The average price of a re-sale apartment sold in the greater Tokyo region in April increased 11.25% on a year-on-year basis to ¥32,450,000 (287,000USD), the 52nd consecutive month of year-on-year price increases.
This is according to data just released by REINS (The East Japan Real Estate Information Network System). The greater Tokyo region consists of Tokyo and the surrounding prefectures of Chiba, Saitama, ad Kanagawa.
In April there were 3,163 sales contracts signed for re-sale apartments in greater Tokyo, a 4.0% decrease compared to a year ago. As we previously reported, sales of pre-owned condos in Tokyo reached a historic high in 2016, as middle-class buyers are not able to afford newly constructed apartments.
Last month’s data may suggest that even in the re-sale market buyers are having difficulty finding homes that match their requirements and budget, as there was a historically high number of re-sale properties that were sold last year.
The average price per sqm of an apartment sold in greater Tokyo was ¥504,000 per square meter, a year-on-year increase of 8.4%; this was also the 52nd consecutive month in which the price per square meter increased. The average floor size of an apartment sold in April was 64.39-sqm (693-sqft), an increase of 2.6% compared to last April.
Price Trends by Metro Area
Within the greater Tokyo area, these were the key takeaways:
- Tokyo 23 Wards: The average contracted sales price reached ¥743,600 per sqm, an 8.2% year-on-year increase and the 55th consecutive month of year-on-year increases.
- Tokyo Western Suburbs: The average contracted sales price rose to ¥377,400 per sqm, a 1.3% year-on-year increase. This was the first time in four months that prices increased on a year-on-year basis.
- Yokohama and Kawasaki: The average sales prices in these cities hit ¥460,900 per sqm, the 11th consecutive month of year-on-year price increases.
- Saitama Prefecture: Average sales prices in Saitama climbed to ¥280,000 per sqm, the 17th month of consecutive month of year-on-year price increases.
- Chiba Prefecture: Chiba was the only major metro area where average sales prices dropped in April, falling to ¥263,600, a year-on-year decrease of 1.6%.
This is the break down by metro area within greater Tokyo:
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Top photo: A view of Tokyo Cityscape near Tokyo Dome, Bunkyo Ward, Tokyo