The average reported sale price per square meter for a second-hand apartment across greater Tokyo increased for the 20th month in a row in December. Last month, the average sale price was 641,700 Yen/sqm, up 5.3% from the previous month and up 11.6% from December 2020.

A total of 2,881 apartments were reported to have sold, up 13.7% from 2020. The average sale price was 41,160,000 Yen, up 5.6% from the previous month and up 10.1% from 2020.

The Tokyo metropolitan area also saw sale prices rise for the 20th month in a row. The average sale price per square meter was 857,200 Yen, up 6.2% from the previous month and up 11.1% from 2020. The average overall sale price was 51,560,000 Yen, up 7.3% from the previous month and up 8.2% from 2020. A total of 1,521 apartments were reported to have sold, up 18.8% from 2020. 

New listings across greater Tokyo increased for the second month in a row. In the Tokyo metropolitan area, new listings were up 16.5% from 2020. New listings in Tokyo are priced at a record high of 898,600 Yen/sqm, up 12.3% from 2020. Meanwhile, the average apartment size is just 49.88 sqm (537 sq.ft).

Remaining inventory across greater Tokyo was down 6.4% from the previous year. In the Tokyo metropolitan area, it increased by 2.3%. In Saitama Prefecture, inventory was down 20.3%, and in Kanagawa Prefecture it was down 17.7%.

Central Tokyo

In central Tokyo’s three wards of Chiyoda, Chuo, and Minato, a total of 202 second-hand apartments were reported to have sold in December, up 30.3% from 2020. The average sale price was 83,030,000 Yen, up 5.1% from the previous month and up 9.3% from 2020. The average price per square meter was 1,447,200 Yen, up 5.2% from the previous month and up 12.2% from 2020. There were 978 new listings added in December. Remaining inventory was up 1.3% from 2020. This was the second month in a row to see a year-on-year increase, although it remains in the 1% range.

On average, the sale price per square meter for an apartment in central Tokyo has increased by 24.7% between December 2019, pre-pandemic, and December 2021.

Source: REINS, January 14, 2022.

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