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Are Tier 2 Metropolises More or Less Affected by Housing Asset Value Deflation under a Depopulation Era? By Comparing the Tokyo Metropolitan Area and the Kansai Metropolitan Area in Japan
Uto, M.; Buhnik, S.; Okazawa, Y. How Are Tier 2 Metropolises Affected by Housing Asset Value Deflation in the Depopulation Era? A Comparison between the Tokyo and Kansai Metropolitan Areas. Land2024, 13, 418.
Uto, M.; Buhnik, S.; Okazawa, Y. How Are Tier 2 Metropolises Affected by Housing Asset Value Deflation in the Depopulation Era? A Comparison between the Tokyo and Kansai Metropolitan Areas. Land 2024, 13, 418.
Uto, M.; Buhnik, S.; Okazawa, Y. How Are Tier 2 Metropolises Affected by Housing Asset Value Deflation in the Depopulation Era? A Comparison between the Tokyo and Kansai Metropolitan Areas. Land2024, 13, 418.
Uto, M.; Buhnik, S.; Okazawa, Y. How Are Tier 2 Metropolises Affected by Housing Asset Value Deflation in the Depopulation Era? A Comparison between the Tokyo and Kansai Metropolitan Areas. Land 2024, 13, 418.
Abstract
Our study clarified what is the same or not between Tier 1(Tokyo) and Tier 2(Kansai) metropolitan areas on shrinking cities problems. Both of metropolitan areas will dramatically decrease the Housing Asset Value (HAV) where areas of bedroom communities are located. On the other hand, compared to Tokyo, Kansai has been hit by decline at a faster pace. This raises the question of whether Kansai will be more or less impoverished by the deflation of the HAV. According to our results, Kansai municipalities should expect the HAV losses of 38% by 2045, but the HAV losses would be higher in the northern suburbs of Osaka. Kansai has to face the effects of the HAV deflation faster than Tokyo. But Tokyo has a neck of higher residential land price, the income multiplier of the HAV per household is about 4. The HAV deflation hits more severe problems for elderly households in Tokyo. Considering our study, Tier 2 metropolitan area is much faster effects of the HAV deflation, but Tier 1 metropolitan area has more serious social problem than Tier 2. Hence, there are different problems of different natures rather than which one is more severely affected by the deflation of the HAV.
Keywords
asset values; depopulation; land prices; metropolises; shrinking cities; regression model
Subject
Social Sciences, Geography, Planning and Development
Copyright:
This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
