Graph and download economic data for Residential Property Prices for Japan (QJPN628BIS) from Q1 1955 to Q4 2024 about Japan, residential, HPI, housing, price index, indexes, and price.

Residential Property Prices in Japan increased 3.16 percent in December of 2024 over the same month in the previous year. This dataset includes a chart with historical data for Japan Residential Property Prices.

Key information about House Prices Growth

• Japan house prices grew 4.3% YoY in Nov 2024, following an increase of 2.0% YoY in the previous month.
• YoY growth data is updated monthly, available from Apr 2009 to Nov 2024, with an average growth rate of 1.9%.
• House price data reached an all-time high of 10.2% in Apr 2022 and a record low of -9.4% in Apr 2009.

Housing Index in Japan increased to 131.15 points in April from 129.96 points in March of 2025. This dataset provides - Japan Construction Starts - actual values, historical data, forecast, chart, statistics, economic calendar and news.

In 2023, the Japan Real Estate Market reached a value of USD 509.3 million, and it is projected to surge to USD 707.1 million by 2030.

In December 2024, the monthly existing home sales index in Japan stood at 123.2 index points, down by 0.3 percent compared to the previous month.The existing home sales index measures the development of the second-hand housing market based on the number of ownership transfers due to the sale and purchase of buildings. It includes data for detached houses and condominiums.

The Japan condominiums and apartments market, valued at approximately ¥20 trillion (assuming a reasonable market size based on a developed nation's real estate sector and the provided CAGR) in 2025, is projected to experience steady growth at a Compound Annual Growth Rate (CAGR) of 4.60% from 2025 to 2033. This growth is fueled by several key drivers. A rising urban population, particularly in major metropolitan areas like Tokyo, Osaka, and Nagoya, is increasing demand for housing. Furthermore, government initiatives aimed at promoting sustainable urban development and improving housing affordability are contributing positively. The preference for smaller, more efficient living spaces, particularly among younger generations, also fuels the market. However, the market faces constraints such as high land prices in urban centers, stringent building regulations, and potential fluctuations in the overall Japanese economy. The market is segmented into condominiums and apartments, with both segments experiencing growth, although the condominium segment might show slightly higher growth due to its appeal among wealthier individuals and families. Major players like Sekisui House Limited, Sumitomo Forestry's Co Ltd, and Panasonic Homes Co Ltd are driving innovation and market competition through their diverse product offerings and technological advancements in construction and design. The competitive landscape is characterized by established players focusing on both affordability and luxury offerings. The growing adoption of smart home technology and sustainable building practices are shaping market trends, with developers increasingly incorporating energy-efficient features and environmentally friendly materials. The forecast period (2025-2033) anticipates continued growth, but the pace might be influenced by macroeconomic factors and evolving consumer preferences. Companies are responding by introducing innovative financing options and adapting designs to cater to the changing demands of the Japanese consumer. The focus is on creating sustainable, functional, and aesthetically pleasing living spaces to meet the diverse needs of Japan's population. Government policies concerning affordable housing and urban revitalization will continue to be crucial factors influencing the market's trajectory. This comprehensive report provides an in-depth analysis of the Japan condominiums and apartments market, covering the period from 2019 to 2033. It offers invaluable insights into market trends, growth drivers, challenges, and key players shaping this dynamic sector. With a focus on new apartment construction in Japan, Tokyo apartment market, Osaka real estate market, and luxury apartments Japan, this report is essential for investors, developers, and anyone seeking to understand this lucrative market. Study Period: 2019-2033 Base Year: 2025 Estimated Year: 2025 Forecast Period: 2025-2033 Historical Period: 2019-2024 Key drivers for this market are: Governments' Investments and Plans in Residential Housing to Boost the Prefab Industry, Rise in the overall construction industry and increasing prices. Potential restraints include: Uneven Topography, Lack of Awareness. Notable trends are: Japan’s Shrinking Population is Producing a Surplus of Housing.

The market is segmented by Type (Apartments and Condominiums, Villas and landed houses) and by Cities (Tokyo, Kyoto, Osaka and Other Cities). The report offers market size and forecasts for luxury residential real estate market in Japan for all above segments.

In 2024, the existing home sales index in Japan stood at 124.9 index points, reaching a decade high. The index for used home sales measures the development of the second-hand housing market based on the number of ownership transfers due to the sale and purchase of buildings. It includes data for detached houses and condominiums. Second-hand housing market in Japan Japan’s second-hand home market only accounts for a small share of the overall housing market. Despite the country’s massive housing stock, a large quantity of new homes is built every year as Japanese consumers prefer new homes over used ones. This is probably rooted in the housing policies of the post-war period, which were aimed at the rapid supply of new housing units at the cost of quality. As a result, many older homes are poor quality, and new homes quickly depreciate. These circumstances have created uncertainty about used homes and are reflected by the scrap and build approach of completely destroying and rebuilding used homes instead of reusing and renovating them. Revitalizing the existing home market In the past years, however, the government has shifted its focus to revitalizing the used housing market and utilizing the massive existing housing stock that comprises around 65 million units. By implementing a reliable home inspection system, subsidizing renovations, and offering appropriate pricing models, it is trying to change people’s perception of used homes. Driven by rising prices for new homes, demand for second-hand homes, especially condominiums, has recently increased in the metropolises of Tokyo and Osaka.

The Japan Residential Construction Market, valued at approximately ¥15 trillion (assuming a market size "XX" of 15 trillion based on typical market size for a developed nation like Japan and given the CAGR of >5%) in 2025, is projected to experience robust growth with a Compound Annual Growth Rate (CAGR) exceeding 5% from 2025 to 2033. This growth is fueled by several key drivers. An aging population necessitates increased demand for senior-friendly housing, while urbanization continues to drive demand in metropolitan areas like Tokyo, Osaka, and Nagoya. Government initiatives promoting sustainable and energy-efficient construction methods further contribute to market expansion. The market is segmented by dwelling type (apartments & condominiums, villas, other types) and construction type (new construction, renovation), reflecting diverse consumer preferences and project scales. Leading players like Asahi Kasei Homes, Toyota Housing Co., and Sekisui House dominate the landscape, leveraging technological advancements and brand recognition to maintain market share. However, rising land prices and stringent building regulations pose significant challenges to sustained growth. Furthermore, fluctuations in lumber prices and potential labor shortages could impact construction timelines and project costs. The market's future trajectory hinges on effectively addressing these challenges. The continued focus on innovative construction techniques, incorporating smart home technologies, and adopting sustainable building materials will be crucial for companies to compete successfully. Government policies aiming to streamline regulations and provide incentives for environmentally friendly housing development will play a vital role in shaping the market's growth. The increasing demand for customized housing solutions and a rise in the preference for sustainable and energy-efficient homes will shape the evolving landscape of the Japanese residential construction market throughout the forecast period. Successful players will be those who adapt swiftly to changing consumer preferences, innovate their building practices, and navigate the regulatory environment effectively. Recent developments include: November 2022: Asahi Kasei Homes acquired 100% ownership of all the subsidiaries of Focus Company. This acquisition will help Asahi Kasei Homes strengthen its core business of order-built unit homes in Japan, North America, and Australia., April 2022: Panasonic Homes commenced selling their Casart Black & Stone model, a Zero Energy Home (ZEH), in April 2022. The Black & Stone has an Earthquake Safety and Comfort Warranty that will restore the building to its original condition in the unlikely event that more than half of the house is damaged in an earthquake. The Black & Stone has a Grade 3 rating, the highest seismic performance rating that is achievable, under the Housing Performance Indication System.. Key drivers for this market are: Increase FDI in construction in Asia-Pacific, Minimized Construction Wastage. Potential restraints include: Availability of Skilled Labor. Notable trends are: Foreign Investments in Japan is Driving the Market.

The Japan Residential Construction Market is experiencing robust growth, projected to maintain a Compound Annual Growth Rate (CAGR) exceeding 5% from 2025 to 2033. This expansion is fueled by several key drivers. A growing aging population necessitates more adaptable and accessible housing solutions, driving demand for renovation and specialized construction. Simultaneously, urbanization and increasing disposable incomes are boosting demand for new, modern apartments and condominiums, particularly in major metropolitan areas. Government initiatives aimed at improving housing affordability and infrastructure development further contribute to market expansion. However, the market faces certain constraints, including land scarcity in densely populated urban centers and fluctuating material costs, potentially impacting construction timelines and overall project viability. The market is segmented by dwelling type (apartments & condominiums, villas, others) and construction type (new construction, renovation). Leading players, including Daiwa House, Sekisui House, and Panasonic Homes, are strategically positioning themselves to capitalize on these trends through innovative designs, sustainable building practices, and technological integration. Competition remains intense, requiring companies to offer differentiated products and services to maintain market share. The market's success hinges on addressing the challenges of land scarcity and material costs effectively. Companies achieving this balance, combined with a focus on creating energy-efficient and technologically advanced housing solutions tailored to the evolving needs of the Japanese population, are well-positioned to benefit from the continued growth trajectory. The renovation segment, spurred by the aging population's need for accessible housing, represents a significant opportunity for market expansion, especially in the coming years. Furthermore, the strategic integration of smart home technology and sustainable materials will likely influence consumer preference and drive innovation within the industry. The dominance of established players underscores the need for newer entrants to offer unique value propositions to compete effectively. Future growth will likely be marked by increased specialization and a growing focus on providing tailored solutions to a diverse range of consumer needs. Recent developments include: November 2022: Asahi Kasei Homes acquired 100% ownership of all the subsidiaries of Focus Company. This acquisition will help Asahi Kasei Homes strengthen its core business of order-built unit homes in Japan, North America, and Australia., April 2022: Panasonic Homes commenced selling their Casart Black & Stone model, a Zero Energy Home (ZEH), in April 2022. The Black & Stone has an Earthquake Safety and Comfort Warranty that will restore the building to its original condition in the unlikely event that more than half of the house is damaged in an earthquake. The Black & Stone has a Grade 3 rating, the highest seismic performance rating that is achievable, under the Housing Performance Indication System.. Notable trends are: Foreign Investments in Japan is Driving the Market.

The Japan manufactured homes market, currently valued at an estimated ¥1.5 trillion (approximately $10.5 billion USD) in 2025, is poised for robust growth, exhibiting a Compound Annual Growth Rate (CAGR) exceeding 4.00% from 2025 to 2033. This expansion is fueled by several key drivers. Firstly, increasing urbanization and population density within Japan are creating a greater demand for affordable and efficient housing solutions. Manufactured homes offer a compelling alternative to traditional construction, providing quicker build times and potentially lower costs. Secondly, government initiatives promoting sustainable and energy-efficient housing are positively impacting the market. Builders are increasingly incorporating eco-friendly materials and technologies into their manufactured homes, aligning with national environmental goals. Furthermore, evolving consumer preferences towards modern, customizable, and technologically advanced homes are driving innovation within the sector. Leading manufacturers like Shimizu Corporation and Sekisui House are responding to these trends by offering innovative designs and features, including smart home technologies and flexible floor plans. However, the market faces certain restraints. Land scarcity and stringent building regulations in urban areas can present challenges to development. Fluctuations in material costs and labor shortages could also impact production and pricing. Despite these challenges, the segment is showing significant growth, primarily in the multi-family housing sector, driven by an increasing need for rental properties and compact living spaces in densely populated cities. The single-family segment, while smaller, is expected to experience steady growth, fueled by demand for cost-effective and personalized homes in suburban and rural areas. The continued expansion of the market hinges on effectively addressing regulatory hurdles, maintaining a stable supply chain, and adapting to evolving consumer preferences. The forecast period of 2025-2033 suggests significant market expansion based on existing trends and projected economic growth in Japan. Key drivers for this market are: Governments' Investments and Plans in Residential Housing to Boost the Prefab Industry, Rise in the overall construction industry and increasing prices. Potential restraints include: Uneven Topography, Lack of Awareness. Notable trends are: Manufactured Homes are Witnessing a Rise in Adoption.

In 2023, the second-hand home market in Japan accounted for 16.2 percent of the overall housing market. This was significantly lower than the share of the pre-owned home market in the United States, England, and France in 2023.

The Japan condominiums and apartments market, valued at approximately ¥20 trillion (assuming a market size of "XX" represents a significant figure in the Japanese real estate sector, and ¥20 trillion is a plausible estimate given the scale of the Japanese economy) in 2025, exhibits a steady Compound Annual Growth Rate (CAGR) of 4.60%. This growth is fueled by several key drivers. Firstly, Japan's urban population continues to concentrate in major cities like Tokyo, Osaka, and Nagoya, increasing demand for compact yet modern housing solutions offered by condominiums and apartments. Secondly, a robust economy and increasing disposable incomes are enabling more individuals to afford higher-quality housing, fueling market expansion. Furthermore, government initiatives aimed at improving urban infrastructure and promoting sustainable housing developments are also positively influencing market growth. However, challenges remain, including the high cost of land in major cities, potentially limiting supply and pushing prices upward. Stringent building codes and environmental regulations, while important for sustainability, also add to development costs. The market is segmented by type, with condominiums and apartments representing the primary categories, each catering to different consumer preferences and budgetary considerations. The competitive landscape includes both large-scale developers like Sekisui House Limited and Sumitomo Forestry's Co Ltd, and smaller, specialized builders focusing on niche markets. The forecast period of 2025-2033 projects continued growth, albeit at a rate influenced by macroeconomic factors like interest rates and economic volatility. While the CAGR of 4.60% provides a baseline, fluctuations around this figure are anticipated. The consistent demand for housing in Japan's urban centers, combined with ongoing investment in infrastructure development, suggests that the market will remain resilient in the long term. However, developers must adapt to changing consumer preferences—emphasizing sustainable designs, smart home technologies, and flexible living spaces—to maintain competitiveness and capitalize on the growth potential. A deeper understanding of regional variations within Japan, particularly concerning population density and economic conditions, will be crucial for targeting specific market segments effectively. Recent developments include: Dec 2022: Nippon House Holdings Co. Ltd launched the "Japanese House/Hinoki House" series with 15 types of exterior design., Oct 2022: Asahi Kasei Homes concluded an agreement to acquire 100% ownership of Focus Plumbing LLC, Focus Framing, Door & Trim LLC, Focus Electric LLC, Focus Concrete LLC, and Focus Fire Protection LLC (collectively referred to as "Focus Companies"), a Nevada-based residential plumbing, framing, electric, concrete, and fire protection group, on October 14, 2022 (US Eastern time), through a US subsidiary, and completed the acquisition.. Notable trends are: Japan’s Shrinking Population is Producing a Surplus of Housing.

The Japanese luxury residential real estate market is expected to maintain a steady growth rate, with a CAGR of 3.00% during the forecast period of 2025-2033. This growth can be attributed to the nation's affluent population and the presence of major corporations, creating a demand for high-end housing. Tokyo, Kyoto, and Osaka are the primary metropolitan areas driving the market. Foreign investors are also contributing to the demand for luxury properties, particularly in the form of apartments and condominiums. Key trends in the market include the increasing popularity of smart homes and the growing demand for eco-friendly luxury properties. The market is segmented into apartments and condominiums, villas and landed houses, with apartments and condominiums dominating the market. Major companies in the market include Daiwa House Group, Mitsui Fudosan, Tokyo Tatemono, Sumitomo Realty & Development, and Daikyo Incorporated. Despite the projected growth, there are some restraints such as the high cost of land and the strict regulations governing the construction of new developments. Recent developments include: On January 13th, 2022, Mitsubishi Estate announced rental residences would be included on the upper floors of Torch Tower, a mixed-use building to be developed in the Tokyo Torch complex, officially named the Tokyo Station Tokiwabashi Project. These will be the first residential units for rent in the Otemachi, Marunouchi, and Yurakucho areas, according to Mitsubishi Estate. There will be approximately 50 luxury rental apartments planned, between roughly 70 to 400 square meters in exclusive use spaces. Torch Tower will be a 63-story, 4-level basement complex consisting of a hotel, offices, event spaces, and retail stores in addition to the luxury rental units. Construction is scheduled to begin in the fiscal year 2023 and be completed in the fiscal year 2027., On April 25th, 2022, Mitsui Fudosan Residential and Mitsubishi Estate Residence announced the permanent name of "Mita Garden Hills" for the, until now, tentatively named "Mita 1-Chome, Minato-ku, Tokyo Project". It is a large-scale luxury condominium project that will include 1,002 units ranging from studio to 4-bedroom condos. The site spans 2.5 hectares and will have 1,002 apartments across several 1 - 14-story buildings, with apartment sizes ranging from 29 - 370 sqm (312 - 3,891 sq. ft). Only the units over 200 sqm in size appear to have two bathrooms (or a shower in the main bedroom). A resident-only central garden of around 7,700 sqm will be landscaped with 130 varieties of new and existing plants. Approximately 500 tonnes of rainfall will be collected each year to help with the watering of the plants to conserve water usage.. Key drivers for this market are: 4., Rapid Urbanization is driving the market4.; Government Initiatives Actively promoting the Construction Activities. Potential restraints include: 4., Limited Infrastructure4.; Shortage of Skilled Labours. Notable trends are: High Concentration of UHNWI in Tokyo Driving the Sales of Luxury Homes.

Key information about Japan Gold Production

• Japan Real Residential Property Price Index was reported at 121.710 2010=100 in Sep 2024.
• This records an increase from the previous number of 121.633 2010=100 for Jun 2024.
• Japan Real Residential Property Price Index data is updated quarterly, averaging 110.319 2010=100 from Mar 1955 to Sep 2024, with 279 observations.
• The data reached an all-time high of 189.276 2010=100 in Mar 1991 and a record low of 12.662 2010=100 in Mar 1955.
• Japan Real Residential Property Price Index data remains active status in CEIC and is reported by Bank for International Settlements.
• The data is categorized under World Trend Plus’s Association: Property Sector – Table RK.BIS.RPPI: Selected Real Residential Property Price Index: 2010=100: Quarterly. [COVID-19-IMPACT]

The Japan manufactured homes market, valued at approximately ¥1.5 trillion (assuming a market size "XX" of around $10 billion USD in 2025 based on current exchange rates and a reasonable size for a developed nation's manufactured housing market) is experiencing robust growth, projected to maintain a compound annual growth rate (CAGR) exceeding 4.00% from 2025 to 2033. This expansion is fueled by several key drivers. A rising demand for affordable housing in urban centers, coupled with increasing land scarcity and construction costs, is pushing consumers towards manufactured homes as a viable and cost-effective alternative. Furthermore, advancements in prefabrication technologies are leading to higher-quality, more energy-efficient, and customizable homes, thus enhancing their appeal among a broader segment of the population. Government initiatives promoting sustainable and efficient housing solutions also contribute positively to market growth. The market is segmented by type into single-family and multi-family dwellings, with the single-family segment currently dominating due to strong individual homeowner demand. However, the multi-family segment shows considerable growth potential driven by increasing urbanization and the need for efficient apartment solutions. Despite the positive growth trajectory, certain restraints exist. These include fluctuating raw material prices, particularly timber and steel, impacting production costs and potentially affecting affordability. Furthermore, stringent building codes and regulations in Japan could pose challenges for manufacturers, requiring significant investments to meet compliance standards. Despite these challenges, the long-term outlook for the Japan manufactured homes market remains optimistic, driven by favorable demographics, technological innovation, and ongoing governmental support for sustainable housing initiatives. Major players like Sekisui House LTD, Daiwa House Group, and Panasonic Homes Co Ltd, along with others, are actively shaping the market landscape through their innovative products and competitive strategies. The market’s success hinges on continued innovation, addressing affordability concerns, and navigating regulatory hurdles effectively. Recent developments include: June 2022: Shimizu Corporation (an architectural, civil engineering, and general contracting firm), constructed a wooden house known as Ruins of Sakuragomon. The structure has two floors, and the house is spread across 58 square meters area., June 2022: Sekisui House, Ltd (Japan's major home builder), planned to acquire all of the equity interest in the operating company Chesmar Homes, LLC and financial services companies CLM Mortgage, Inc., N Title, Inc., and Entitled Insurance Agency, Inc. from Chesmar Group, Inc. This acquisition has led to the diversification of Sekisui House's product offering.. Notable trends are: Manufactured Homes are Witnessing a Rise in Adoption.

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Residential Real Estate Market Size 2025-2029

The residential real estate market size is forecast to increase by USD 485.2 billion at a CAGR of 4.5% between 2024 and 2029.

The market is experiencing significant growth, fueled by increasing marketing initiatives that attract potential buyers and tenants. This trend is driven by the rising demand for housing solutions that cater to the evolving needs of consumers, particularly in urban areas. However, the market's growth trajectory is not without challenges. Regulatory uncertainty looms large, with changing policies and regulations posing a significant threat to market stability. Notably, innovative smart home technologies, such as voice-activated assistants and energy-efficient appliances, are gaining traction, offering enhanced convenience and sustainability for homeowners.
As such, companies seeking to capitalize on the opportunities presented by the growing the market must navigate these challenges with agility and foresight. The residential construction industry's expansion is driven by urbanization and the rising standard of living in emerging economies, including India, China, Thailand, Malaysia, and Indonesia. By staying abreast of regulatory changes and implementing innovative marketing strategies, they can effectively meet the evolving needs of consumers and maintain a competitive edge. These regulatory shifts can impact everything from property prices to financing options, making it crucial for market players to stay informed and adapt quickly.

What will be the Size of the Residential Real Estate Market during the forecast period?

Explore in-depth regional segment analysis with market size data - historical 2019-2023 and forecasts 2025-2029 - in the full report.
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In the dynamic housing market analysis, small flats continue to be a popular choice for both investors and first-time homebuyers, driven by affordability and urban growth. International investment in housing projects, including apartments and condominiums, remains strong, offering attractive investment returns. Real estate syndication and property management software facilitate efficient property ownership and management. Real estate loans, property insurance, and urban planning are essential components of the housing market, ensuring the development of affordable housing and addressing the needs of the middle class and upper middle class. Property disputes, property tax assessments, and real estate litigation are ongoing challenges, requiring careful attention from stakeholders.
Property search engines streamline the process of finding the perfect property, from studio apartments to luxury homes. Real estate auctions, land banking, and nano apartments are innovative solutions in the market, while property flipping and short sales provide opportunities for savvy investors. Urban growth and community development are key trends, with a focus on sustainable, planned cities and the integration of technology, such as real estate blockchain, into the industry. Developers secure building permits, review inspection reports, and manage escrow accounts during real estate transactions. Key services include contract negotiation, dispute resolution, and tailored investment strategies for portfolio management. Financial aspects cover tax implications, estate planning, retirement planning, taxdeferred exchanges, capital gains, tax deductions, and maintaining positive cash flow for sustained returns.

How is this Residential Real Estate Industry segmented?

The residential real estate industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Mode Of Booking

  Sales
  Rental or lease


Type

  Apartments and condominiums
  Landed houses and villas


Location

  Urban
  Suburban
  Rural


End-user

  Mid-range housing
  Affordable housing
  Luxury housing


Geography

  North America

    US
    Canada
    Mexico


  Europe

    France
    Germany
    UK


  APAC

    Australia
    Japan
    South Korea


  South America

    Brazil


  Rest of World (ROW)

By Mode Of Booking Insights

The sales segment is estimated to witness significant growth during the forecast period. The sales segment dominates the global residential real estate market and will continue to dominate during the forecast period. The sales segment includes the sale of any property that is majorly used for residential purposes, such as single-family homes, condos, cooperatives, duplexes, townhouses, and multifamily residences. With the growing population and urbanization, the demand for homes is also increasing, which is the major factor driving the growth of the sales segment. Moreover, real estate firms work with developers to sel

The original real estate rent data provided by At Home Co., Ltd.(Tokyo, Japan) cannot be made publicly available due to the data disclosing policy of the data owner. Therefore, we provide a part of the dataset recorded on 8000 properties. The dependent variable, rent per square meter of properties, was transformed logarithmically and the explanatory variables, the attributes of properties, were also transformed logarithmically and then normalized to mean 0 and variance 1. Noises were added to the geographic coordinates of the data.

Japan JP: Standardised Price-Income Ratio: sa data was reported at 87.536 Ratio in 2024. This records a decrease from the previous number of 89.289 Ratio for 2023. Japan JP: Standardised Price-Income Ratio: sa data is updated yearly, averaging 113.262 Ratio from Dec 1960 (Median) to 2024, with 65 observations. The data reached an all-time high of 163.202 Ratio in 1973 and a record low of 73.471 Ratio in 2009. Japan JP: Standardised Price-Income Ratio: sa data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s Japan – Table JP.OECD.AHPI: House Price Index: Seasonally Adjusted: OECD Member: Annual. Nominal house prices divided by nominal disposable income per head. Net household disposable income is used. The population data come from the OECD national accounts database. The long-term average is calculated over the whole period available when the indicator begins after 1980 or after 1980 if the indicator is longer. This value is used as a reference value. The ratio is calculated by dividing the indicator source on this long-term average, and indexed to a reference value equal to 100.