Average age of an apartment sold in Tokyo in 2016 increases from previous year

According to REINS the average age of a second-hand apartment sold in greater Tokyo in 2016 was 20.26 years, up 0.13 years from 2015. The average age of an apartment listed for sale during the year was 22.32 years, up 0.27 years from 2015. Apartments less than 5 years old made up 9.5% of all second-hand apartment sales in 2016, up 0.8 points from 2015. Apartments over 30 years old accounted for 24.3% of all sales, showing no change from the previous year.

The average sale price of an apartment less than 5 years old in the greater Tokyo area was in the 700,000 Yen/sqm range, while apartments over 20 years old had an average sale price in the 300,000 Yen/sqm range.

The average age of a detached house sold was 20.81 years, up 0.21 years from 2015. The average age of a house listed for sale was 22.07 years, up 0.43 years from 2015. Houses under 5 years old made up 9.5% of all house sales, while houses over 20 years old accounted for 47.1% of sales.

The average sale price of a house built within the last 20 years was in the 30 million Yen range, while houses over 20 years old had an average sale price of around 20 million Yen.

Sources:
Suumo Journal, February 27, 2017.
REINS, February 27, 2017.