Average price of an apartment in central Tokyo reaches highest level in recent history

According to REINS, 2,303 second-hand apartments were sold across greater Tokyo in August, down 26.6% from the previous month but up 1.7% from last year. The average sale price was 33,180,000 Yen, down 1.3% from the previous month but up 2.5% from last year. The average price per square meter was 521,000 Yen, down 300 Yen from the previous month but up 3.2% from last year. This is the 68th month in a row to record a year-on-year increase in prices.

1,186 second-hand apartments were sold in the Tokyo metropolitan area, down 28.4% from the previous month but up 3.9% from last year. The average sale price was 40,940,000 Yen, down 0.1% from the previous month but up 1.5% from last year. The average price per square meter was 683,300 Yen, up 0.5% from the previous month but down 0.1% from last year.

The average price in Tokyo’s 23 wards was 764,000 Yen/sqm, up 2.0% from last year and the 71st month in a row to record a year-on-year increase.

Central Tokyo’s 3 wards

In central Tokyo’s 3 wards of Chiyoda, Chuo and Minato, the average sale price was 66,790,000 Yen, up 6.9% from the previous month and up 2.5% from last year. The average price per square meter was 1,193,700 Yen, up 4.2% from the previous month and up 6.8% from last year. This is the highest price seen since REINS began reporting data in January 2008, beating a previous high of 1,164,500 Yen/sqm set in May 2018.

124 apartments were reported to have sold during the month, down 39.5% from the previous month and down 17.3% from last year.

Source: REINS, September 10, 2018.