October apartment transactions in greater Tokyo hit highest level on record
According to REINS, a total of 3,636 secondhand apartments were reported to have sold across greater Tokyo in October, up 31.2% from last year, and the highest number for the month of October since REINS began recording data in 1990. It was a similar story for detached home sales, with transactions jumping 41.8% from last year to 1,316 reported sales - the highest on record.
Tokyo Apartment Sales in October 2020
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of October 2020:
Quick real estate news summary for the week
Apartment asking prices in central Tokyo hit record high, vintage building in Chiyoda to be redeveloped, and Gifu to see largest apartment building in 2022. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
Why a newer apartment may cost up to 4x the price of an older one
In Tokyo’s 23 wards, an apartment less than 5 years old sold for 49% more per square meter than one over 30 years old. In other words, an old apartment is about half the price of a new one on a price-per-square-meter basis. The difference was highest in Saitama Prefecture where an apartment under 5 years old sold for 3.7 times that of one over 30 years old.
Luxury apartments in Yotsuya sell out
All apartments in a luxury project near Yotsuya Station sold out in the first round of sales held last month.
New apartment supply in first half of 2020 hits 47-year low
According to the Real Estate Economic Institute, the supply of new apartments across greater Tokyo in the first half of 2020 (counted from April to September) dropped below 10,000 units for the first time since record-keeping began in 1973. A total of 8,851 new apartments were released for sale, down 26.2% from the first half of 2019.
Secondhand apartment transactions in 3rd quarter reach 30-year high
According to REINS, the number of secondhand apartments reported to have sold across Greater Tokyo in the third quarter of 2020 reached the highest level seen since record-keeping began in 1990. A total of 9,537 apartments had sold between July and September, up 1.4% from the same period in 2019.