A market report released in late June by property data company Tokyo Kantei shows that the average price of second-hand apartments is on the rise in key parts of Japan.
Greater Tokyo Area
In the Greater Tokyo Area—the major metropolitan region that encompasses Ibaraki, Tochigi, Gunma, Saitama, Chiba, Tokyo and Kanagawa prefectures (Kanto), as well as Yamanashi, prices have gone up 0.8% in the last month, and are at JPY 36,320,000 on average per 70 square meters of floor space.
However, taking a closer look at the data reveals that prices have actually dropped 0.1% for Tokyo, which now has an average price of JPY 48,740,000 per 70 sq m, and have also gone down 0.4% for Kanagawa—taking the average price to JPY 28,840,000.
Prices have stayed the same for Chiba, hovering around JPY 19,970,000, but in Saitama have risen 1.1% to JPY 22,740,000 as local administrative efforts have been strengthening in areas like Kawaguchi.
Kansai
The average price of used apartments has also been on the rise west of Tokyo in the Kansai region, which includes Hyogo, Kyoto, Osaka, Wakayama, Shiga, and Mie prefectures. It has gone up 0.8% to JPY 21,750,000 on average, and has been on a steady rise for the last four months.
Osaka in particular has been on a steady climb for the past three months and has gone up 0.7% to JPY 23,780,000 per 70 sq m, with neighboring Hyogo at JPY 18,850,000 after a 0.8% increase as well. This has resulted in average prices in the region being approximately equivalent to the same time last year.
Chubu
Meanwhile in the Chubu region, which includes Aichi, Niigata, Toyama, Ishikawa, Fukui, Nagano, Gifu and Shizuoka prefectures, average prices have gone up as well. Overall, the average price has gone up 1.0% to JPY 18,060,000.
And in Aichi Prefecture, which includes Nagoya, one of Japan’s central cities, the average price has gone up 1.2% to JPY 19,500,000. Data shows that in Aichi, the value of cities such as Anjo and Tomita are on the rise, adding significantly to the average value increasing in the area.
Click here to view the Tokyo Kantei Market Report.
By Kaori Kitagawa
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