10) Answer your friend who claims that

a) (1) housing boom in Japan is unbelievable due to its declining population (Table 3).

b) (2) The condominium prices are determined by the building costs by the construction companies rather than financial condition of buyers.

The condominium prices

(3) are similar to those in other property types (Table 1) and

(4) do not change largely regionally across Japan (Table 2).

c) (5) population changes do have similar effects on house prices in large cities and rural areas in Japan.

Table 1: Japan: Residential Property Price Index (2010=100) 2012 2015 2018 Table 2: Condo. Prices (2010=100) 2012 2016 Table 3: Changes in Rate of Net Migration 1997 2005 2013 Residential Land 100 100 101 Osaka with suburbs 130 174 Fukuoka 0.6 0.3 0 Residential Property 100 104 110 Hokkaido 115 154 Tokyo Area 0.8 0.7 0.6 Condominiums 104 120 140 Japan Average 100 124 Osaka Area 0.6 0.2 -0.2 Nagoya Area 0.5 0.4 Rest of Japan 0 -0.3 -0.5

10) Answer your friend who claims that a) (1) housing boom in Japan is unbelievable due to its declining population (Table 3). b) (2) The condominium prices are determined by the building costs by the construction companies rather than financial condition of buyers. The condominium prices (3) are similar to those in other property types (Table 1) and (4) do not change largely regionally across Japan (Table 2). c) (5) population changes do have similar effects on house prices in large cities and rural areas in Japan. 2012 2015 2018 2012 2016 1997 2013 2005 Table 2: Condo. Prices (2010=100) Table 1: Japan: Residential Property Price Index (2010=100) Residential Land Table 3: Changes in Rate of Net Migration 0 100 100 101 130 174 Fukuoka 0.6 0.3 Osaka with suburbs Hokkaido 110 115 154 0.8 0.7 100 104 0.6 Residential Property Condominiums 104 120 100 0.2 140 124 -0.2 0.6 Japan Average Tokyo Area Osaka Area Nagoya Area Rest of Japan 0.5 0.4 0 -0.5 10) Answer your friend who claims that a) (1) housing boom in Japan is unbelievable due to its declining population (Table 3). b) (2) The condominium prices are determined by the building costs by the construction companies rather than financial condition of buyers. The condominium prices (3) are similar to those in other property types (Table 1) and (4) do not change largely regionally across Japan (Table 2). c) (5) population changes do have similar effects on house prices in large cities and rural areas in Japan. 2012 2015 2018 2012 2016 1997 2013 2005 Table 2: Condo. Prices (2010=100) Table 1: Japan: Residential Property Price Index (2010=100) Residential Land Table 3: Changes in Rate of Net Migration 0 100 100 101 130 174 Fukuoka 0.6 0.3 Osaka with suburbs Hokkaido 110 115 154 0.8 0.7 100 104 0.6 Residential Property Condominiums 104 120 100 0.2 140 124 -0.2 0.6 Japan Average Tokyo Area Osaka Area Nagoya Area Rest of Japan 0.5 0.4 0 -0.5