According to Tokyo Kantei, the average asking price of a 70 sqm (753 sq.ft) second-hand apartment in greater Tokyo in December 2015 was 32,690,000 Yen, down 0.2% from the previous month but up 12.8% from the previous year. This ends a 15 month streak where prices were increasing on a month-by-month basis. The average building age was 22.1 years.
In the Tokyo metropolitan area, the average price was 46,230,000 Yen, up 1.6% from the previous month and up 17.1% from the previous year. This is the 18th consecutive month to record a month-on-month increase.
In Tokyo’s 23 wards, the average price was 51,430,000 Yen, up 1.6% from the previous month and up 17.4% from the previous year. This is also the 18th month in a row to see a month-on-month increase. The average building age was 21.6 years.
Yokohama City and Saitama City also recorded growth from the previous month, while prices in Chiba City have declined for the past three months and are now 1.4% lower than they were in December 2014.
In Tokyo’s central six wards (Chiyoda, Chuo, Minato, Shinjuku, Bunkyo and Shibuya), the average asking price was 71,430,000 Yen, up 1.2% from the previous month and up 15.3% from the previous year. The average building age was 20.0 years.
In Chiyoda-ku, which includes the valuable Bancho area, the average price of a 70 sqm apartment reached 92,860,000 Yen.
In Osaka’s central six wards, the average price was 35,730,000 Yen, up 3.3% from the previous month and up 24.0% from the previous year. The monthly increase was due to a smaller number of older buildings being transacted. The average building age was 18.0 years.
Prices in 2015 reach 7 year high
For the 2015 year, the average price across greater Tokyo was 30,700,000 Yen, up 7.7% from 2014. This is the second year of increases, and is the first time in 7 years that the average has exceeded 30 million Yen.
In the Tokyo metropolitan area, the average price in 2015 was 42,520,000 Yen, up 11.5% from 2014. In Kanagawa Prefecture, prices increased by 3.0% to 25,130,000 Yen. In Chiba Prefecture, prices dropped by 2.2% from 2014 to 18,010,000 Yen.
In Tokyo’s 23 wards, the average price increased by 13.0% from 2014 to 47,480,000 Yen. This is the third year of price increases. Prices are now up an average of 19.4% from the previous market bottom in 2012.
Asking prices across Japan:
| Greater Tokyo | 32,690,000 Yen (-0.2% from Nov. 2015; +12.8% from Dec. 2014) |
| Tokyo | 46,230,000 Yen (+1.6%; +17.1%) |
| Kanagawa Prefecture | 25,730,000 Yen (+0.5%; +5.4%) |
| Saitama Prefecture | 19,590,000 Yen (+0.5%; +5.7%) |
| Chiba Prefecture | 18,080,000 Yen (+0.2%; -1.3%) |
| Kinki Region | 19,570,000 Yen (+1.7%; +8.4%) |
| Osaka | 20,820,000 Yen (+1.3%; +13.0%) |
| Hyogo Prefecture | 17,980,000 Yen (+1.6%; +2.8%) |
| Chubu Region | 15,730,000 Yen (+1.1%; +4.9%) |
| Aichi Prefecture | 16,730,000 Yen (+0.9%; +6.8%) |
Apartment asking prices by city:
| Tokyo 23 wards | 51,430,000 Yen (+1.6% from Nov. 2015; +17.4% from Dec. 2014) |
| Yokohama City | 27,630,000 Yen (+1.2%; +7.1%) |
| Saitama City | 22,970,000 Yen (+1.6%; +8.2%) |
| Chiba City | 16,500,000 Yen (-0.7%; -1.4%) |
| Osaka City | 26,170,000 Yen (+2.3%; +19.1%) |
| Kobe City | 18,420,000 Yen (+0.4%; +4.8%) |
| Nagoya City | 19,970,000 Yen (+2.3%; +9.4%) |
Apartment asking prices in Tokyo, Osaka and Nagoya:
| Tokyo central 6 wards | 71,430,000 Yen (+1.2% from Nov. 2015; +15.3% from Dec. 2014) |
| Jyonan, Jyosai 6 wards | 51,200,000 Yen (+0.3%; +11.4%) |
| Jyohoku, Jyoto 11 wards | 38,530,000 Yen (+2.0%; +14.2%) |
| Osaka central 6 wards | 35,730,000 Yen (+3.3%; +24.0%) |
| Nagoya central 3 wards | 24,420,000 Yen (+1.0%; +6.0%) |
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 December.
Source: Tokyo Kantei, January 21, 2016.
