Changing trends in the transaction volume of existing houses during the COVID-19 pandemic

Analysis of ownership transfer registration data in the Tokyo metropolitan area

Abstract

Employing ownership transfer registration data, this paper investigates changing trends in the transaction volume of existing houses during the COVID-19 pandemic. From 2019 to 2020 in the Tokyo metropolitan area, we show the following trends relative to prior years: (i) transaction volume decreases in areas 0-20km away from central Tokyo, and for detached houses, transactions shift to suburbs; (ii) transaction volume decreases for properties adjacent to station; (iii) transaction volume decreases for properties with small floor area; and (iv) within areas 40-80km away from central Tokyo, transaction volume increases for properties close to forest and/or beach compared to those without such adjacencies. These new trends potentially indicate that the COVID-19 pandemic has changed structure of the market for existing houses.