Sales of second-hand Tokyo apartments increased 110.4% in April

3,428 second-hand apartments were reported to have sold throughout greater Tokyo with an average sale price 19.5 percent higher than last year 

According to real estate database REINS, 3,428 second-hand apartments were reported to have sold throughout greater Tokyo in April, a 110.4 percent increase from last year, reported Japan Property Central.  

During this time last year, Tokyo was under the first state of emergency issued, with companies scheduling work-from-home arrangements and real estate developers and brokerages temporarily closing offices for April and May.  

The average sale price across greater Tokyo was JPY38,260,000 (USD351,425), 0.3 percent less than March, but 19.5 percent up from last year. The average price per square metre was JPY591,000, a 0.1 percent jump from March and 16.1 percent up from last year.  

In the Tokyo metropolitan area, the average sale price was JPY48,930,000, up 1.2 percent from the previous month and 18.5 percent from last year. The average price per square metre was JPY805,500, up 1.6 percent from the previous month and up 14.8 percent from last year. Transactions were up 116.4 percent from last year. 

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Moreover, new listings across greater Tokyo saw a year-on-year drop for the 20th consecutive month with listings down 6.3 percent from April 2020. In the Tokyo metropolitan area, new listings for the month decreased 5.4 percent from last year. 

In central Tokyo’s three wards, Chiyoda, Chuo and Minato, a record high of 230 apartments were sold, up 134.7 percent from last year.  

The supply of new listings was up 3.5 percent from last year while the remaining inventory dropped by 20.6 percent.