Apartment prices in central Tokyo hit a new record high in November, with REINS reporting the average reported sale price of a second-hand apartment in the central three wards at 1,627,200 Yen/sqm. This is a 3.3% increase from the previous month and an 18.2% increase from last year. It’s the highest price-per-square-meter on recent record.

Across greater Tokyo (Tokyo, Kanagawa, Saitama and Chiba prefectures), the average sale price was 696,900 Yen/sqm, up 14.4% from last year. This is the 31st month in a row to record a year-on-year increase. The average apartment size was 63.38 sqm (682 sq.ft), down 0.9% from last year and the 18th month in a row to record a year-on-year reduction in size.

Year-on-year changes in the average sale price per square meter:

  • Tokyo metropolitan area: +16.4%
  • Saitama prefecture: +6.8%
  • Chiba prefecture: +0.3%
  • Kanagawa prefecture: +14.4%

Central Tokyo

In central Tokyo’s three wards of Chiyoda, Chuo and Minato, a total of 206 second-hand apartments were reported to have sold in November, up 7.3% from last year. The average sale price was 94,670,000 Yen, up 4.3% from the previous month and up 19.8% from last year. The average apartment size was 58.18 sqm and the average building age was 16.36 years.

There were 15 months of inventory on the market. In 2018 and 2019, the monthly average was around 19 months. Months of inventory (MOI) refers to the pace of sales by dividing the number of properties sold during that month by the total number of properties for sale.

Source: REINS, December 12, 2022.

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