Transactions and luxury sales continue to soar in central Tokyo

According to REINS, 3,728 second-hand apartments were sold across greater Tokyo in March, up 13.2% from the previous month but down 6.7% from last year. This is the 12th month in a row to see a year-on-year decline.

The average apartment sale price was 29,230,000 Yen, down 0.1% from the previous month but up 9.7% from last year. The average price per square meter was 453,100 Yen, up 0.7% from the previous month and up 8.7% from last year. The average building age was 19.47 years.

1,843 second-hand apartments were sold in the Tokyo metropolitan area, up 17.2% from the previous month but down 7.1% from last year. The average sale price was 35,580,000 Yen, down 2.3% from the previous month but up 10.6% from last year. The average price per square meter was 601,900 Yen, down 0.7% from the previous month but up 11.1% from last year. The average building age was 18.58 years.

In central Tokyo’s 3 wards (Chiyoda, Chuo and Minato), 230 apartments were sold, up 23.0% from the previous month and up 0.4% from last year. This is the highest level for March seen since record keeping began in 2008.

Past transactions in March:

  • 2008: 138
  • 2009: 126
  • 2010: 128
  • 2011: 92
  • 2012: 161
  • 2013: 206
  • 2014: 229
  • 2015: 230

The average sale price was 54,300,000 Yen, up 1.7% from the previous month and up 11.4% from last year. The average price per square meter was 967,700 Yen, down 2.4% from the previous month but up 9.6% from last year. The average building age was 15.96 years. Remaining inventory was up 5.7% from last year, but indicates a remaining supply of 9.25 months.

Sale prices per square meter:

Greater Tokyo: 453,100 Yen +8.7% from March 2014
Tokyo Metropolitan Area 601,900 Yen +11.1%
Chiyoda, Chuo, Minato 967,700 Yen +9.6%
Shinagawa, Ota, Meguro,
Setagaya
678,500 Yen +8.1%
Shinjuku, Shibuya, Suginami,
Nakano
790,000 Yen +17.4%
Bunkyo, Toshima, Kita, Itabashi,
Nerima
559,300 Yen +5.6%
Taito, Koto, Edogawa, Sumida,
Katsushika, Adachi, Arakawa
498,800 Yen +8.5%
Saitama Prefecture: 266,000 Yen +4.4%
Saitama City 328,700 Yen +10.1%
Chiba Prefecture: 260,500 Yen +6.4%
Chiba City 232,100 Yen +4.2%
Kanagawa Prefecture: 395,900 Yen +5.9%
Yokohama City 410,500 Yen +7.9%
Kawasaki City 481,400 Yen +1.9%
Tokyo Metropolitan Area
No. of sales in March: 1,843 (+17.2% from Feb; -7.1% from Mar. 2014)
Remaining inventory: 17,328 apartments (9.4 months)
Average sale price: 35,580,000 Yen (-2.3%; +10.6%)
Average sale price per sqm: 601,900 Yen (-0.7%; +11.1%)
Average size: 59.11 sqm
Average building age: 18.58 yrs (+0.21 yrs; +0.16 yrs)
Central Tokyo’s 3 wards (Chiyoda, Chuo, Minato)
No. of sales in March: 230 (+23.0% from Feb; +0.4% from Mar. 2014)
Remaining inventory: 2,129 apartments (9.3 months)
Average sale price: 54,300,000 Yen (+1.7%; +11.4%)
Average sale price per sqm: 967,700 Yen (-2.4%; +9.6%)
Average size: 56.11 sqm
Average building age: 15.96 yrs (+0.4 yrs; +1.59 yrs)

Luxury sales soar

In the first quarter of 2015, 83 apartments priced over 100 million Yen sold in the Tokyo metropolitan area, up 33.9% from 2014.

Transaction numbers for apartments priced above 50 million Yen were up by as much as 40% from the first quarter of 2014, while sales for apartments in price brackets below 50 million Yen have fallen from 12 months prior.

Sale price No. of sales % change from 2014/Q1
<10 million Yen 414 -21.4%
10~20 million Yen 834 -11.7%
20~30 million Yen 940 -10.7%
30~40 million Yen 922 -9.7%
40~50 million Yen 634 -2.0%
50~70 million Yen 548 +6.0%
70~100 million Yen 233 +39.5%
100 million Yen + 83 +33.9%

SECOND-HAND HOMES

1,189 second-hand homes were sold across greater Tokyo, up 13.7% from the previous month but down 1.3% from last year. The average sale price was 30,630,000 Yen, down 3.5% from the previous month but up 4.4% from last year. The average house size was 107.70 sqm and the average land size was 152.15 sqm. The average building age was 20.58 years.

In the Tokyo metropolitan area, 371 homes were sold, up 10.7% from the previous month and up 1.4% from last year. The average sale price was 42,920,000 Yen, down 6.5% from the previous month but up 5.1% from last year. The average house size was 105.83 sqm and the average land size was 118.45 sqm. The average building age was 19.83 years.

In the first quarter of 2015, sales of homes priced over 100 million Yen in the Tokyo metropolitan area were up 69.0% from the same period in 2014.

In Tokyo’s popular residential areas of Shinagawa, Ota, Meguro and Setagaya, the average sale price was 65,120,000 Yen, up 0.2% from the previous month and up 13.0% from last year. The average house size was 110.81 sqm and the average land size was 106.00 sqm. The average building age was 17.80 years.

BRAND NEW HOME SALES

466 brand new homes were sold across greater Tokyo, up 3.3% from the previous month and up 14.2% from last year. The average sale price was 32,980,000 Yen, down 1.3% from the previous month and down 5.4% from last year. The average house size was 97.60 sqm and the average land size was 113.78 sqm.

108 new homes were sold in the Tokyo metropolitan area, up 25.6% from the previous month but down 1.8% from last year. The average sale price was 39,400,000 Yen, down 9.0% from the previous month and down 5.6% from last year. The average house size was 91.87 sqm and the average land size was 97.12 sqm.

LAND

503 blocks of land (between 100 ~ 200 sqm) were sold in greater Tokyo, up 24.2% from the previous month but down 7.5% from last year. The average sale price was 194,600 Yen/sqm, up 5.8% from the previous month but down 1.2% from last year.

155 blocks of land were sold in the Tokyo metropolitan area, up 50.5% from the previous month and up 6.2% from last year. The average sale price was 305,400 Yen/sqm, up 2.3% from the previous month but down 5.3% from last year.

Source: REINS, April 10, 2015.

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