Existing apartment sales exceed new construction as prices continue to rise

According to REINS, a total of 37,217 second-hand apartments were reported to have sold across greater Tokyo in 2018, down 0.3% from 2017, but the 3rd year in a row to see transactions above 37,000 units. Sales of existing apartments have exceeded new construction, with 37,132 new apartments released for sale during the year. 

The average sale price of a second-hand apartment was 33,300,000 Yen, up 4.3% from 2017 and the sixth year in a row to see a year-on-year increase in prices. The average price per square meter was 516,100 Yen, up 3.2% from 2017 and also the sixth year in a row to see an increase. Over the past six years, average prices have increased by 35.1% over the greater Tokyo area. 

The average apartment size was 64.60 sqm (695 sq.ft), while the average building age was 21.00 years (0.3 years older than the average in 2017).

Data: REINS, January 22, 2019.