New apartment price in Tokyo reaches highest level in history

The average price of a brand-new apartment released for sale across greater Tokyo in January has jumped 47% from last year and has reached the highest level seen since record-keeping began in 1973.

According to the Real Estate Economic Institute, the average price of a new condo across greater Tokyo was 83,600,000 Yen, up 47.9% from last year. This has exceeded the previous record set during Japan’s asset price bubble in November 1990.

The average price per square meter was 1,262,000 Yen, up 55.2% from last year.

The average price in Tokyo’s 23 wards reached 105,110,000 Yen, a 38.7% increase from last year and the highest level seen since November 1992. The average price per square meter was 1,610,000 Yen, up 34.4% from last year. An overall shortage in supply across the region, and a few large releases in the expensive Toranomon and Shirokane neighborhoods helped pull up the average for the month. Over 40% of the new apartments that went on sale Tokyo’s 23 wards were priced over 100 million Yen.

A total of 1,245 new apartments were released for sale across greater Tokyo, down 34.5% from January 2018. The contract ratio was 63.0%, down 4.5 points from last year.

Source: The Real Estate Economic Institute, February 17, 2020.

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