The average asking price of a 70 sqm (753 sq.ft) second-hand apartment across the greater Tokyo region in 2022 climbed 13.2% to 47,160,000 Yen. This was the second year in a row to record double-digit growth.

In Tokyo’s 23 wards, the average price reached 68,420,000 Yen, up 8.0% from 2021. Second-hand apartments have seen an influx in demand from buyers priced out of the more expensive new builds. This has created some brisk activity on the resale market. In central Tokyo’s six wards of Chiyoda, Chuo, Minato, Shinjuku, Bunkyo, and Shibuya, the average apartment price exceeded 100 million Yen in November 2022, and was up 6.9% from the previous year.

Osaka City saw a 6.7% price increase in 2022 with the average price reaching 38,620,000 Yen. Nagoya City saw prices increase by 8.4% to 27,050,000 Yen.

Source: Tokyo Kantei, January 24, 2023.