The average asking price of a 70 sqm second-hand apartment across greater Tokyo reached 41,140,000 Yen in June, according to Tokyo Kantei. This is the highest level seen since the company began recording data in 2002, and beating a previous high seen in May.
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Bad news for buyers who decided to sit on the sidelines throughout 2020. According to Tokyo Kantei, the average asking price of a 70-sqm secondhand apartment across greater Tokyo was 40,440,000 Yen in May, up 0.6% from the previous month and up 10.1% from last year. This is the highest level seen since record-keeping began in 2002.
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According to the Real Estate Transaction Promotion Center, the average sale price of an existing apartment sold across Japan in April was 25,400,000 Yen, down 9.03% from last year. The average sale price per square meter was 385,200 Yen, down 8.76% from 2019. This is the first time since September 2012 to see a year-on-year drop in prices.
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According to the latest report from Tokyo Kantei, the average asking price of a 70 sqm (753 sqft) secondhand apartment in Tokyo’s 23-ku was 40,420,000 Yen in September, up 0.2% from the previous month and up 2.5% from September 2012. This is the sixth month in a row where prices have seen a month-on-month increase. The average price across Tokyo City was 36,930,000 Yen, up 0.3% from last month and up 1.0% from last year.
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The Real Estate Economic Institute recently published a report on the condominium market in Japan over the last 40 years. Here are some of the highlights:
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According to Tokyo Kantei, the average asking price of a 70 sqm (753 sqft) secondhand apartment in Tokyo’s 23-ku was 39,850,000 Yen in July – up 0.3% from last month and up 1.6% from July 2012. The average apartment age was 20.7 years.
In Tokyo’s central 6 wards (Chiyoda, Chuo, Minato, Shinjuku, Bunkyo and Shibuya), the average price in July was 53,280,000 Yen, down 0.3% from last month but 3.4% higher than last year. The average apartment age was 20.9 years.
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According to Tokyo Kantei, the average asking price of a 70 sqm (753 sqft) second-hand apartment in Tokyo’s 23-ku in June was 39,720,000 Yen (397,000 USD), up 0.3% from last month and 0.7% higher than June 2012.
Across greater Tokyo, the average price was 27,700,000 Yen (277,000 USD), up 0.4% from last month but down 2.7% from last year.
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According to Tokyo Kantei, the average asking price of a 70 sqm (753 sqft) secondhand apartment in greater Tokyo in April was 27,700,000 Yen (272,000 USD), down 0.4% from last month and down 4.3% from April 2012.
In Tokyo, the average asking price was 36,290,000 Yen (357,000 USD), up 0.1% from last month but down 2.2% from last year. Osaka City is one of the few places that has seen asking prices increase from 12 months ago, with the average price up 1.2% from April 2012. Prices in Osaka’s central 6 wards have increased by 6.8% over the year.
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According to research by Tokyo Kantei, the average new apartment price in Japan is 6.27 times the average annual income. This is an increase of 0.26 points from 2010, indicating an increased difficulty in purchasing homes.
The average price to income ratio for a secondhand apartment (10 years old) was 4.32 (0.26 points higher than 2010).
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Based on apartment transaction data from 2011, Tokyo Kantei have provided details on the difference between the asking price and realized sales price of second-hand apartments in greater Tokyo and the Kansai region. It is quite common for an apartment on the secondary market to sell below the listing price.
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