Tokyo apartment sales up 110.4% in April

According to REINS, a total of 3,428 second-hand apartments were reported to have sold across greater Tokyo in April, up 110.4% from last year. This time last year the Tokyo area was under the first state of emergency issued since the start of the pandemic. Companies sent workers home, and real estate developers and brokerages temporarily closed offices for April and May. The 3rd state of emergency started on April 25, 2021, but it is business as usual this time around for the majority of real estate agencies.

The average sale price across greater Tokyo was 38,260,000 Yen, down 0.3% from the previous month but up 19.5% from last year. The average price per square meter was 591,000 Yen, up 0.1% from the previous month and up 16.1% from last year. 

In the Tokyo metropolitan area the average sale price was 48,930,000 Yen, up 1.2% from the previous month and up 18.5% from last year. The average price per square meter was 805,500 Yen, up 1.6% from the previous month and up 14.8% from last year. The average apartment size was 60.75 sqm and the average building age was 20.63 years. Transactions were up 116.4% from last year.

New listings across greater Tokyo saw a year-on-year drop for the 20th month in a row with listings down 6.3% from April 2020. In the Tokyo metropolitan area, new listings for the month were down 5.4% from last year.

Remaining inventory continues to decline with greater Tokyo seeing a 26.1% drop and the Tokyo metropolitan area seeing a 23.8% drop.

Central Tokyo

In central Tokyo’s 3 wards of Chiyoda, Chuo and Minato, a total of 230 apartments were sold, up 134.7% from last year. The average sale price was 77,660,000 Yen, down 3.0% from the previous month but up 16.9% from last year. The average price per square meter was 1,334,200 Yen, up 0.1% from the previous month and up 15.5% from last year. This is a record high. The average apartment size was 58.21 sqm and and average building age was 17.33 years. 

The supply of new listings was up 3.5% from last year while remaining inventory was down by 20.6%.

Source: REINS, May 14, 2021.

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