Tokyo apartment sale prices increase for 57th month
According to REINS, 3,333 second-hand apartments were sold across greater Tokyo in June, up 11.7% from the previous month and up 8.6% from last year. The average sale price was 31,620,000 Yen, down 0.3% from the previous month but up 4.8% from last year. The average price per square meter was 496,100 Yen, up 0.2% from the previous month and up 3.8% from last year. This is the 54th month in a row to record a year-on-year increase in sale prices. The average building age was 21.07 years.
In the Tokyo metropolitan area 1,750 second-hand apartments were sold, up 14.2% from the previous month and up 10.5% from last year. The average sale price was 38,640,000 Yen, down 1.7% from the previous month but up 3.2% from last year. The average sale price per square meter was 650,600 Yen, down 1.5% from the previous month but up 1.3% from last year. This is the 57th month in a row to record a year-on-year increase in sale prices. The average building age was 20.00 years.
The most expensive addresses in Tokyo to buy an apartment
Tokyo Kantei ranked the most expensive neighbourhoods in Tokyo to buy a second-hand apartment. Central Tokyo’s prime areas dominated the rankings, with 17 of the areas located in Minato Ward, 13 in Shibuya and 11 in Chiyoda.
MOTOAZABU
In top spot was the Motoazabu address in Minato Ward with an average apartment price of 2,133,000 Yen/sqm (1,855 USD/sq.ft). The most expensive apartment in this neighbourhood was 3,063,000 Yen/sqm and the cheapest was 1,093,000 Yen/sqm.Read more
Second-hand apartment price growth slows in first half of 2016
According to Tokyo Kantei, the half-yearly rate of growth in the price of second-hand apartments in Tokyo has slowed in the first half of 2016 after seeing strong and likely unsustainable gains over the past three years.
Second-hand apartment prices in central Tokyo have increased by 32.7% from the bottom seen in the second half of 2012, and are up 6.1% from the first half of 2015. However, prices have only increased by 0.06% between the second half of 2015 and the first half of 2016.Read more
Central Tokyo apartment asking prices up 17%
According to Tokyo Kantei, the average asking price of a 70 sqm (753 sq.ft) second-hand apartment in greater Tokyo in September was 31,590,000 Yen, up 1.4% from the previous month and up 11.9% from last year. This is the 13th month in a row to see an increase. The average building age was 22.4 years.
In Tokyo’s 23 wards, the average asking price was 49,130,000 Yen, up 1.0% from the previous month and up 16.5% from last year. This is the 15th month in a row to see an increase in prices. The average building age was 22.2 years.
In Tokyo’s central six wards (Chiyoda, Chuo, Minato, Shinjuku, Bunkyo and Shibuya), the average asking price was 69,210,000 Yen, up 1.3% from the previous month and up 17.0% from last year. The average building age was 20.6 years.
Secondhand apartment prices in May 2015 - Tokyo Kantei
According to Tokyo Kantei, the average asking price of a 70 sqm (753 sq ft) apartment in greater Tokyo in May was 29,980,000 Yen, up 1.0% from the previous month and up 5.5% from last year. This is the 9th month in a row to see an increase from the previous month. The average building age was 22.0 years.
The increasing cost of buying a brand new apartment is causing buyers to shift their attention to the resale market. With the average price of a new apartment over 10 times the average annual income, and far exceeding the normal multiple of 6, more and more buyers are becoming priced out of the new apartment market.Read more