GREATER TOKYO APARTMENT PRICES INCREASE FOR 17TH MONTH

According to REINS, a total of 3,176 second-hand apartments were reported to have sold across greater Tokyo in September, down 4.6% from last year. This is the 3rd month in a row to see a year-on-year drop in transactions.

The average sale price was 39,850,000 Yen, up 5.6% from the previous month and up 7.9% from last year. The average price per square meter was 621,300 Yen, up 4.9% from the previous month and up 11.0% from last year. This is the 17th month in a row to see a year-on-year increase in sale prices. 

Over the past 12 months, the average apartment size has shrunk by 2.8%, while the average building age has increased by 1.36 years.

In the Tokyo metropolitan area, a total of 1,610 apartments were reported to have sold, down 6.0% from last year. The average sale price was 49,990,000 Yen, up 3.7% from the previous month and up 7.8% from last year. The average price per square meter was 835,100 Yen, up 3.1% from the previous month and up 11.9% from last year. This is the 7th month in a row to see a double-digit year-on-year increase in sale prices. The average apartment size shrank by 3.7% to 59.86 sqm, while the average building age increased by 1.76 years to 21.74 years.

New listings continued to drop, with greater Tokyo seeing a 7.0% fall since September 2020. This is the 25th month in a row to see a year-on-year drop in new listings. Remaining inventory was down 15.5% from last year, recording the 22nd consecutive month of year-on-year declines. Saitama and Kanagawa prefectures both saw a 25% drop in inventory.

On a quarterly basis, the sale of apartments priced over 100 million Yen in the Tokyo metropolitan area jumped 26.4% from the third quarter of 2020, even though overall transactions were down 10.7%. Sales of 100 million Yen + apartments represented 5.9% of all transactions for the quarter, up from a 4.2% share this time last year.

CENTRAL TOKYO

In central Tokyo’s three wards of Chiyoda, Chuo, and Minato, a total of 193 apartments were reported to have sold, up 0.5% from last year. The average sale price was 79,640,000 Yen, up 5.2% from the previous month and up 1.1% from last year. The average price per square meter was 1,372,600 Yen, up 0.2% from the previous month and up 7.3% from last year. All other wards in Tokyo saw transactions fall from last year.

New listings in the three wards increased by 0.9%, while the average price of a new listing increased by 8.4% from last year. Remaining inventory, however, was down 10.6% from last year, recording the 22nd month in a row to see a year-on-year decline.

Source: REINS, October 11, 2021.