Japan is a complex country and so does its property market. When it comes to a definition of new condominium in Japan (and the second hand), 3 different definitions co-exist.

Definition 1: Dictated by the Japanese Law

A term, “new condominium” is applied to a condominium that is:

i) within a year of construction completion AND,

ii) no one has occupied its premise.

Definition 2: Dictated by the real estate industry’s regulation

A term, “secondhand market condominium” is applied to a condominium that is:

i) after a year of construction completion OR,

ii) someone has already occupied its premise.

Definition 3: Dictated by the Japan Housing Finance Agency – a government-led mortgage provider

A term, “secondhand market condominium” is applied to a condominium that is:

i) after two years of construction completion at the time of application submission OR,

ii)  someone has already occupied its premise.