Central Tokyo apartment sale prices reach 2nd highest level

According to REINS, 4,117 second-hand apartments were reported to have sold across greater Tokyo in March, up 18.2% from February and up 7.8% from last year. This is the 3rd month in a row to record a year-on-year increase in transactions. The average sale price was 34,900,000 Yen, up 0.3% from the previous month and up 3.6% from last year. The average price per square meter was 539,600 Yen, up 1.3% from the previous month and up 3.6% from last year. 

In the Tokyo metropolitan area, 2,124 second-hand apartments were reported to have sold, up 16.6% from the previous month and up 7.1% from last year. The average sale price was 43,680,000 Yen, up 1.0% from the previous month and up 3.4% from last year. The average price per square meter was 718,200 Yen, up 2.4% from the previous month and up 2.3% from last year. 

Central Tokyo’s 3 wards

Central Tokyo’s 3 wards of Chiyoda, Chuo and Minato had 244 reported sales, up 13.5% from the previous month but down 11.9% from last year. This is the 12th month in a row to see a year-on-year decrease in transactions. The average sale price was 68,230,000 Yen, up 12.3% from the previous month and up 10.0% from last year. The average price per square meter was 1,191,300 Yen/sqm, up 8.1% from the previous month and up 8.5% from last year. This is the highest price since August 2018 when prices reached a record high of 1,193,700 Yen/sqm. 

Remaining inventory dropped by 66 units to 3,764 apartments, representing approximately 15.4 months. 

The Shinjuku, Shibuya, Suginami and Nakano district saw a 29.1% year-on-year increase in transactions, while the average sale price per square meter increased by 1.9%. 

1st quarter sales

In the first quarter of 2019 there were 180 reported sales of second-hand apartments pried over 100 million Yen in greater Tokyo, up from 175 sales in the first quarter of 2018. Total sales across all price brackets for the first quarter were up 3.9% from 2018.

Source: REINS, April 10, 2019.