Tokyo apartment sale prices increase for 68th month

According to REINS, 2,785 second-hand apartments were reported to have sold across greater Tokyo in May, down 14.0% from the previous month and down 6.6% from last year. The average sale price was 33,050,000 Yen, down 1.8% from the previous month but up 4.2% from last year. The average price per square meter was 510,700 Yen, down 1.9% from the previous month but up 3.2% from last year. This is the 65th month in a row to see a year-on-year increase in sale prices.

1,400 apartments were sold in the Tokyo metropolitan area, down 16.6% from the previous month and down 8.6% from last year. The average sale price was 41,380,000 Yen, down 1.1% from the previous month but up 5.2% from last year. The average price per square meter was 684,100 Yen, down 0.7% from the previous month but up 3.6% from last year. This is the 68th month in a row to record a year-on-year increase in sale prices.

Central Tokyo’s 3 wards

In central Tokyo’s 3 wards of Chiyoda, Chuo and Minato, the average sale price was 65,320,000 Yen, up 8.7% from the previous month and up 8.5% from last year. The average price per square meter was 1,164,500 Yen, up 10.3% from the previous month and up 9.7% from last year. This is the highest price seen since record-keeping began in 2008.

168 apartments were reported to have sold, down 11.6% from the previous month and down 17.6% from last year. New listings were down 6.1% from last year, while remaining inventory shrunk for the 14th month in a row.

Source: REINS, June 11, 2018.