In 2020 the average sale price of an existing apartment across greater Tokyo saw a year-on-year increase for the 8th consecutive year. According to REINS, the average sale price was 551,700 Yen/sqm, up 3.2% from 2019. Sale prices have increased by 44.5% over the past 8 years.
The average apartment size was 65.24 sqm (702 sq.ft), up 1.3% from 2019, while the average building age was 21.99 years (2019: 21.64 years). Apartments took an average of 88.3 days to sell, up 8.2 days from 2019.
Transactions of apartments priced over 100 million Yen were up 7.2% from 2019 and up 75% from 2016. The sub-50 million Yen price has seen transactions fall.
As expected, the number of listings to hit the market in 2020 dropped for the second year in a row with a 11.3% decrease in 2020. The average size of an apartment listed for sale was 57.08 sqm (614 sq.ft), and the average building age was 26.83 years.
Overall, a total of 35,825 apartments were reported to have sold, down 6.0% from 2019. This may be due to the state of emergency that saw many brokerages temporarily close their doors in April and May. This number exceeds the supply of brand-new apartments that sold across Tokyo as developers continue to struggle with a shortage of available land sites, rising construction costs, and temporary showroom closures during the state of emergency.
It is also worth noting that the data provided by REINS only includes sales that were publicly reported to their listing database. A larger number of transactions go unreported, which means the actual transaction volume for existing apartments is higher.
Detached Home Sales
A total of 13,348 detached homes were reported to have sold across greater Tokyo, up 2.4% from 2019 and exceeding a previous record set in 2016. The average sale price was 31,100,000 Yen, down 0.2% from 2019 and the second year in a row to see a year-on-year decrease.
The average land size was 147.99 sqm (1,592 sq.ft) up 0.8% from 2019. The average house size was 105.24 sqm (1,132 sq.ft), up 0.3% from 2019. The average building age was 21.62 years (2019: 21.38 years).
New listings dropped 11.2% from 2019. This was the first time in 4 years to see a decrease in listings.
Source: REINS, January 22, 2021.
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