The monthly transition of second-hand apartment prices for 3 major metropolitan areas was released by Tokyo Kantei Co., Ltd on May 21, 2020. Here, we summarize the key takeaways.
Note: All prices listed below are the price per 70 sqm, as this is the most-common family apartment size across Japan’s major metropolitan areas.
Tokyo up, surrounding areas down
Second-hand apartment prices for April 2020 in the Greater Tokyo Area (Tokyo, and the surrounding prefectures of Kanagawa, Saitama and Chiba) continued their decline to an average price per 70 sqm of JPY 37.0 mil (MoM: -1.3%).
Across Tokyo’s 23 wards the average price was JPY 51.39 mil (MoM: +0.7%), keeping its upward trend. Further out of the centre, the price weakened as follows, Kanagawa prefecture: JPY 28.63 mil (MoM: -1.8%), Saitama prefecture: JPY 22.47 mil (MoM: -2.3%) and Chiba prefecture: JPY 20.62 mil (MoM: -2.0%).
Other regions contract
In the Kansai area, prices are weakening in the major cities. Across the region as a whole, second-hand apartment prices dropped to JPY 24.27 mil (MoM: -0.7%) for the first time in 12 months. Sorting by prefecture, prices were reported as follows, Osaka prefecture: JPY 26.26 mil (MoM: -0.3%), Hyogo prefecture: JPY 21.53 mil (MoM: -2.1%).
In the Chubu area, average apartment prices dropped to JPY 19.46 mil (MoM: -1.2%) and in Aichi prefecture, they also dropped to JPY 20.75 mil (MoM: -1.0%).
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News source: Suumo journal 22 May 2020
Author: Ryuta Hojo
Ryuta Hojo is in the Sales Division at Housing Japan. He speaks Japanese, English and Chinese and helps our clients to acquire their ideal home in Japan. He researches market trends and news thoroughly to be able to provide the most salient information and give the right advice, always representing the best interest of buyers.
