Resale apartment prices in Tokyo up in July, for the first time in five months

The average listing price for a resale apartment in the greater Tokyo area was ¥36,870,000 ($346,000) in July, the first time in five months that the average price increased compared to the previous month.

The first novel coronavirus cases were reported in Japan starting in February, with a nationwide state-of-emergency declared at the beginning of April. The state-of-emergency was lifted on May 25th but the government has urged businesses and people to take strict social distancing measures. This has had a major impact on the real estate market, as developers of new apartments essentially shutdown model rooms in April and May and some sellers of resale properties have been wary of letting potential homebuyers do room views.

On Real Estate Japan, we have in fact seen a surge in buyer interest in the past few months, for both new and resale properties and very strong demand for our new online seminars among people wanting to learn more about buying property in Japan as a foreigner. The most popular city in Japan for foreigners looking to buy a home is Tokyo, particularly the central wards.

Below we summarize the key data for the July Toko resale detached home market report from Tokyo Kantei.

Average Listing Price of a Resale 70-sqm Apartment in the Greater Tokyo Area — July 2020
Source: Tokyo Kantei
Average Listing Price in JPY Vs. YoY Vs. Previous Month
Greater Tokyo Area 36,870,000 0.1% 0.50%
Tokyo 51,200,000 2.3% 0.9%
Tokyo 23 Wards Only 57,210,000 2.7% 1.0%
Kanagawa 28,630,000 0.9% -0.2%
Saitama 22,740,000 0.4% -0.2%
Chiba 21,110,000 2.5% 0.9%

 

Average Listing Price of a Resale 70-sqm Apartment in the Greater Tokyo Area — June 2020
Source: Tokyo Kantei
Average Listing Price in JPY Vs. YoY Vs. Previous Month
Greater Tokyo Area 36,680,000 -0.1% -0.2%
Tokyo 50,740,000 3.6% -0.5%
Tokyo 23 Wards Only 56,640,000 3.8% -0.5%
Kanagawa 28,690,000 -1.4% 1.1%
Saitama 22,780,000 1.0% 1.1%
Chiba 20,920,000 2.6% 0.7%

 

Average Listing Price of a Resale 70-sqm Apartment in the Greater Tokyo Area — May 2020
Source: Tokyo Kantei
Average Listing Price in JPY Vs. YoY Vs. Previous Month
Greater Tokyo Area 36,740,000 -1.8% -0.7%
Tokyo 50,970,000 1.9% -0.8%
Tokyo 23 Wards Only 56,920,000 2.7% -0.8%
Kanagawa 28,370,000 -1.6% -0.9%
Saitama 22,530,000 -3.1% 0.3%
Chiba 20,770,000 1.9% 0.7%

FAQs About Buying Property in Japan

Can a foreigner buy property in Japan?

Yes. You can buy property in Japan regardless of your nationality or country of origin. There are also no residency requirements for buying real estate in Japan. Securing financing as a resident foreigner is more complicated. For info on financing, please see “Basic Requirements for Getting a Mortgage as a Foreigner in Japan“.

How do I get a property loan as a foreigner in Japan?

Please see this article for information on: Getting a property loan as a foreigner in Japan

What is the process for buying a property in Japan?

Please see our step-by-step guide: Guide to Buying Property in Japan

See how much you can borrow and your monthly payments in yen: Yen Mortgage Loan Calculator

For information about purchase and brokerage fees: Breakdown of real estate purchase fees and taxes in Japan

Need to know: Earthquake building codes and technology in Japan

Bilingual Real Estate Agent in Tokyo Answers Your FAQs on Buying and Managing an Investment Property

How much is my property worth?

Real Estate Japan is pleased to offer free, no obligation appraisals for owners of property in Japan. Please click here and fill out the form: How much is my property worth?

7 situations when you should consider selling your investment property in Japan

What are the main factors affecting home sale prices in Japan in 2019?

Seminars on Buying Property in Japan

Please see our seminar page for a current list of seminars on: how to buy a home in Japaninvesting in Japanese real estate for beginnershow to apply for permanent residency in Japanhow to sell property in Japan, and much more.


Source: Tokyo Kantei, July 25, 2020 (PDF in Japanese)


Lead photo: Aerial view of a traffic intersection at Shinjuku via iStock