NEW APARTMENT PRICE IN GREATER TOKYO HITS HISTORIC HIGH

The average price of a brand new apartment released for sale across greater Tokyo in the first half of the year (April to September) reached the highest level in history.

According to the Real Estate Economic Institute, the average price was 67,020,000 Yen, up 10.1% from the first half of 2020 and the highest price the Institute has seen since reporting began in 1973. This is said to be due to the popularity of high-priced apartments in central Tokyo. The previous record was last seen in the first half of 1991 when the average price was 61,370,000 Yen. 

The supply of apartments increased by 44.7% from last year to 12,809 units. This is the highest supply seen since the first half of 2018.

Tokyo’s 23 wards saw supply increase by 57.9% from the first half of 2020. The contract ratio across greater Tokyo was 70.6%, and 70.4% in Tokyo’s 23 wards. 70% is said to be the line indicating healthy market conditions.

TOKYO APARTMENT PRICES JUMP 17%

In the 23 wards, the average price of a brand new apartment increased by 17.0% from the first half of 2020 to 86,860,000 Yen. The average price per square meter was 1,366,000 Yen, up 12.1% from last year. This is the biggest increase in prices across the five sectors of greater Tokyo.

Remaining inventory across greater Tokyo was down 12.9% from last year. In the 23 wards, inventory is down 21.1%. 

Source: The Real Estate Economic Institute, October 18, 2021.