Secondhand apartment prices continue to fall in July

According to Tokyo Kantei, the average secondhand apartment price (based on a 70sqm apartment) in greater Tokyo in July fell 0.7% from the previous month to 28,250,000 Yen.

With the exception of Saitama City which saw prices rise 0.5% from the previous month to 21,180,000 Yen, all other areas in greater Tokyo saw a further decline in prices, with the rate of decline worsening. In Chiba City, the average price fell 1.8% from the previous month to 17,170,000 Yen. This is 6.3% lower than July of 2011.

For Tokyo City, the average price fell 0.5% to 36,400,000 Yen, and was down 5.1% from one year ago. In the 23-ku, the average price fell 0.6% o 39,220,000 Yen. This is the first time that prices in Tokyo’s 23-ku have broken the previous post-Lehman low of 39,320,000 Yen recorded in June 2009.

Average prices in July and % change from one year ago:
– Tokyo City: ¥36,400,000 (-5.1%)
– Tokyo 23-ku: ¥39,220,000 (-5.4%)
– Kanagawa Prefecture: ¥24,270,000  (-4.6%)
– Saitama Prefecture: ¥18,340,000 (-3.9%)
– Chiba Prefecture: ¥18,270,000 (-3.5%)

Price movements in greater Tokyo:

Price movements in greater Tokyo, Kinki and Chubu regions:

Note: The data is calculated based on the asking price of apartments registered in Tokyo Kantei’s database. Actual selling prices are typically lower than asking prices, so the figures above may be 5 ~ 10% higher on average than realized prices. 

Tokyo Kantei Press Release, August 22, 2012.
A PDF of the report (in Japanese) can be downloaded here

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