Tokyo apartment prices increase for 22nd month

Second-hand apartment prices across greater Tokyo have continued to climb. In February, the average sale price was 625,100 Yen/sqm, up 8.4% from last year and the 22nd month in a row to see a year-on-year increase. The average apartment size shrank by 1.7% to 64.36 sqm (693 sq.ft) while the average building age grew by 1.33 years to 23.27 years. In other words, apartments were getting smaller, older, and more expensive.

In the Tokyo metropolitan area, the average sale price was 50,280,000 Yen, up 6.4% from last year. The average price per square meter was 831,100 Yen, up 7.4% from last year and the 22nd month in a row to see a year-on-year increase. A total of 1,618 apartments were reported to have sold, down 11.3% from last year. Remaining inventory was up 10.4% from last year, while the average price of an unsold apartment increased by 10.5% to 945,500 Yen/sqm. 

In central Tokyo’s 3 wards of Chiyoda, Chuo and Minato, a total of 169 apartments were reported to have sold, down 30.5% from last year. The average sale price was 84,250,000 Yen, up 24.5% from last year. The average price per square meter was 1,430,100 Yen, up 18.6% from last year. Remaining inventory was up 9.2% from last year, while the average price increased by 8.8% to 1,637,800 Yen/sqm. 

Source: REINS, March 10, 2022.

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