The average price of a 10-year old, 70 sqm second-hand apartment nationwide was 6.54-times times the average annual income in 2021, according to a report by Tokyo Kantei. This is the first time the multiple has exceeded 6 since the research company began recording data in 2008. It is due to the average apartment price increasing by 8.8% to 29.77 million Yen, while the average annual income dropped by 1.5% to 4.55 million Yen.
The least affordable prefecture in Japan was the Tokyo metropolitan area with a multiple of 13.35. The average apartment price increased by 11.1% to 76.12 million Yen, while the average income dropped by 4.4% to 5.7 million Yen. Nagano prefecture was the 2d least affordable, with Okinawa in 3rd spot.
The most affordable prefecture was Toyama with a multiple of 3.14.
For brand-new construction, the average multiple nationwide was 8.93, with an average price of 40.56 million, up from a multiple of 8.41 in 2020. This is the 5th year in a row to see the multiple increase. In Tokyo, the multiple reached 14.69, with a new apartment priced at 83.73 million Yen, up 4.8% from 2020. Okinawa was the second-lease affordable with a multiple of 12.15, and a new apartment price of 47.75 million Yen.
Source: Tokyo Kantei, October 31, 2022.
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