Why a newer apartment may cost up to 4x the price of an older one
In Tokyo’s 23 wards, an apartment less than 5 years old sold for 49% more per square meter than one over 30 years old. In other words, an old apartment is about half the price of a new one on a price-per-square-meter basis. The difference was highest in Saitama Prefecture where an apartment under 5 years old sold for 3.7 times that of one over 30 years old.
Consider earthquake resistance when buying real estate in Japan
Nowadays Japan has some of the most rigid earthquake codes, however that wasn’t always the case and older buildings may be more susceptible to earthquake damage than some buyers realise.
Picking a location
Choose a property on solid ground.
Properties on reclaimed land, flood plains, former lakes, ponds, riverbanks, rice fields, or marshes are more susceptible to collapse and tilting from liquefaction. Even newer homes may not be protected from the danger of being built on soft soil.
Building age
Choose a property built after June 1981.Read more
Earthquake-resistance checks on old apartments not progressing
Of Japan's apartment buildings built prior to 1970 to older and less stringent earthquake standards, only 16% have been inspected to see whether they can withstand a large earthquake.
In February, the Condominium Management Companies Association conducted a survey of 2100 pre-1970 apartment buildings nationwide. From the individual management companies that responded, only 16% reported that a building inspection was carried out to assess their building's earthquake resistance, and almost all were found not to meet current standards. Only 3% of the surveyed buildings had actually carried out any earthquake reinforcing work.Read more
An update on building damage from the Tohoku earthquake
Just after the March 11 Tohoku earthquake it was announced that zero buildings had collapsed, which everyone naturally assumed was a testament to the strict building codes in Japan.
However, it has now been acknowledged that 100 apartment buildings in Sendai city have been completely destroyed.