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The Japanese real estate bubble ruptured, and 30 years later, there is still sequelae

Wen | Chinese Business Tao Lue Cheng Jin

Today, many people in Japan still fall into the sequelae of real estate bubbles.

The 55 -year -old county Jizi and her husband inherited the house of Odamo’s four -bedroom houses from her father -in -law ten years ago, with a spacious parking lot. Take over. After her husband died, she wanted to give the house to the government. The reason is: I don’t want to transfer the burden of maintaining the house to my children.

In Japan, there are more and more “haunted houses” that have been idle. There are houses but no one lives. Many people do not want to inherit the old man’s real estate and land like the county rule.

In 2018, the Ministry of Land and Transportation of Japan also conducted a survey. The survey target was 5,000 idle land owners in Japan. Faced with idle land, 47.4%said that “sometimes they feel (holding idle land) burdens” Among the land holders who inherit the last generation of heritage, 51.4%of the people believe that they are “burdensome.”

From “real estate” to “negative property”, how does everything happen?

In 1978, after the second oil crisis broke out, Japan signed the “Plaza Agreement” that depreciated the US dollar at the cost, which was a significant appreciation of the yen, which directly caused Japanese exports to be blocked. The strategy that the Japanese government came up with was to relax credit and expand domestic demand.

As a result, there were a lot of money flowing on the market for a while, and interest rates were low. For the Japanese people at the time, in order to keep the money in their hands from depreciating, one of the best investment channels was to buy a house, or even speculation. The money began to flow to the property market and the stock market. Japanese citizens ran to loans to buy a house, and countless pick -up people also embraced the property market.

Soon, Japanese house prices soared. In 1990, the price of real estate in Japan reached its peak. According to data, the land price index of the six cities of Tokyo, Osaka, Nagoya, Kyoto, Yokohama, and Kobe increased by about 90%from 1985.

However, not long after the people’s good days, the Japanese government began to increase interest rates and tighten credit, especially for the real estate industry, commercial banks directly stopped loan business.

The malignant effect has also begun to appear. In 1991, Japanese house prices ushered in a trough. Tokyo’s house prices plummeted 65%within 3 months, and eventually fell 90%. The trading market was sluggish. There were countless high -leveraged Japanese citizens. Become up to the Weng, real estate is full of sorrows.

Some people have confiscated the relevant debt because they are unable to repay the relevant debt, and the house has not saved much. The house has become the fuse that promotes suicide.

The impact of real estate bubbles on Japanese citizens is undoubtedly huge, so after the bubble was broken, people gradually had a sense of “negative production” and became more and more unwilling to inherit the house.

The concept of negative property is that holding real estate or land in Japan will not usher in appreciation of assets, or even depreciate.

The first is that the house depreciates seriously. Japan’s fertility rate has decreased significantly. With the decrease of the new population, the purchasing power of houses is also declining. In addition, the price of currency is tight, and the price of the house can only be lower and lower, which greatly suppresses people’s desire to buy or inherit.

Secondly, various costs, such as real estate tax (fixed asset tax), the tax amount is 1.4%of the real estate valuation.

In addition to fixed asset taxes, there are also property fees, and some apartments also need to pay the management fee monthly, which is why the Japanese are increasingly unwilling to buy a house or inherit the house.

In addition, the life span of the house is also a big problem. The life expectancy of ordinary Japanese houses is only 25 years. The house of about 25 years has a large damage rate, and there is a lot of costs for demolition. Land pays higher taxes.


Economist Ren Zeping described Japan’s Japan: the wealth of residents has shrunk sharply, corporate assets and liabilities have deteriorated, banks’ non -performing assets have risen, and government debt platforms are high. Japan’s political influence declined, and the dream of superpowers was shattered.


In recent years, real estate in Japan has entered a stage of slow recovery, but only the housing prices in the core urban circle of Tokyo, Osaka, Nagoya and other core urban areas have better rose. Other second -tier regions still have not increased. In the area, the price is still negative, and it is still negative.

After the lessons of real estate plunge, Japan has since moved to the road of industry and the country. Japan’s real estate bubble also gives other people a heavy lesson: Do not repeat the mistakes of history.

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