For promoting the reconstruction of aging apartments, the condominium unit ownership act will be revised by the end of 2024.

What is Condominium Unit Ownership Act?

It is a law that stipulates the rights and the methods of management and maintenance related to buildings under unit ownership such as condominiums. Since it is a law, there are penalties for violating it.

The number of condos nationwide is 6.55 million units, with more than 15 million residents (as of the end of 2018).  Among them, condos over 40 years old were 1.156million units as of 2021, and it is estimated that these will be 2.491 million units in 2031. On the other hand, there is the fact that only 282 condominiums have been rebuilt, totaling approximately 23,000 units as of March 2023.  The increase in dilapidated condominiums has caused various problems. Therefore, it has become an urgent issue to revise the law to facilitate the smooth revitalization of condominiums because if following problems.

Earthquake resistance

The earthquake resistance of buildings is very important.  Related building standard act was revised in 1981 to tighten the earthquake resistance standards and reduce damages.　Buildings for which a construction permit was received prior to the revision are classified as "Properties with Old Earthquake Resistance Standards” and come with the standard that there should be no major damage from a moderate earthquake of intensity 5 or higher.　 Buildings for which a construction permit was received after the revision are classified as "Properties with New Earthquake Resistance Standard".

Deterioration of exterior walls, concrete, etc

Unrepaired materials are the potential risks of damage to the surrounding area caused by peeling external walls and the possibility of water leakage, but repairs cost of which is significant and on the increase.

In addition to above, aged condos are typically subject to the decline in value and increasing vacancy issue except for vintage condos in Tokyo prime residential area.