The Economic Depreciation of Real Estate: Cross-Sectional Variations and Their Return Implications
The Economic Depreciation of Real Estate: Cross-Sectional Variations and Their Return Implications
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房地产的经济折旧：横截面变化及其回报影响
DOI：
10.2139/ssrn.3109760
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发表时间：
2019
期刊：
影响因子：
--
通讯作者：
Jiro Yoshida
中科院分区：
文献类型：
--
作者：
Jiro Yoshida
摘要本文分析了真实的房地产随着年龄的增长，其经济价值是如何贬值的。真实的房地产的经济贬值通过减少增值收益和增加收益收益来影响投资决策。日本的住宅和商业真实的房地产以及美国的住宅真实的房地产的折旧率存在显著的横截面差异。如果一处房产是商业性的、更新的、密度更高的、位于较小城市的、距离中央商务区更远的以及在日本，那么折旧率会更大。建筑物的折旧率，日本住宅约为6%，日本商业建筑约为10%，美国住宅约为1%。这项研究还提出了新的方法来纠正生存偏差。这些结果为分析真实的房地产投资、消费者住房选择、可持续性和宏观经济提供了必要的投入。
Abstract This study analyzes how real estate depreciates in economic value as it ages. The economic depreciation of real estate affects investment decisions by decreasing appreciation returns and increasing income returns. The data show significant cross-sectional variation in depreciation rates for residential and commercial real estate for Japan and residential real estate for the U.S. The depreciation rate is larger if a property is commercial, newer, denser, located in a smaller city, more distant from the central business district, and in Japan. The depreciation rate of structures is approximately 6% for Japanese housing, 10% for Japanese commercial structures, and 1% for the U.S. housing. This study also proposes new methods to correct for survivorship biases. These results serve as essential inputs for the analysis of real estate investment, consumer choice of housing, sustainability, and the macroeconomy.