Tokyo apartment sale prices increase for 59th consecutive month

According to REINS, 2,265 second-hand apartments were sold across greater Tokyo in August, down 31.4% from July and down 5.0% from last year. August is one of the hottest months in the year and often a time when Japanese take a vacation, so sales are typically slower than in July or September.

The average sale price was 32,380,000 Yen, up 2.5% from the previous month and up 7.6% from last year. The average price per square meter was 505,000 Yen, up 2.1% from the previous month and up 5.9% from last year. This is the 56th month in a row to record a year-on-year increase in sale prices. The average building age was 20.69 years.

In the Tokyo metropolitan area 1,141 second-hand apartments were sold, down 33.7% from the previous month and down 4.8% from last year. The average sale price was 40,350,000 Yen, up 4.4% from the previous month and up 7.4% from last year. The average price per square meter was 684,200 Yen, up 4.3% from the previous month and up 7.4% from last year. This is the 59th month in a row to record a year-on-year increase in sale prices. The average building age was 19.39 years.

Central Tokyo’s 3 wards

In central Tokyo’s 3 wards of Chiyoda, Chuo and Minato, 150 second-hand apartments were sold, down 31.8% from the previous month but up 11.9% from last year. This is the 12th month in a row to record a year-on-year increase in transactions and the highest number of reported transactions for the month of August seen since record-keeping began in 2008.

Monthly transactions in August:

  • 2017: 150
  • 2016: 134
  • 2015: 142
  • 2014: 114
  • 2013: 128
  • 2012: 88
  • 2011: 105
  • 2010: 91
  • 2009: 97
  • 2008: 82

 

The number of new listings was down for the 10th month in a row with 1,026 apartments listed for sale in August, down 11.2% from July and down 9.9% from last year.

The average sale price was 65,190,000 Yen, up 10.7% from the previous month and up 21.4% from last year. The average price per square meter was 1,117,300 Yen, up 3.5% from the previous month and up 5.8% from last year. This is the highest price per square meter seen since record-keeping began in early 2008, beating a recent high of 1,097,500 Yen/sqm seen in May 2017 and up 61.9% from the recent bottom of 690,300 Yen/sqm recorded in November 2012. The average building age was 16.82 years.

Remaining inventory was down for the 6th month in a row, dropping 12.2% from last year.

 

 

 

Sale prices per square meter:

Greater Tokyo: 505,000 Yen +5.9% from Aug. 2016
Tokyo Metropolitan Area 684,200 Yen +7.4%
Chiyoda, Chuo, Minato 1,117,300 Yen +5.8%
Shinagawa, Ota, Meguro,
Setagaya
773,400 Yen +5.0%
Shinjuku, Shibuya, Suginami,
Nakano
863,700 Yen +9.9%
Bunkyo, Toshima, Kita, Itabashi,
Nerima
627,100 Yen -1.5%
Taito, Koto, Edogawa, Sumida,
Katsushika, Adachi, Arakawa
564,500 Yen +3.4%
Saitama Prefecture: 302,200 Yen +6.9%
Saitama City 369,200 Yen +4.3%
Chiba Prefecture: 271,200 Yen +2.7%
Chiba City 262,700 Yen +2.9%
Kanagawa Prefecture: 425,900 Yen +5.8%
Yokohama City 455,200 Yen +9.7%
Kawasaki City 486,800 Yen -0.2%

 

SECOND-HAND HOMES

804 second-hand homes were sold across greater Tokyo, down 27.9% from the previous month and down 9.6% from last year. The average sale price was 29,530,000 Yen, down 5.9% from the previous month and down 4.5% from last year. The average house size was 105.48 sqm and the average land size was 151.90 sqm. The average building age was 21.42 years.

231 homes were sold in the Tokyo metropolitan area, down 32.0% from the previous month and down 22.7% from last year. The average sale price was 43,140,000 Yen, down 5.5% from the previous month and down 2.6% from last year. The average house size was 104.07 sqm and the average land size was 122.47 sqm. The average building age was 19.58 years.

In Tokyo’s popular residential areas of Shinagawa, Ota, Meguro and Setagaya, the average sale price was 59,310,000 Yen, down 20.9% from the previous month and down 0.3% from last year. The average house size was 99.88 sqm and the average land size was 82.89 sqm. The average building age was 18.45 years.

BRAND NEW HOMES

366 brand new homes were sold across greater Tokyo, down 15.5% from the previous month and down 2.7% from last year. The average sale price was 34,190,000 Yen, down 7.5% from the previous month and down 4.8% from last year. The average house size was 98.23 sqm and the average land size was 120.17 sqm.

99 new homes were sold in the Tokyo metropolitan area, down 18.9% from the previous month and down 15.4% from last year. The average sale price was 39,560,000 Yen, down 12.1% from the previous month and down 9.4% from last year. The average house size was 92.73 sqm and the average land size was 102.88 sqm.

LAND

387 blocks of land (between 100 ~ 200 sqm) were sold across greater Tokyo, down 26.7% from the previous month and down 13.2% from last year. The average sale price was 212,700 Yen/sqm, up 12.8% from the previous month and up 21.5% from last year.

123 blocks of land were sold in the Tokyo metropolitan area, down 9.6% from the previous month but up 6.0% from last year. The average sale price was 392,100 Yen/sqm, up 16.6% from the previous month and up 30.1% from last year.

Source: REINS, September 11, 2017.