Anyone who lives in Japan will notice a lot of old houses get demolished. You never see a for sale sign in front of a house. Why is that? Well, the real estate industry is much different in Japan than it is in North America.
In North America, when someone moves out of a house, they sell it. It’s usually appreciated in value, especially if work has been done on the house to improve it. Houses are also built to last for decades. They’re solidly built. That’s not the case in Japan. Houses are not built to last. They’re rather thin-walled, poorly insulated, and many of them these days are prefabricated. Old houses are usually torn down and replaced with two or three new houses on the same property. Near my home, there was one property that was divided into seven. The value of a house is not so much in Japan. It’s the property that’s valuable. Moving out? Tear down that house and let the new property owners build their own. Or are you tired of living in an old house? Tear it down and rebuild in the same location.
I made a video about this as I saw a house in my neighbourhood being torn down.
Whenever I see something like this, I wonder what’s going to be built in its place.