Tokyo apartment prices increase for 23rd month

Despite growing building ages and shrinking apartment sizes, the average price of a second-hand apartment sold in Tokyo last month reached a record high.

The average price per square meter in the Tokyo metropolitan area reached 882,600 Yen, up 6.2% from the previous month and up 11.3% from last year. This was the 23rd month in a row to see a year-on-year increase. 

The average building age was 22.09 years, up from 20.57 years in March 2021. The average apartment size was 58.29 sqm (627 sq.ft), 4.4% smaller than last year.

A total of 1,806 apartments were reported to have sold, down 18.7% from last year.

Central Tokyo apartment sale prices reach new record

In central Tokyo’s 3 wards of Chiyoda, Chuo, and Minato, a total of 227 apartments were reported to have sold, down 12.4% from last year. The average sale price was 1,530,100 Yen/sqm, up 7.0% from the previous month and up 14.8% from last year. This is the highest price on record. Sale prices have risen by 29.6% over the past two years.

100 million Yen + sales 

In the first quarter of 2022, a total of 299 apartments in the Tokyo metropolitan area sold for over 100 million Yen, up 7.6% from the first quarter of 2021. This is the highest quarterly volume on record.

Sales over 100 million Yen represented 6.2% of all transactions, up from a 4.8% share in the first quarter of 2021.

Source: REINS, April 11, 2022.

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