HOUSING POLICY FOR UTILIZATION OF EXISTING HOUSING

Existing housing is not fully utilized in Japan. We explore the problems that discourage the utilization of the existing housing. We present policy plans to solve these problems, and to activate the existing housing market. Our plans include using a hedonic price function to determine appropriate methods for valuing existing housing, introduction of latent defects insurance for existing houses for sale, encouraging the use of fixed-term housing leases and an providing an intermediary service between the elderly and next users of their houses. Our plan will accelerate the utilization of existing housing and ease the process for the elderly of selling or leasing existing vacant housing.