How does a shrinking population affect the housing market? In this study, drawing on Japan's experience, we find that there exists an asymmetric relationship between housing prices and population change. Due to the durability of housing structures, the decline in housing prices associated with...

Changes in policy over the last thirty years, particularly within advanced economies, have allowed for increased financialization, deregulation and globalisation of housing. What differentiates real-estate from other financial markets is that it possesses a salient socio-spatial geography....