If anyone is interested in the change in apartment prices in Tokyo and its surrounding prefectures, the following data sourced from REINS may be of interest.
From the graph above you can see the impact that the Lost Decade of the 1990s had on property prices. The property market began to recover in the early 2000s but took a hit following the global financial crisis of 2007 ~ 2008. It began to improve again in 2009 and 2010 before hitting a slump after the 2011 Tohoku Disaster.
That slump lasted around two years, before returning to its stride in early 2013. Over the past seven years, there has been almost consistent year-on-year growth. The coronavirus pandemic has not impacted residential property prices, with prices growing around 10% since the pandemic took hold.
Back in January we published a chart, also from REINS, that showed the average price of an apartment sold across greater Tokyo between 1992 and November 2020, which can be viewed here. This chart did not go into further detail of the average prices of the prefectures within the greater Tokyo area.
Source: REINS, August 3, 2021.
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