Downward price movements intensify in Tokyo

Nomura Real Estate Urban Net has published the latest residential land and second-hand apartment price movements for greater Tokyo. The downward trend of property prices is beginning to intensify.

According to the data, the average price of residential land in the last quarter of 2011 fell 0.9% from the previous quarter. From the surveyed locations, only 3.6% of locations reported an increase in land prices, 59.3% reported no change in prices and 37.1% reported a fall in land prices. For second-hand apartments, the average price in greater Tokyo was down 1.1%.

The average residential land price for greater Tokyo for the entire year fell 2.0%. The annual average price in 2010 had only fallen by 0.7%, so prices are showing a downward trend. In 2011, the average second-hand apartment price fell by 2.4% compared to a 1.6% fall in 2010. In Tokyo’s 23 wards, the average apartment price fell by 3.8% over the year.

Sources:
Nomura Real Estate Urban Net Co., Ltd. http://www.nomura-un.co.jp/
The Shinken Housing, January 10, 2012.

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