New apartment prices in greater Tokyo exceed 60 million Yen for first time since 1991

Park Court Akasaka Hinokicho The Tower
Pulling up the average. 11% of apartment sales in Tokyo's 23 wards were in Park Court Akasaka Hinokicho The Tower, which recorded a same-day sellout in November. The most expensive apartment sold was 1.5 billion Yen (12.4 million USD).

According to the Real Estate Economic Institute, 3,496 brand new apartments were released for sale in greater Tokyo in November, up 19.7% from the previous month and up 4.8% from last year. 2,871 apartments were sold, making the contract ratio 82.1%, up 13.3 points from the previous month and up 3.7 points from last year.

The average price of a new apartment was 63,280,000 Yen, up 18.0% from the previous month and up 21.1% from last year. This is the first time that prices have exceeded 60 million Yen since June 1991. The average price per square meter was 871,000 Yen, up 14.8% from the previous month and up 18.2% from last year.Read more

by Zoe Ward