Tokyo’s secondhand apartment market remains bearish

Data released by Tokyo Kantei has shown that the average price for a 70 sqm (753 sqft) secondhand apartment in Tokyo’s 23 wards in March 2011 fell 5.5% from March of the previous year.

In greater Tokyo the average apartment price in March was 29,330,000 Yen (362,000 USD), which was down 0.3% from last year. In Tokyo City, the average price of 37,400,000 Yen (462,000 USD) was down 0.5%, and was the 13th continuous month of decline. The other three prefectures also saw declines, indicating a bearish market for secondhand apartments.

While the average price in Tokyo’s 23 wards fell 5.5% to 40,340,000 Yen (498,000 USD), the average in Tokyo’s central 6 wards only fell by 0.7% to 52,360,000 Yen (646,000 USD).

Source: The Asahi Shimbun, April 19, 2012.