Tokyo apartment prices increase for 26th month

The average sale price per square meter in Tokyo’s 23 wards increased for the 26th month in a row in June, with a 9.9% year-on-year increase to 900,300 Yen/sqm. Meanwhile, the average building age was 22.31 years, up from a 20.86-year average in June 2021.

Transactions across greater Tokyo dropped 7.9% from last year to 3,003 unit. In Tokyo, however, the drop was just 0.7%. Saitama saw a 10.7% drop in transactions, while Chiba saw a 14.8% drop. Kanagawa Prefecture saw a 16.9% drop while average prices have climbed 15%. Remaining inventory across greater Tokyo was up 10.5% from last year.

In central Tokyo’s 3 wards of Chiyoda, Chuo, and Minato, a total of 210 second-hand apartments were reported to have sold, up 19.3% from the previous month and up 2.4% from last year. The average sale price was 1,433,300 Yen/sqm, down 1.2% from last year. The average building age was 18.79 years, up from a 15.24-year average in June 2021. The average apartment size was 56.39 sqm, 3.7% smaller than last year. Remaining inventory was down 3.4% from the previous month but up 10.3% from last year. 

Demand remains strong for high-priced apartments

In the second quarter of 2022 a record high of 362 transactions was reported for apartments priced over 100 million Yen in Tokyo. This is a 24.4% increase from the same quarter in 2021 and the highest quarterly volume on record. 

And while transactions over 100 million Yen represented 7.6% of the total volume, they were only 6.7% of the new listings added during the same quarter.

Source: REINS, July 11, 2022.

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