The downward trend of the price of second-hand apartments in Tokyo's 23-ku is increasing in pace. From the end of 2011, the price of brand new apartments have been in decline, which has put additional downwards pressure on the price of older buildings.
However, the fall in prices and historically low interest rates* are having a positive effect on the number of property transactions. (*Out of all private banks, the Bank of Tokyo-Mitsubishi UFJ and Resona Bank both currently have the lowest 10-year fixed interest rates on home loans of 1.4%.)
Even buildings over 30 years old (1982 and earlier) are becoming more popular as long-term renters move towards making their first purchase.
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