New apartment prices across greater Tokyo hit second highest level in history

The average price of a brand new apartment across greater Tokyo in the first half of 2018 has reached the second highest level seen in recorded history. According to the Real Estate Economic Institute, the average price was 59,620,000 Yen, exceeding the level of 59,350,000 Yen seen in the first half of 1990, but falling short of the peak of 64,500,000 Yen seen in the first half of 1991.

This is also the sixth year in a row to see an increase in prices. The increase across the larger Tokyo region has been supported by a number of high-priced developments near commuter hubs in Yokohama City and Chiba Prefecture.

The average price per square meter was 875,000 Yen, up 2.9% from last year. A total of 15,504 new apartments were released for sale across greater Tokyo, up 5.3% from the first half of 2017 but below the record high of 46,816 units supplied in the first half of 2000.

The average price in Tokyo’s 23 wards was 1,100,000 Yen/sqm, up 2.6% from last year. The contract ratio was 70.3%, outperforming areas such as Saitama Prefecture (51.7%) and Western Tokyo (60.1%).

Osaka

Across the Kinki Region (Osaka, Hyogo, Kyoto, Nara, Shiga and Wakayama), REINS reported that the average price of a second-hand apartment the first half of the year was 21,700,000 Yen, up 5.2% from last year and the highest level seen since 1998 when the average was 20,540,000 Yen.

For brand new apartments the average price was 37,630,000 Yen, up 1.5% from last year. The average price in Osaka City was 727,000 Yen/sqm, up 2.7% from last year.

Sources:
The Real Estate Economic Institute, July 18, 2018.
SankeiBiz, July 18, 2018.
The Sankei Shimbun, July 17, 2018.

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