According to REINS, the average reported sale price of a second-hand apartment in Tokyo’s central 3 wards of Chiyoda, Chuo, and Minato reached a record high of 1,554,100 Yen/sqm in August. This was a 13.5% increase from last year. Prices have increased by 35.4% since January 2020.
Despite the record high pricing, buyer demand has remained high, with transactions for the month sitting 14% higher than the 10-year average for the month of August.
It wasn’t a stellar month for sales outside of the city center. Yokohama City saw a 14.5% drop in apartment transactions, and Saitama City saw a 20.9% drop. Kawasaki City saw transactions down 34.6% from last year.
Across greater Tokyo, apartment transactions were down 10.3% from last year, while the Tokyo metropolitan area saw a 3.8% drop. The average sale price across greater Tokyo was 672,900 Yen/sqm, up 13.7% from last year and the 28th month in a row to see an increase.
Source: REINS, September 12, 2022.
