The real estate industry kicked back into gear in June as both businesses and individuals began to pick up activity after the end of the state of emergency. Transactions of existing apartments, while not back to last year’s numbers, have improved significantly in June, following two months of drastic falls. In Tokyo’s Minato ward, transactions are only 2.4% below the number reported in June 2019. What about discounts? Is it a negotiation frenzy?
For buyers, unfortunately, no. The median discount of an existing apartment sold in Tokyo’s 23 wards in June was just 1.50%. This is 0.23 points lower than June 2019 and 0.21 points lower than in May.
35% of apartments sold at full asking price, while a further 35% sold at a discount between 0.1 ~ 3%. Only 5% of transactions sold at a discount of over 10%, down 1 point from the number seen in June 2019.
In Minato ward, the median discount was 1.3%, with 40% of apartments selling at full asking price.
Apartments are taking longer to sell, with a median time of 63 days, up from 49 seen last year.
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