Japanese Real Estate Crash
About Japanese Real Estate Crash
After the Japanese asset bubble burst in 1990, real estate prices collapsed. Urban land prices fell over 60 percent from their 1991 peak. Some properties lost 90 percent of value. Commercial real estate was hit especially hard. Japanese banks were saddled with non performing loans for decades. The government spent trillions on stimulus with limited effect. Golf club memberships, once costing millions, became nearly worthless. Tokyo office vacancy rates soared. The real estate crash was worse and longer than the stock market crash. Japanese land prices declined for over 20 years, the longest real estate bear market in modern history. Some properties have still not recovered to 1990 levels.
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