Central Tokyo apartment sale prices reach record high in September

According to REINS, a total of 3,589 second-hand apartments were reported to have sold across greater Tokyo in September, up 38.9% from the previous month and up 10.6% from last year. This is the 4th month in a row to record a year-on-year increase in transactions. The average sale price was 34,630,000 Yen, up 0.1% from the previous month and up 5.2% from last year. The average price per square meter was 537,900 Yen, down 0.2% from the previous month but up 4.7% from last year. 

In the Tokyo metropolitan area, 1,904 apartments sold in September, up 38.4% from the previous month and up 13.8% from last year. This is the 8th month in a row to see a year-on-year increase. The average sale price was 42,770,000 Yen,  down 0.9% from the previous month but up 3.4% from last year. The average price per square meter was 706,700 Yen, down 0.9% from the previous month but up 1.8% from last year. 

Central Tokyo’s 3 wards

In central Tokyo’s 3 wards of Chiyoda, Chuo, and Minato, 250 apartments had sold, up 48.8% from the previous month and up 29.5% from last year.  Remaining inventory dropped to just 14.8 months – the lowest level seen since March 2018.

The average apartment price was 66,560,000 Yen, down 4.0% from the previous month but up 7.5% from last year. The average price per square meter was 1,200,900 Yen, up 0.4% from the previous month and up 9.3% from last year. This is the highest price recorded since REINS began keeping data in 2008. The average apartment age was approximately 2.8 years newer than last year, which may have contributed to the higher price.

Source: REINS, October 10, 2019.

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