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The Housing Market and Housing Policies in Japan

Author

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  • Kobayashi, Masahiro

    (Asian Development Bank Institute)

Abstract

Housing policies in Japan after World War II were focused on the quantitative supply of houses with a wide range of targeted groups and public rental houses. The Japan Housing Corporation (now the Urban Renaissance Agency) and the Government Housing Loan Corporation (now the Japan Housing Finance Agency) have served to address these policy targets accordingly. The restoration of housing stock was successful, but the collapse of the property bubble in the early 1990s caused negative impact on the real economy and created persistent loss of confidence among the Japanese people, which is exacerbated by deflation and negative demographic factors (decrease of the population and aging of society). Enhancement of the quality of houses is an important part of the housing policy in Japan, but, at the same time, there needs to be a balance between new construction and the activation of existing housing stocks. Given the social experiments currently underway, there is need to closely monitor the changes of market trends.

Suggested Citation

  • Kobayashi, Masahiro, 2016. "The Housing Market and Housing Policies in Japan," ADBI Working Papers 558, Asian Development Bank Institute.
    • Handle: RePEc:ris:adbiwp:0558
    as

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    References listed on IDEAS

    as
    1. Takatoshi Ito, 1994. "Public Policy and Housing in Japan," NBER Chapters, in: Housing Markets in the United States and Japan, pages 215-238, National Bureau of Economic Research, Inc.
    2. Kanemoto, Yoshitsugu, 1997. "The housing question in Japan," Regional Science and Urban Economics, Elsevier, vol. 27(6), pages 613-641, November.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Jean-Louis Bago & Koffi Akakpo & Imad Rherrad & Ernest Ouédraogo, 2021. "Volatility Spillover and International Contagion of Housing Bubbles," JRFM, MDPI, vol. 14(7), pages 1-14, June.
    2. Ken’ichi Matsumoto & Yuki Yamamoto & Nao Ohya, 2018. "Effect of Subsidies and Tax Deductions on Promoting the Construction of Long-Life Quality Houses in Japan," IJERPH, MDPI, vol. 15(11), pages 1-16, October.
    3. Xu, Hangtian & Zhou, Yiming, 2019. "Public housing provision and housing vacancies in Japan," Journal of the Japanese and International Economies, Elsevier, vol. 53(C), pages 1-1.
    4. Xu, Hangtian, 2020. "Land Price Fluctuations, Commercial-Residential Segregation, and Gentrification," MPRA Paper 98844, University Library of Munich, Germany.
    5. Ha Thi Khanh Van & Tran Vinh Ha & Takumi Asada & Mikiharu Arimura, 2022. "Vacancy Dwellings Spatial Distribution—The Determinants and Policy Implications in the City of Sapporo, Japan," Sustainability, MDPI, vol. 14(19), pages 1-26, September.
    6. Charles Yuji Horioka & Yoko Niimi, 2019. "Household Debt and Aging in Japan," ISER Discussion Paper 1068, Institute of Social and Economic Research, Osaka University.
    7. Horioka, Charles Yuji & Niimi, Yoko, 2020. "Was the expansion of housing credit in Japan good or bad?," Japan and the World Economy, Elsevier, vol. 53(C).
    8. Murooka, Takeshi & Schwarz, Marco A., 2018. "The timing of choice-enhancing policies," Journal of Public Economics, Elsevier, vol. 157(C), pages 27-40.
    9. Xu, Hangtian, 2019. "The burst of the real estate bubble as a promoter of gentrification in Tokyo and Osaka, 1980–2017," MPRA Paper 96803, University Library of Munich, Germany.
    10. Pablo Jimenez-Moreno, 2021. "Mass Customisation for Zero-Energy Housing," Sustainability, MDPI, vol. 13(10), pages 1-24, May.
    11. Choi, Yoonseok & Hirata, Hideaki & Kim, Sunghyun Henry, 2017. "Tax reform in Japan: Is it welfare-enhancing?," Japan and the World Economy, Elsevier, vol. 42(C), pages 12-22.
    12. Pásztor, Szabolcs & Kovács, Levente, 2018. "A globális jelzálogpiac helyzete és kihívásai [The state of global mortgage markets and the challenges to them]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(12), pages 1225-1256.

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    More about this item

    Keywords

    Japan housing policy; housing stock; property bubble; Japan Housing Finance Agency;
    All these keywords.

    JEL classification:

    • R14 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Land Use Patterns
    • R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand
    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets
    • R38 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Government Policy

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