New secondhand apartment sales Tokyo 2003 2013

Despite the preference that Japanese have for all things new, secondhand apartments are growing in popularity and more and more developers are getting involved in renovations and apartment flipping.

According to REINS, 36,432 secondhand apartments were sold in greater Tokyo in 2013, up 16% from the previous year. Over the same period, 44,886 new apartments were sold, up 29% from 2012.

There are three main reasons for the recent growth in the secondhand apartment market: 

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