Central Tokyo apartment prices up 6.9% from last year

According to REINS, 2,440 second-hand apartments were sold across greater Tokyo in January 2015, down 2.3% from the previous month and down 9.2% from last year. This is the 10th month in a row to see a year-on-year decline.

The average apartment sale price was 27,980,000 Yen, down 1.7% from the previous month but up 4.7% from last year. The average price per square meter was 437,300 Yen, down 2.6% from the previous month but up 5.3% from last year. The average building age was 19.51 years.

1,193 second-hand apartments were sold in the Tokyo metropolitan area, down 4.6% from the previous month and down 9.3% from last year. The average sale price was 33,220,000 Yen, down 5.3% from the previous month but up 1.3% from last year. The average price per square meter was 567,600 Yen, down 4.4% from the previous month but up 4.1% from last year. The average building age was 18.89 years.

In central Tokyo’s 3 wards (Chiyoda, Chuo and Minato), the average sale price was 48,030,000 Yen, down 16.2% from the previous month and down 1.4% from last year. The average size of an apartment sold in January shrunk by 10.3% from the month before, while the average building age was 4 years older, which may help explain the fairly large drop in price from the previous month. The average sale price per square meter was 933,000 Yen, down 6.6% from the previous month but up 6.9% from last year.