Second-hand apartment prices in Tokyo continue to increase
According to Tokyo real estate service provider, Tokyo Kantei, the average price of a 70 sqm second-hand apartment in Tokyo's 23 Wards in May, 2010, was 43.05 million Yen. This is an increase of 9.5% from June of 2009. Prices in Saitama and Chiba Prefectures also saw increases, while Yokohama had a slight fall in prices.
In recent years, Tokyo has seen the supply of brand new apartments fall, and the focus shifted towards pre-existing units. With a decline in home-loan interest rates and and increase in certain tax exemptions on gift taxes, buyers have started returning to the market.
In the past, there was a clear difference in the market for brand new and second-hand apartments. But recently, there are more and more buyers who are comparing both brand new and second-hand apartments for purchase.
Nikkei Shimbun, July 16, 2010