Tokyo apartment asking prices May 2015

According to Tokyo Kantei, the average asking price of a 70 sqm (753 sq ft) apartment in greater Tokyo in May was 29,980,000 Yen, up 1.0% from the previous month and up 5.5% from last year. This is the 9th month in a row to see an increase from the previous month. The average building age was 22.0 years.

The increasing cost of buying a brand new apartment is causing buyers to shift their attention to the resale market. With the average price of a new apartment over 10 times the average annual income, and far exceeding the normal multiple of 6, more and more buyers are becoming priced out of the new apartment market.

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