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The reason houses in Japan are such a depreciating asset is due to the population collapse. It's estimated there is a surplus of about 10 million houses.

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That and culturally no one wants a 'used' house. They don't appreciate because a buyer is expected to tear down the old one, and so it's just in the way. [https://www.theguardian.com/cities/2017/nov/16/japan-reusabl...]

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