Second-hand apartment prices in Tokyo rise after 3 months but stockpile of unsold units reach highest recorded level

According to the Real Estate Information Network for East Japan (REINS), the average price of an apartment on the secondary market in greater Tokyo increased for the first time in three months.

The average price for a second-hand apartment in August rose by 2.1% from the previous month to 25,320,000 Yen (329,000 USD).  Saitama Prefecture reported the biggest increase of 10.6% to 17,570,000 Yen (228,000 USD). Other prefectures in greater Tokyo also reported the following increases:

  • Tokyo: 30,550,000 Yen (up by 0.5%)
  • Chiba: 17,890,000 Yen (up by 3.6%)
  • Kanagawa: 23,610,000 Yen (up by 2.2%)

The size of the average apartment sold was 64.51 sqm (694 sqft) and the average age was 18.3 years.

The number of sale contracts fell 6% from August of 2010 to a total of 1943 contracts. This is the 6th continuous month following the March 11 Tohoku disaster where the number of sale contracts have been lower than the previous year. As a result, the stockpile of secondhand-apartments has increased by 31% from the previous year to 41,456 units which is a record high.

Source:
The Jutaku-Shimpo Sha, September 12, 2011.

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