Would you buy a house that you knew would lose its value as years passed? That you would never be able to sell? That you might have to pay to demolish?

In Japan, this is the willing choice of many houseowners. In Western countries, a home is typically an investment that most people expect to one day sell at a profit. In Japan, a house is a consumer good that rapidly depreciates in value, like a car. Because Japanese house hunters prize new construction, they will pay a premium for land, but build their own home on it.

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