They are, though? I mean houses built several decades ago are cheaper than new ones. It’s just that overall growth in prices more than completely offsets that.

They are, though? I mean houses built several decades ago are cheaper than new ones. It’s just that overall growth in prices more than completely offsets that. Anyway unlike all of those things you mentioned there are usually no objective reasons for homes to depreciate to zero (you’d need renovation prices to be higher than the cost for building a new house, which does in fact happen sometimes). Also houses are most often built on land which can’t be a depreciating asset and Japanese homebuyers have different preferences due to certain (possibly irrational reasons).