Greater Tokyo second-hand apartment prices increase for 72nd month in a row

According to REINS, 2,987 second-hand apartments were reported to have sold across greater Tokyo in December 2018, down 7.4% from the previous month and down 0.8% from the previous year. The average sale price was 33,800,000 Yen, up 2.5% from the previous month and up 1.8% from 2017. The average price per square meter was 524,100 Yen, up 3.1% from the previous month and up 0.9% from 2017. This is the 72nd month in a row to record a year-on-year increase in sale prices. 

New tax revision to allow 2% of building purchase price to be deducted

The government has decided to extend the home loan tax deduction program for new home buyers to allow a three-year period whereby a home owner could deduct up to 2% of the building portion of their purchase price from their income tax. This is an effort to help support the housing market this year when the consumption tax rate is scheduled to increase to 10% from October 2019.