According to Tokyo Kantei, the average asking price of a 70 sqm (753 sq ft) second-hand apartment in greater Tokyo was 28,990,000 Yen in January, up 0.1% from the previous month and up 1.6% from January 2014. The average building age was 21.7 years.

In Tokyo’s 23 wards, the average asking price was 44,020,000 Yen, up 0.5% from the previous month and up 7.2% from last year. The average building age was 22.0 years. This is the highest level seen since July 2008.

In central Tokyo’s six wards (Chiyoda, Chuo, Minato, Shinjuku, Bunkyo and Shibuya), the average asking price was 62,010,000 Yen, up 0.1% from the previous month and up 11.4% from last year. The average building age was 21.3 years.

The drop in the supply of new apartments has contributed to a rise in the number of buyers seeking second-hand apartments as an alternative to brand new ones. While asking prices have been rising, Tokyo Kantei pointed out that there are some properties that are difficult to sell and have seen their price discounted as a result. For properties in prime locations, some owners have been delaying listing their property for sale in anticipation of prices rising even further.

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