According to Tokyo Kantei, the average asking price of a 70 sqm (753 sqft) second-hand apartment in Tokyo’s 23 wards was 42,560,000 Yen in October, up 0.9% from the previous month and up 4.7% from last year. Asking prices have increased by 8.1% over the past 2 years. The average building age was 22.3 years.
In central Tokyo’s six wards (Chiyoda, Chuo, Minato, Shinjuku, Bunkyo and Shibuya), the average apartment asking price was 60,180,000 Yen, up 1.7% from the previous month and up 10.3% from last year. The average price has increased by 18.0% over the past 2 years. The average building age was 21.7 years.
The average price across greater Tokyo was 28,480,000 Yen, up 0.9% from the previous month and up 1.0% from last year. The average building age was 21.8 years.
Prices in greater Tokyo have been largely pulled up by the price increases seen in the Tokyo metropolitan area.
|Greater Tokyo||28,480,000 Yen (+0.9% from September; +1.0% from October 2013)|
|Tokyo||38,500,000 Yen (+1.3%; +3.6%)|
|Kanagawa Prefecture||24,370,000 Yen (+0.4%; +0.6%)|
|Saitama Prefecture||18,630,000 Yen (+0.0%; +0.5%)|
|Chiba Prefecture||18,250,000 Yen (-0.8%; +2.1%)|
|Kinki Region||18,040,000 Yen (-0.6%; -0.7%)|
|Osaka||18,360,000 Yen (-0.4%; -2.3%)|
|Hyogo Prefecture||17,660,000 Yen (-1.0%; -0.5%)|
|Chubu Region||14,760,000 Yen (+0.3%; +0.4%)|
|Aichi Prefecture||15,440,000 Yen (+0.5%; +1.4%)|
While prices remain relatively flat in other major cities across Japan, the gap is widening in Tokyo where prices continue to rise. Prices in Osaka have begun to show a gradual decline.
Apartment asking prices by city:
|Tokyo 23-ku||42,560,000 Yen (+0.9% from September; +4.7% from October 2013)|
|Yokohama City||25,690,000 Yen (+0.2%; +1.0%)|
|Saitama City||21,150,000 Yen (+0.8%; -1.8%)|
|Chiba City||17,090,000 Yen (-2.6%; +1.1%)|
|Osaka City||21,750,000 Yen (-0.6%; -1.3%)|
|Kobe City||17,940,000 Yen (-1.5%; +2.0%)|
|Nagoya City||17,960,000 Yen (+1.0%; +3.5%)|
The rate of increase in Tokyo’s central 6 wards has expanded since July. Other areas in Tokyo have also seen an increase, although not at the same pace as central Tokyo. This is leading to a greater gap between prices within Tokyo’s 23 wards.
Apartment asking prices in Tokyo, Osaka and Nagoya:
|Tokyo central 6 wards||60,180,000 Yen (+1.7% from September; +10.3% from October 2013)|
|Jyonan, Jyosai 6 wards||45,000,000 Yen (+0.4%; +3.0%)|
|Jyohoku, Jyoto 11 wards||32,840,000 Yen (+1.1%; +3.1%)|
|Osaka central 6 wards||28,150,000 Yen (-1.7%; -1.9%)|
|Nagoya central 6 wards||22,800,000 Yen (+1.8%; +12.5%)|
About the data:
- Tokyo central 6 wards: Chiyoda, Chuo, Minato, Shinjuku, Bunkyo, Shibuya.
- Jyonan, Jyosai 6 wards: Shinagawa, Meguro, Ota, Setagaya, Nakano, Suginami.
- Jyohoku, Jyoto 11 wards: All other wards in Tokyo.
- Osaka central 6 wards: Fukushima, Nishi, Tennoji, Naniwa, Kita, Chuo.
- Nagoya central 3 wards: Naka, Higashi, Chikusa.
The data above is based on advertised prices which may be higher than actual prices after negotiations. Click here to read the REINS report about actual sale prices in October.
Source: Tokyo Kantei, November 20, 2014.
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