Sales prices of pre-owned apartments in greater Tokyo climb for 19 consecutive months

The average sales price of a pre-owned apartment in greater Tokyo reached ¥41,160,000 ($358,000 USD) in December, a double digit year-on-year increase of 10.1%, and the 19th consecutive month of price increases. This is according to the Real Estate Information Network System (REINS) East Japan’s most recent report.

In June 2020, when Tokyo was still in the midst of the first COVID state-of-emergency, the average sales price of a pre-owned apartment was ¥35,410,000 ($308,000 USD). The December sales numbers mean that the average sales price rose 16.2% in the 19 month period since the COVID-induced bottom hit in late spring 2020.

The average price per square meter also rose 11.6% year-on-year and the 20th consecutive month of increases.

The number of contracted sales in December was strong. There were 2,881 transactions for pre-owned homes recorded, a year-on-year increase of 13.7%. This was also the first time in six months that transactions have risen year-on-year. December is also not traditionally a strong month for homes sales.

The average floor area of a pre-owned apartment sold in greater Tokyo in December was 64.15-sqm, a year-on-year decrease of 1.3%. The average age in years of apartments sold was 22.81 years, up slightly year-on-year from 22.59 years.

As we covered in more detail in a recent post, Japan’s ultra-low interest rate environment and record high prices in the new condominium market have incentivized buyers to look for more affordable properties in the pre-owned market. Demand is also being driven by changes in people’s attitudes and actual corporate policies regarding working from home, which has encouraged some renters to make the leap to homeownership.

By city and prefecture

Greater Tokyo consists of the 23 Wards of Tokyo, the western Tokyo suburban cities, and the prefectures of Chiba, Saitama, and Kanagawa. Here is the breakdown of December average sales prices per square meter, by prefecture and city.

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Sources: REINS December 2021 Greater Tokyo market report (PDF in Japanese), REINS June 2020 Greater Tokyo market report (PDF in Japanese)

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