The findings of The Japan Real Estate Institute’s (REINS) newly released report on Tokyo’s apartment sales, dated November 10, are detailed below.
At a glance:
- 3,103 second-hand apartments were sold across greater Tokyo in October
- This is down 3.7% from the previous month and down 7.1% from last year
- Average sale price was 32,090,000 Yen
- This is down 0.5% from the previous month but up 2.3% from last year
- Average sale price per square meter was 501,600 Yen
- This is down 1.0% from the previous month but up 3.3% from last year
- This is the 58th month in a row to see a year-on-year increase in sale prices
- The average building age was 20.80 years
Source: REINS
In the Tokyo metropolitan area, 1,586 second-hand apartments were sold, down 5.9% from the previous month and down 5.8% from last year. The average sale price was 39,120,000 Yen, down 1.0% from the previous month but up 2.2% from last year. The average price per square meter was 655,900 Yen, down 2.1% from the previous month but up 2.7% from last year. This is the 61st month in a row to record a year-on-year increase in sale prices. The average building age was 19.72 years.
Central Tokyo’s 3 wards
In central Tokyo’s 3 wards of Chiyoda, Chuo and Minato, 206 second-hand apartments were sold in October, up 1.0% from the previous month and up 6.7% from last year. This is the 14th month in a row to record a year-on-year increase in transactions and is the highest number of reported transactions for the month of October since record-keeping began in 2008.
Source: REINS
The number of new listings was down for the 12th month in a row with 1,240 apartments listed for sale in October, down 13.8% from last year. Remaining inventory was down year-on-year for the 8th month in a row with a drop of 11.3%.
At a glance:
- The average sale price was 57,960,000 Yen
- This down 6.1% from the previous month and down 1.2% from last year
- Average price per square meter was 1,038,900 Yen
- This is down 7.5% from the previous month but up 1.8% from last year
- The average building age was 16.47 years
Source: Japan Property Central, REINS, November 10, 2017.
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