The cost of second-hand apartments in Tokyo has soared past an average of ¥1 billion ($9.1 million), according to recent real estate data. This record-breaking increase reflects the continued surge in property values in Japan's capital, even amid a pandemic-afflicted economy. The soaring prices are driven by scarcity, high demand, and robust investment in Tokyo's prime residential areas.

In Japan, there is a strong societal preference for new homes, owing to quality, condition, and traditional beliefs, leading to depreciation in the value of second-hand houses. However, the cost of second-hand apartments in Tokyo defies this convention due to limited supply and high demand, making it a major concern for prospective homebuyers.

In contrast, in the US and EU, older homes can maintain their value or even appreciate over time if they are well-maintained or located in desirable neighborhoods. The cost of housing in major cities across the US and EU has also seen a surge, but the preference for new over old is less pronounced than in Japan.