Average prices of previously owned apartments in Tokyo up for 12 consecutive months

Home buyers in greater Tokyo have continued to vote with their wallet in the year or so since the capital entered the first COVID state-of-emergency, as home prices in the capital region have persisted in climbing month-on-month and year-on-year.

The average listing price of a pre-owned condominium in the greater Tokyo area rose 12.2% year-on-year to reach ¥41,140,000 ($375,000 USD) in June, eclipsing the previous record just set in May of ¥40,440,000. This is according to Tokyo Kantei’s July nationwide pre-owned apartment market report.

The greater Tokyo region includes the city of Tokyo and the prefectures of Chiba, Saitama, and Kanagawa.

June was also the 12th consecutive month in which the average listing price of a previously owned apartment in the city of Tokyo has increased versus the previous month, reaching ¥57,110,000 (+0.7% versus May). The June number also represented a 12.6% YoY increase, underscoring the demand for homes in the city center.

Throughout 2020, developers nationwide were cautious about releasing new supply to the market amidst the pandemic a slowdown in business activity. This has exacerbated a longer term downward supply trend driven by high labor and material costs and competition with hotel developers for city-center land.

On the buyer side, extremely tight new apartment supply has been a factor in driving sales of pre-owned apartments and homes, as some buyers are forced to look in this segment of the market where there is greater supply and lower price points.

These are the key takeaways from the June data:

  • The average listing price for the Tokyo 23 Wards hit ¥63,290,000 ($577,000 USD), for 12 consecutive months of month-on-month increases.
  • The Tokyo 23 Wards has had two consecutive months of double digit percentage increases v. the previous month (10.8% in May and 11.7% in June)
  • The Central 6 Wards (Chiyoda, Chuo, Minato, Shinjuku, Bunkyo, and Shibuya) maintained a strong upward trend in June, reaching an average listing price of ¥91,640,000 (+10.5% YoY and 0.5% v. May).

Breakdown by prefecture

Average Listing Price of a Resale 70-sqm Apartment in the Greater Tokyo Area – June 2021
By Prefecture, Source: Tokyo Kantei
Average Listing Price in JPY Vs. YoY Vs. Previous Month
Greater Tokyo Area 41,140,000 12.2% 1.7%
Tokyo 57,110,000 12.6% 0.7%
Kanagawa 30,960,000 7.9% 2.8%
Saitama 24,650,000 8.2% 1.1%
Chiba 22,910,000 9.5% 2.0%

Breakdown by major city

Average Listing Price of a Resale 70-sqm Apartment in the Greater Tokyo Area – June 2021
By Major City, Source: Tokyo Kantei
Average Listing Price in JPY Vs. YoY Vs. Previous Month
Tokyo 23 Wards 63,290,000 11.7% 0.4%
Tokyo Central 6 Wards 91,640,000 10.5% 0.5%
Yokohama 34,240,000 9.8% 3.5%
Saitama City 29,790,000 9.0% -0.6%
Chiba City 20,690,000 5.6% 1.3%
Tokyo Central 6 Wards: Chiyoda, Chuo, Minato, Shinjuku, Bunkyo, Shibuya

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Source: Tokyo Kantei Pre-Owned Apartment Market Report, July 2021 (Japanese PDF)

Lead photo: Tokyo cityscape, iStock 695445424