Central Tokyo apartment prices are increasing by an average of 633,000 Yen per month

The average asking price of a 70 sqm (753 sq.ft) second-hand apartment in the Tokyo metropolitan area in July has increased month-on-month for the past 13 months. According to Tokyo Kantei, the average asking price was 58,000,000 Yen, up 1.6% from June and up 13.3% from July 2020.

It was a similar picture in surrounding prefectures, with Kanagawa prices up 9.9% from last year, and Saitama and Chiba prices both up 11.3%.

In Tokyo’s 23 wards, prices have seen a month-on-month increase for the past 13 months, and have risen 11.5% from last year to 63,800,000 Yen. In the central six wards of Chiyoda, Chuo, Minato, Shinjuku, Bunkyo, and Shibuya, the asking price was 91,710,000 Yen, up 9.0% from last year. In other words, the asking price of an apartment in central Tokyo has increased by around 633,000 Yen (approx. US$5,755) per month over the past 12 months.

Price growth has been a little more subdued in Osaka City with a year-on-year increase of 5.7% and Kobe City with a year-on-year increase of 2.5%. Nagoya City saw asking prices increase by 6.9%. Osaka’s central six wards saw asking prices increase by a more modest 3.1% over the past 12 months, or around 117,000 Yen per month.

About the data:

  • Tokyo central 6 wards: Chiyoda, Chuo, Minato, Shinjuku, Bunkyo, Shibuya.
  • Jyonan, Jyosai 6 wards: Shinagawa, Meguro, Ota, Setagaya, Nakano, Suginami.
  • Jyohoku, Jyoto 11 wards: All other wards in Tokyo.
  • Osaka central 6 wards: Fukushima, Nishi, Tennoji, Naniwa, Kita, Chuo.

Source: Tokyo Kantei, August 24, 2021.

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