Buying a home is becoming harder and harder, but not in Japan. In this video, we're going to explain how Japanese property is affordable for the average family.
How affordable is Japanese property? Put simply, very. Compared to other countries like Canada, Australia and the UK, Japanese property hasn't gone up considerably in price.
Comparing cities makes this point even more obvious. Average rents in the London property market are £2,000 a month. In the Tokyo property market, they are around £1,300 a month. Living in Japan is much cheaper than many other developed countries, and remember that Japan is the third biggest economy in the world. Compared to skyrocketing costs elsewhere, the Japanese property market shows that affordability is possible.
So how has Japan done it?
1. Planning
2. Deregulation
The Japanese property market is unique. Politicians in Japan are broadly supportive of house building. In many developed economies, they are anti-house building.
If you want houses to be affordable, like in Japan, you need to allow housebuilding. Unfortunately, countries aren't building enough homes. In the UK, around 200,000 houses were built in 2019. In Japan, that figure was closer to 1,000,000. Japan has twice the population of the UK, but builds five times as many homes.
So if you want to know how is Japanese property so affordable? The answer starts with building more.
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