Central Tokyo apartment prices up again in July

According to REINS, 2,808 second-hand apartments were sold across greater Tokyo in July, down 9.8% from the previous month but up 10.9% from last year. This is the 4th month in a row to see a year-on-year increase in transactions.

The average apartment sale price was 28,680,000 Yen, down 1.6% from the previous month but up 9.3% from last year. The average price per square meter was 452,000 Yen, down 0.3% from the previous month but up 10.2% from last year. The average building age was 20.53 years.

1,405 apartments were sold in the Tokyo metropolitan area, down 11.0% from the previous month but up 14.5% from last year. The average sale price was 34,790,000 Yen, down 2.5% from the previous month but up 8.7% from last year. The average price per square meter was 602,800 Yen, up 1.1% from the previous month and up 10.7% from last year. The average building age was 19.87 years.

Sale prices in central Tokyo continue to break records

In central Tokyo’s 3 wards (Chiyoda, Chuo and Minato), 165 second-hand apartments were sold, down 4.1% from the previous month but up 33.1% from last year. This is the highest level seen for the month of July and about 34% higher than the average for the previous 7 years. The average sale price was 54,100,000 Yen, up 4.6% from the previous month and up 20.3% from last year. The average price per square meter was 1,018,700 Yen, up 0.6% from the previous month and up 11.6% from last year. This is the highest price seen since REINS began recording data on central Tokyo in January 2008. The average building age was 16.74 years.

The average price of an apartment listed for sale in July was 1,170,500 Yen/sqm, up 16.7% from last year. Remaining inventory was up 33.1% from last year but indicates a supply of 15.5 months.

Past transactions in July (central Tokyo’s 3 wards):

  • 2015: 165
  • 2014: 124
  • 2013: 141
  • 2012: 114
  • 2011: 119
  • 2010: 109
  • 2009: 135
  • 2008: 119

Sale prices per square meter

Greater Tokyo:452,000 Yen+10.2% from July 2014
Tokyo Metropolitan Area602,800 Yen+10.7%
Chiyoda, Chuo, Minato1,018,700 Yen+11.6%
Shinagawa, Ota, Meguro,
Setagaya
694,200 Yen+8.7%
Shinjuku, Shibuya, Suginami,
Nakano
722,100 Yen+3.7%
Bunkyo, Toshima, Kita, Itabashi,
Nerima
572,500 Yen+7.9%
Taito, Koto, Edogawa, Sumida,
Katsushika, Adachi, Arakawa
505,300 Yen+8.4%
Saitama Prefecture:271,000 Yen+9.9%
Saitama City316,400 Yen+0.2%
Chiba Prefecture:242,000 Yen+7.5%
Chiba City227,100 Yen+7.5%
Kanagawa Prefecture:392,600 Yen+5.3%
Yokohama City416,000 Yen+6.2%
Kawasaki City452,000 Yen+1.3%
Tokyo Metropolitan Area
No. of sales in July:1,405 (-11.0% from June; +14.5 from July 2014)
Remaining inventory:19,052 apartments (13.56 months)
Average sale price:34,790,000 Yen (-2.5; +8.7%)
Average sale price per sqm:602,800 Yen (+1.1%; +10.7%)
Average size:57.70 sqm
Average building age:19.87 yrs (+0.43 yrs; +1.28 yrs)
Central Tokyo’s 3 wards (Chiyoda, Chuo, Minato)
No. of sales in July:165 (-4.1% from June; +33.1% from July 2014)
Remaining inventory:2,562 apartments (15.53 months)
Average sale price:54,100,000 Yen (+4.6%; +20.3%)
Average sale price per sqm:1,018,700 Yen (+0.6%; +11.6%)
Average size:53.10 sqm
Average building age:16.74 yrs (-0.41 yrs; +0.38 yrs)

SECOND-HAND HOMES

1,003 second-hand homes were sold across greater Tokyo, down 12.1% from the previous month but up 10.2% from last year. The average sale price was 29,160,000 Yen, down 4.0% from the previous month but up 1.7% from last year. The average house size was 106.05 sqm and the average land size was 148.39 sqm. The average building age was 20.43 years.

In the Tokyo metropolitan area, 279 homes were sold, down 15.7% from the previous month but up 6.5% from last year. The average sale price was 42,800,000 Yen, down 1.2% from the previous month but up 7.6% from last year. The average house size was 107.68 sqm and the average land size was 114.07 sqm. The average building age was 19.00 years.

In Tokyo’s popular residential areas of Shinagawa, Ota, Meguro and Setagaya, the average sale price was 73,150,000 Yen, up 9.0% from the previous month and up 31.0% from last year. The average house size was 121.22 sqm and the average land size was 115.35 sqm. The average building age was 16.19 years.

BRAND NEW HOMES

364 brand new homes were sold across greater Tokyo, down 17.3% from the previous month and down 4.7% from last year. The average sale price was 34,550,000 Yen, up 1.2% from the previous month but down 2.2% from last year. The average house size was 97.53 sqm and the average land size was 115.04 sqm.

74 brand new homes were sold in the Tokyo metropolitan area, down 34.5% from the previous month and down 3.9% from last year. The average sale price was 44,780,000 Yen, up 3.7% from the previous month and up 5.5% from last year. The average house size was 92.63 sqm and the average land size was 98.14 sqm.

LAND

518 blocks of land (between 100 ~ 200 sqm) were sold in greater Tokyo, down 5.8% from the previous month but up 16.1% from last year. The average sale price was 192,400 Yen/sqm, down 0.9% from the previous month and down 0.2% from last year.

In the Tokyo metropolitan area, 135 blocks of land were sold, down 15.1% from the previous month and down 6.3% from last year. The average sale price was 342,500 Yen/sqm, up 2.5% from the previous month and up 9.0% from last year.

Source: REINS, August 10, 2015.

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