According to Tokyo Kantei, the average asking price of a 70 sqm second-hand apartment in Tokyo’s 23 wards was 67,990,000 Yen (approx. US$502,000) in May 2022, up 0.1% from the previous month and up 7.8% from last year. This is the 23rd month in a row to see an increase.

In the central 6 wards of Chiyoda, Chuo, Minato, Shinjuku, Bunkyo, and Shibuya, the average price was 97,720,000 Yen (approx. US$722,000), up 0.4% from the previous month and up 7.2% from last year. 

Prices in central Tokyo have increased by 19.8% since January 2020, pre-pandemic, and by 12.5% across the 23 wards. 

Pandemic price increases

The following is the change in the average asking price of apartments between January 2020 and May 2022.

• Tokyo 23 wards: +12.5%
• Central Tokyo 6 Wards: +19.8%
• Yokohama City: +14.8%
• Saitama City: +26.2%
• Chiba City: +12.3%
• Osaka City: +9.5%
• Osaka Central 6 Wards: +8.3%
• Nagoya City: +14.0%
• Nagoya Central 3 Wards: +18.4%
• Kobe City: +4.2%

Source: Tokyo Kantei, June 23, 2022.