Tokyo apartment sale prices increase for 62nd month

According to REINS, 2,904 second-hand apartments were sold across greater Tokyo in November, down 6.4% from the previous month and down 2.7% from last year. The average sale price was 32,020,000 Yen, down 0.2% from the previous month but up 1.6% from last year. The average price per square meter was 502,000 Yen, up 0.1% from the previous month and up 1.7% from last year. This is the 59th month in a row to see a year-on-year increase in sale prices. The average building age was 21.21 years.

In the Tokyo metropolitan area, 1,512 second-hand apartments were sold, down 4.7% from the previous month and down 2.6% from last year. The average sale price was 39,610,000 Yen, up 1.3% from the previous month and up 2.1% from last year. The average price per square meter was 673,000 Yen, up 2.6% from the previous month and up 2.9% from last year. This is the 62nd month in a row to record a year-on-year increase in sale prices. The average building age was 19.61 years.

Central Tokyo’s 3 wards

In central Tokyo’s 3 wards of Chiyoda, Chuo and Minato, the average sale price was 62,960,000 Yen, up 8.6% from the previous month and up 9.1% from last year. The average price per square meter was 1,109,000 Yen, up 6.7% from the previous month and up 7.9% from last year. This is the 8th month in a row to record a year-on-year increase. The average building age was 16.94 years.

188 second-hand apartments were sold, down 8.7% from the previous month and down 8.3% from last year. This is the first time in 15 months to see a year-on-year drop in transactions, but is about 60% higher than the average number of transactions reported for the month of November between 2008 and 2012.

The number of new listings was down for the 13th month in a row with 1,138 apartments listed for sale in November, down 14.2% from last year. Remaining inventory was down year-on-year for the 9th month in a row with a drop of 11.3%.

Source: REINS, December 11, 2017.