> According to Nomura, a brokerage, the value of the average Japanese house depreciates to zero in 22 years. (It is calculated separately from the land, which is more likely to hold its value.) Most are knocked down and rebuilt.
This is talking about the assessed value of the house. It also implies that when a house reaches 22 years it is instantly knocked down and rebuilt, which is not true.
> The frequency of earthquakes also plays a part. Large tremors tend to be followed by tougher building regulations.
Even without the regulations, the level of destruction is hard to understand. Walking through a suburb of Kumamoto after the big earthquake in 2016 it seemed like every third house had partially collapsed. Landslides and flooding are also common.
Housing in Japan seems a world apart from housing in the UK. In Japan, I have lived in the same rented apartment with no rent increases for a decade. This is unimaginable in the UK. Strong tenants rights mean that once you are in a place you can more or less expected to be in there until you want to leave. The letter of the law on rent increases is that they must be justified by the surrounding market, but the cultural trend is to wait until a tenant has moved out.
Articles about cheap or free houses in the countryside of Japan pop up every now and again but the reality is most of these houses are worthless. Unoccupied, it only takes a few years for a leak to spring in the roof and the wooden house will rot away to nothing very quickly after that. They are located far from any kind of desirable jobs and services. Sometimes the owners, usually children who have moved to Tokyo for work, don't want to sell. I remember looking at one place, in a state of partial collapse, with the dates the family had come to visit written onto the wall by the front door. Yearly visits for over a decade but few repairs meant that the house probably wouldn't be around for much longer.