The Tokyo metropolitan area experienced contraction overall, but there is still some optimism in central Tokyo
As reported on Japan Property Central, apartment inventory continues to contract in Tokyo, with second-hand apartment transactions lower than last year, as well as an 8.8 percent year-on-year drop in the Tokyo metropolitan area, according to REINS.
A total of 3,587 second-hand apartments were reported as sold across greater Tokyo in February, a 3.1 percent increase from last month but 4.3 percent down from last year. The Tokyo metropolitan government area also underwent an 8.8 percent year-on-year decrease in transactions, while Saitama Prefecture saw a 5.2 percent rise.
The average sale price in the Tokyo metropolitan area was JPY774,000 (USD7,092) per square metre, a 0.4 percent increase from last month and 7.9 percent increase from last year. This is the 10th consecutive month to experience a year-on-year climb.
Moreover, Tokyo experienced a 24.3 percent drop in the number of new listings across greater Tokyo, the 18th month in a row to see a year-on-year drop.
Even though the Tokyo metropolitan area, as a whole, saw a drop in transactions, central Tokyo’s three wards, namely Chiyoda, Chuo, and Minato, saw transactions up by 21.5 percent from January and 3.4 percent from February 2020. A total of 243 apartments were sold, the highest number for the month of February since REINS began recording data on central Tokyo in 2008.
On the other hand, detached home sales hit a record high, a 22.8 percent year-on-year increase across greater Tokyo with 1,363 homes sold at an average sale price of JPY33,920,000.
The Tokyo metropolitan area saw a 27.5 percent year-on-year increase in transactions, while the average sale price climbed 8 percent to JPY47,600,000.
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