Asking price of an apartment in Tokyo hits highest level since 2002

Bad news for buyers who decided to sit on the sidelines throughout 2020. According to Tokyo Kantei, the average asking price of a 70-sqm secondhand apartment across greater Tokyo was 40,440,000 Yen in May, up 0.6% from the previous month and up 10.1% from last year. This is the highest level seen since record-keeping began in 2002.

Asking prices are up year-on-year across the board in the greater Tokyo, Kinki and Chubu regions. 

In Tokyo’s 23 wards, the average price was 63,060,000 Yen, up 0.5% from the previous month and up 10.8% from last year. In Yokohama City, prices are up 6.8% from last year, while Saitama City has seen them climb 12.3%. Osaka City has seen a more modest 3.9% increase, while Kobe has seen a 2.3% increase. 

In central Tokyo’s six wards of Chiyoda, Chuo, Minato, Shinjuku, Bunkyo, and Shibuya, the average asking price was 91,170,000 Yen, up 0.1% from the previous month and up 8.9% from last year. Prices have risen by 20.5% since early 2019.

Residential property price growth has been supported by increased demand for more comfortable housing amidst the current work-from-home trend, low interest rates, tax reduction incentives, and high share prices giving wealthy investors money to burn.

Source: Tokyo Kantei, June 23, 2021.

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