AVERAGE PRICE OF AN APARTMENT IN TOKYO REACHES NEW RECORD IN FEBRUARY
According to Tokyo Kantei, the average asking price for a 70 sqm apartment in Tokyo’s 23 wards was 69,770,000 Yen in February, up 0.5% from the previous month and up 4.1% from last year. This price exceeded a previous record high set last October.
In Tokyo’s central six wards of Chiyoda, Chuo, Minato, Shinjuku, Bunkyo, and Shibuya, the average price reached 100,380,000 Yen, up 0.7% from the previous month and up 4.4% from last year. This is largely due to a number of luxury listings in the wealthy Chiyoda district on the western side of the Imperial Palace. There are some signs that pricing may be reaching a ceiling. However, discounting is less apparent as sellers await the spring sales season.
Over the past 10 years, the average price of a 70 sqm apartment in Tokyo’s 23 wards has increased by 76%. The central six wards have seen a 93% increase over the same decade.
Source: Tokyo Kantei, March 23, 2023.
