Transactions in the Tokyo metropolitan area saw a 3.7 percent increase from last year
REINs stated that for the first time in five months, the total number of second-hand apartments sold across greater Tokyo in July saw a year-on-year drop, while the average sale price per square metre increased for the 15th consecutive month, reported Japan Property Central.
The number of second-hand apartments sold was down 4.9 percent from last year for a total of 3,002 units.
Meanwhile, the average sale price was recorded at JPY39,130,00 (USD357,470), one percent up from the previous month and 7.9 percent up from last year. The average price per square metre was JPY607,100, up 2.2 percent from the previous month and 8.4 percent from last year.
This is the 23rd month in a row to see a year-on-year drop in new listings, a fall of 10.4 percent.
In central Tokyo’s three wards of Chiyoda, Chuo, and Minato, a total of 189 second-hand apartments were reported to have been sold. Despite this 9.6 percent drop, the average sale price saw a 12.1 percent increase at JPY76,230,000 Yen.
The average price per square metre was JPY1,300,500, up 8.3 percent from last year, while new listings were down 4.2 percent from last year and the remaining inventory was down 17.6 percent.
In a positive outlook, July was the busiest month for detached houses, having sold the highest number recorded since REINS began collecting data in May 1990.
A total of 1,248 detached second-hand houses were sold across greater Tokyo, a 6.6 percent increase from last year. The average sale price jumped 12.2 percent from last year to JPY34,950,000.
Transactions in the Tokyo metropolitan area saw a 3.7 percent increase from last year while the average sale price increased by 8.8 percent.
The Property Report editors wrote this article. For more information, email: [email protected].
Navigating Malaysia’s real estate maze in the age of rising rates
Rising interest rates and housing affordability concerns weigh on Malaysia’s property market amidst a weaker growth outlook
From slump to stability: Is china’s housing market on the road to recovery?
China’s housing market finally recorded growth in the first quarter. But market analysts say it’s too soon to talk of a recovery despite positive signs
Mongolia’s capital at a crossroads: Ulaanbaatar’s rapid growth sparks urban planning dilemmas
Ulaanbaatar’s housing boom has exposed planning deficiencies within unprecedented growth
Meet the dynamic duo putting waste to work in Indonesia
Indonesian entrepreneurs Ovy Sabrina and Novita Tan have made a meaningful mark with their firm Rebricks