On the 5th, Yano Research Institute Inc. announced the results of a survey on the domestic resale market for used (existing) homes. Using interviews, telephone inquiries, and literature research conducted by its researchers, the company calculated and forecasted figures for businesses involved in the purchase and resale operations.
Regarding the existing home purchase and resale market, where real estate companies purchase, renovate, and then sell existing homes, it has been expanding annually. It estimated that the market size in 2022 (the total number of existing detached houses and existing condominiums purchased and resold) was approximately 41,000 units, a 5.1% increase from the previous year. It analyzed that due to the price surge in newly built condominiums, users are turning to the existing housing market for better value. Among them, purchase and resale properties are popular because they can be occupied with a new construction-like feel after renovation.
The market size for 2023 is predicted to increase by 2.4% from the 2022 fiscal year to approximately 42,000 units. It is expected that the trend of market size expansion will continue thereafter, reaching approximately 50,000 units, a 22.0% increase compared to 2022, by 2030. The company attributes this expansion to factors such as expectations for a buoyant housing loan market and the maintenance of a favorable environment for housing acquisition, including low interest rates and tax incentives.
Reprinted from: Real Estate Distribution Research Institute Co., Ltd. “R.E.port”
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