Tokyo apartment sale prices increase for 55th month

According to REINS 3,163 second-hand apartments were sold across greater Tokyo in April, down 15.0% from the previous month and down 4.0% from last year. The average sale price was 32,450,000 Yen, up 3.2% from the previous month and up 11.2% from last year. This is the first time since December 2014 that year-on-year double-digit growth has been reported.

The average price per square meter was 504,000 Yen, up 2.3% from the previous month and up 8.4% from last year. The average building age was 20.09 years.

In the Tokyo metropolitan area 1,609 apartments were sold, down 17.4% from the previous month and down 2.7% from last year. The average sale price was 40,830,000 Yen, up 5.9% from the previous month and up 12.2% from last year. This is the first time that the sale price has exceeded 40 million Yen since REINS began reporting data in 2001. The average price per square meter was 678,300 Yen, up 4.4% from the previous month and up 8.0% from last year. This is the 55th month in a row to see a year-on-year increase. The average building age was 18.55 years.

Central Tokyo’s 3 wards

In central Tokyo’s 3 wards of Chiyoda, Chuo and Minato, 217 second-hand apartments were sold, down 10.3% from the previous month but up 14.2% from last year. This is the 8th month in a row to see a year-on-year increase in transactions and is the highest number of reported transactions for the month of April seen since record-keeping began in 2008.

The number of new listings was down for the 6th month in a row with 1,312 apartments listed for sale in April, down 10.7% from last year.

The average sale price was 63,040,000 Yen, up 7.2% from the previous month and up 28.1% from last year. The average price per square meter was 1,097,500 Yen, up 3.9% from the previous month and up 15.0% from last year. This is the highest sale price per square meter since record-keeping began in 2008. The average building age was 15.11 years.

Remaining inventory was down 1.5% from the previous month and down 6.9% from last year. This is the second month in a row to record a year-on-year decrease in inventory.

 

Sale prices per square meter:

Greater Tokyo: 504,000 Yen +8.4% from Apr. 2016
Tokyo Metropolitan Area 678,300 Yen +8.0%
Chiyoda, Chuo, Minato 1,097,500 Yen +15.0%
Shinagawa, Ota, Meguro,
Setagaya
769,100 Yen +6.2%
Shinjuku, Shibuya, Suginami,
Nakano
850,700 Yen +1.4%
Bunkyo, Toshima, Kita, Itabashi,
Nerima
657,200 Yen +11.4%
Taito, Koto, Edogawa, Sumida,
Katsushika, Adachi, Arakawa
570,100 Yen +6.8%
Saitama Prefecture: 280,000 Yen +3.9%
Saitama City 330,100 Yen -7.9%
Chiba Prefecture: 263,600 Yen -1.6%
Chiba City 239,900 Yen +2.4%
Kanagawa Prefecture: 423,300 Yen +11.9%
Yokohama City 438,100 Yen +12.0%
Kawasaki City 511,600 Yen +8.9%

 

Tokyo Metropolitan Area
No. of sales in April: 1,609 (-17.4% from Mar. 2017; -2.7% from Apr. 2016)
Remaining inventory: 25,098 apartments (15.60 months)
Average sale price: 40,830,000 Yen (+5.9%; +12.2%)
Average sale price per sqm: 678,300 Yen (+4.4%; +8.0%)
Average size: 60.20 sqm
Average building age: 18.55 yrs (-0.98 yrs; -0.58 yrs)

 

Central Tokyo’s 3 wards (Chiyoda, Chuo, Minato)
No. of sales in April: 217 (-10.3% from Mar. 2017; +14.2% from Apr. 2016)
Remaining inventory: 3,626 apartments (16.71 months)
Average sale price: 63,040,000 Yen (+7.2%; +28.1%)
Average sale price per sqm: 1,097,500 Yen (+3.9%; +15.0%)
Average size: 57.44 sqm
Average building age: 15.11 yrs (-1.85 yrs; -0.98 yrs)

 

SECOND-HAND HOMES

1,126 second-hand homes were sold across greater Tokyo, down 13.4% from the previous month and down 3.0% from last year. The average sale price was 30,100,000 Yen, down 1.7% from the previous month but up 0.4% from last year. The average house size was 105.10 sqm and the average land size was 146.28 sqm. The average building age was 20.84 years.

351 homes were sold in the Tokyo metropolitan area, down 9.3% from the previous month but up 1.2% from last year. The average sale price was 41,260,000 Yen, down 8.0% from the previous month and down 3.9% from last year. The average house size was 97.54 sqm and the average land size was 108.61 sqm. The average building age was 19.70 years.

In Tokyo’s popular residential areas of Shinagawa, Ota, Meguro and Setagaya, the average sale price was 62,260,000 Yen, down 11.0% from the previous month and down 20.6% from last year. The average house size was 97.32 sqm and the average land size was 90.23 sqm. The average building age was 17.17 years.

BRAND NEW HOMES

454 brand new homes were sold across greater Tokyo, down 20.6% from the previous month but up 8.4% from last year. The average sale price was 35,570,000 Yen, up 2.3% from the previous month and up 2.0% from last year. The average house size was 98.51 sqm and the average land size was 120.82 sqm.

127 new homes were sold in the Tokyo metropolitan area, down 5.2% from the previous month but up 18.7% from last year. The average sale price was 40,500,000 Yen, down 3.4% from the previous month and down 7.4% from last year. The average house size was 95.98 sqm and the average land size was 106.47 sqm.

LAND

496 blocks of land (between 100 ~ 200 sqm) were sold across greater Tokyo, down 17.3% from the previous month and down 7.6% from last year. The average sale price was 189,100 Yen/sqm, down 4.0% from the previous month but up 4.5% from last year.

123 blocks were sold in the Tokyo metropolitan area, down 26.3% from the previous month and down 14.0% from last year. The average sale price was 352,600 Yen/sqm, up 5.3% from the previous month and up 19.2% from last year.

Source: REINS, May 15, 2017.