  4. Steven R. Grenadier, 2005. "An Equilibrium Analysis of Real Estate Leases," The Journal of Business, University of Chicago Press, vol. 78(4), pages 1173-1214, July.
  5. Capozza, Dennis R & Sick, Gordon A, 1991. "Valuing Long-Term Leases: The Option to Redevelop," The Journal of Real Estate Finance and Economics, Springer, vol. 4(2), pages 209-23, June.
  6. Sweeney, James L., 1974. "Housing unit maintenance and the mode of tenure," Journal of Economic Theory, Elsevier, vol. 8(2), pages 111-138, June.
  7. 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.
  8. Paul K. Asabere, 2004. "The Pricing of the Emergent Leasehold (Possessory) Estates of Ghana," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 32(4), pages 673-694, December.
  9. Paul Kwadwo Asabere, 1981. "# The Determinants of Land Values in an African City: The Case of Accra, Ghana," Land Economics, University of Wisconsin Press, vol. 57(3), pages 385-397.
  10. Jimenez, Emmanuel, 1984. "Tenure Security and Urban Squatting," The Review of Economics and Statistics, MIT Press, vol. 66(4), pages 556-67, November.
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