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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