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Why are the properties of Japan so high?
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Property prices in Japan, particularly in metropolitan areas like Tokyo, are influenced by a confluence of factors. Here's a breakdown:
1. High Demand in Urban Centers:
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Tokyo is one of the most densely populated cities in the world. Land is scarce, driving up prices due to basic supply and demand.
2. Economic Factors:
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Japan's economic history, particularly the asset bubble of the 1980s, has had a lasting impact on land values. Although the bubble burst, land in prime locations remains expensive.
3. Land Use Regulations and Zoning:
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Restrictive zoning laws and building codes can limit the supply of new housing, further increasing prices.
4. Cultural and Societal Preferences:
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There's a preference for new construction over older properties, which can affect land values as people seek locations for new builds.