According to REINS, a total of 39,812 second-hand apartments were reported to have sold across greater Tokyo in 2021, up 11.1% from 2020 and the highest level on record. Second-hand apartment transactions have exceeded those of new apartments, with the total supply of brand-new apartments in 2021 at 33,636 units. The myth of buyers only preferring new construction is well and truly ancient.

The average sale price per square meter was 598,100 Yen, up 8.4% from 2020 and the 9th year in a row to record an increase. The average price is now 56.6% higher than it was 9 years ago.

In Tokyo’s 23 wards, a total of 16,421 apartments were reported to have sold, up 8.8% from 2020. The average sale price was 907,300 Yen/sqm, up 11.1% from 2020. The average apartment size was 58.69 sqm, 2.0% smaller than 2020. New listings were down 6.2% from the previous year.

Transactions of second-hand apartments by prefecture:

  • Tokyo 23 wards: 16,421 (+8.8% from 2020)
  • Saitama: 4,750 (+14.2%)
  • Chiba: 4,887 (+15.1%)
  • Kanagawa: 9,806 (+11.9%)

Are people buying larger apartments due to the pandemic and work-from-home policies?

No. The average apartment size in greater Tokyo was 64.68 sqm, 0.9% smaller than 2020.

Are people still preferring to buy newer apartments?

No. The average building age in greater Tokyo was 22.67 years, down from 21.99 years in 2020.

While transactions have seen a steep increase, new listings continue to drop in number. A total of 161,474 listings were added over 2021, down 11.2% from 2020 and the 3rd year in a row to decline. The average list price was 644,800 Yen, up 11.6% from 2020. The average apartment size was 55.11 sqm, 3.4% smaller than 2020, while the average building age was 27.23 years.

100 million Yen + apartments

In 2020, the reported sale of apartments priced over 100 million Yen accounted for 2.9% of all transactions, up from a 2.1% share in 2020 and a 1.4% share in 2017. Total transactions at this price point were up 55.8% from 2020 and have increased by 124% from 2017.

Detached house sales

A total of 15,436 detached homes were reported to have sold across greater Tokyo, up 17.1% from 2020 and the 3rd year in a row to see an increase. This was also the highest number in recorded history.

The average sale price was 34,510,000 Yen, up 10.5% from 2020 and the first increase in 3 years. The average house size was 104.25 sqm, down 1.0% from 2020, and the average building age was 21.20 years.

There were 50,907 new listings in 2021, down 19.2% from 2020 and the 2nd year in a row to see a decrease. 

In Tokyo’s 23 wards, 2,765 second-hand houses were reported to have sold, up 23.2% from 2020. The average sale price was 59,340,000 Yen, up 6.5% from 2020. The average house size was 99.55 sqm and on an average of 88.34 sqm of land. New listings were down 12.5% from 2020.

REINS is a multiple-listing database that can only be accessed by licensed real estate brokers. Listing agents with exclusive listings are obligated to add these listings to this online database but not all agents comply. Similarly, they are required to indicate when a property has sold and the sale price, but again, not all agents comply. Regardless, this is the only major database keeping track of listings and transaction activity and it is a good guide for seeing changes in the market. 

Source: REINS, January 21, 2022.

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