Average asking price of an apartment in Tokyo hits new historic high

The average asking price of a 70 sqm second-hand apartment across greater Tokyo reached 41,140,000 Yen in June, according to Tokyo Kantei. This is the highest level seen since the company began recording data in 2002, and beating a previous high seen in May.

Asking prices were up 1.7% from May and up 12.2% from June 2020. Price growth has been supported by low supply, low interest rates, and high demand from buyers. 

Within greater Tokyo, the Tokyo metropolitan saw the highest year-on-year increase with asking prices up 12.6%. Chiba Prefecture was in second spot with 9.5% growth, while Saitama saw 8.2% and Kanagawa saw 7.9% growth. 

The asking price in the 23 wards of Tokyo reached 63,290,000 Yen, up 0.4% from the previous month and up 11.7% from last year. Prices have consistently increased for the past 12 months. Saitama City saw prices drop 0.6% from the previous month but are still up 9.0% from last year. In Osaka City, prices are up 2.0% from the previous month and up 7.1% from last year. In Kobe City, prices are down 0.6% from the previous month and up a slight 1.0% from last year. 

In central Tokyo’s six wards of Chiyoda, Chuo, Minato, Shinjuku, Bunkyo and Shibuya, prices are up 0.5% from the previous month and up 10.5% from last year.

Source: Tokyo Kantei, July 20, 2021.

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