According to Tokyo Kantei the average asking price of a 70 sqm (753 sq ft) apartment across greater Tokyo was 36,150,000 Yen in December 2017, down 0.2% from the previous month but up 1.3% from 2016. The average building age was 23.1 years.
In Tokyo’s 23 wards the average asking price was 53,400,000 Yen, up 0.2% from the previous month and up 0.2% from 2016. The average building age was 22.7 years.
In Tokyo’s central six wards (Chiyoda, Chuo, Minato, Shinjuku, Bunkyo and Shibuya) the average asking price was 73,670,000 Yen, up 0.04% from the previous month and up 0.8% from 2016. The average building age was 21.2 years.
For the year of 2017, the average asking price across greater Tokyo was 35,770,000 Yen, up 2.9% from 2016 and up 28.2% from the recent bottom in 2013. In Tokyo’s 23 wards, the average price was 53,190,000 Yen, up 1.3% from 2016 and up 33.8% from the recent bottom in 2012. The average rate of increase has slowed after seeing double-digit growth in 2015 and 2016.
Not only are apartment listings getting more expensive, the average age of buildings is also growing older. The average building age across greater Tokyo in 2017 was 22.8 years, up from an average of around 17 years seen between 2008 ~ 2010. Similar changes are also evident in Tokyo and Osaka.
About the data:
- Tokyo central 6 wards: Chiyoda, Chuo, Minato, Shinjuku, Bunkyo, Shibuya.
- Jyonan, Jyosai 6 wards: Shinagawa, Meguro, Ota, Setagaya, Nakano, Suginami.
- Jyohoku, Jyoto 11 wards: All other wards in Tokyo.
- Osaka central 6 wards: Fukushima, Nishi, Tennoji, Naniwa, Kita, Chuo.
- Nagoya central 3 wards: Naka, Higashi, Chikusa.
The data above is based on advertised prices which may be higher than actual prices after negotiations. Click here to read the REINS report about actual sale prices in December.
Source: Tokyo Kantei, January 22, 2018.