Market Trends

Prices of Condos in Central Tokyo Up for 31 Consecutive Months

The average price per square meter of resale condominiums sold in November in Tokyo’s three central wards (Chiyoda, Chuo, Minato) reached 1,005,900 yen ($8,238) per sqm, up 4.1% year-on-year, according to REINS. This represents the 31st consecutive month (since May 2013) of year-on-year increases in the average price per sqm.

Tokyo Three Central Wards Condo Sold Price REINS Nov 2015

However, this price also represents a 3.3% decrease from October’s average price per sqm of 1,039,800 yen, which was a seven-year high.

The main takeaway from the November data is that buyer demand for central Tokyo apartments remains strong, after having reached a seven-year high in the per square meter price in October.

The average sales price of a resale condo sold in Tokyo’s three central wards in November was 53,770,000yen ($440,591), a year-on-year increase of 8.3%, but down 6.0% compared to October.

The average floor size of a condo sold in Tokyo’s three central wards was 53.45 square meters (about 575 square feet). Last month, there were 186 condo units sold in the three central wards, a year-on-year increase of 26.5% a monthly increase of 3.9% compared to October.

Greater Tokyo

In Greater Tokyo (which includes Chiba, Saitama and Kanagawa prefectures), the sales price of a resale apartment was 29,160,000 yen, a 3.8% year-on-year increase but down 1.1% compared to October.

The average price per square meter was 459,800 yen, a year-on-year increase of 4.2% and an increase of 0.4% versus October. Last month 2,971 re-sale condos were sold throughout greater Tokyo, which was both a year-on-year (+5.0%) and monthly increase (+3.3% versus September).

The average building age was 20.45 years.

Tokyo Metro Area

In the Tokyo metropolitan area (which includes the 23 wards and surrounding cities), the average sales price was 36,110,000 yen, which was a year-on-year increase of 6.0% but a monthly decrease of 2.0% versus October.

The average price per square meter was 619,600 yen, up just slightly by 0.1% versus October and up 7.6% on a year-on-year basis. There were 1,500 resale apartments sold in the Tokyo metro area, up 6.0% from the previous month and up 4.8% on a year-on-year basis.

Tokyo Metro Condo Sold Price REINS Nov 2015

A key takeaway from this data is that November was the 38th consecutive month to see a year-on-year increase in the sale price per square meter.

The average building age was 19.27 years.

For last month’s report, please see Sales Price Per Sqm of Central Tokyo Apartments Hits 7 Year High

Photo: Marunouchi, Tokyo

Photo Credit: aotaro via Flickr