Tokyo apartment prices increase for 18th month

Apartment prices across Tokyo continued to climb last month with REINS reporting a 7.9% year-on-year increase in the average price per square meter of a second-hand apartment sold across the greater Tokyo area. This is the 18th month in a row to see a year-on-year increase.

A total of 3,440 apartments were reported to have sold across greater Tokyo in October, down 5.4% from last year. The average sale price was 604,900 Yen/sqm, up 7.9% from last year. The average apartment size was 64.24 sqm and the average building age was 23.13 years. New listings for the month were down 1.7% from last year. This is the 26th month in a row to see a year-on-year drop in new listings. Remaining inventory dropped for the 23rd month in a row.

In the Tokyo metropolitan area, a total of 1,765 apartments were reported to have sold, down 7.0% from last year. The average sale price was 814,800 Yen/sqm, up 8.6% from last year and the 18th month in a row to see a year-on-year increase. New listings were up 2.1% from last year, while remaining inventory was down 4.4%.

In central Tokyo’s three wards of Chiyoda, Chuo and Minato, 209 apartments were reported to have sold, down 20.5% from last year. The average sale price was 1,299,800 Yen/sqm, up 8.0% from last year. New listings were up 5.6% from last year, while remaining inventory was down 6.8%.

Detached House Sales

A total of 1,240 detached homes were reported to have sold across greater Tokyo, down 4.6% from last year. The average sale price was 35,720,000 Yen, up 14.1% from last year. The average house size was 103.35 sqm and the average building age was 20.80 years.

In the Tokyo metropolitan area, a total of 413 houses were sold, up 7.0% from last year. The average sale price was 48,450,000 Yen, up 10.6% from last year. The average house size was 98.28 sqm and the average building age was 20.07 years. New listings were down 13.6% from last year and remaining inventory was down 27.7%.

Source: REINS, November 10, 2021.

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