The average price of new houses in Tokyo, Japan is 73.43 million yen

According to data released by the Real Estate Economic Research Institute on February 19, the number of houses sold in new residential buildings in the Tokyo area (Tokyo, Kanagawa, Saitama, and Chiba) in January was 620, a decrease of 44% from the same period last year. The supply decreased mainly in Tokyo, and the data for January hit a new low in about 50 years. The average price of each house fell by 8% to 73.43 million yen (about RMB 3.5418 million), falling again after a month.

By observing the number of units supplied by region, the 23 wards of Tokyo decreased by 59%, and the overall decrease in Tokyo was 70%, a significant decrease. Kanagawa Prefecture decreased by 12%, and Chiba Prefecture decreased by 54%. Except for Saitama Prefecture, all regions have decreased.

The average price of the 23 wards of Tokyo was 104.74 million yen (about RMB 5.052 million). Although it decreased by 9%, it exceeded 100 million yen for 9 consecutive months. Other areas outside Tokyo’s 23 wards rose 43% to 75.59 million yen (about 3.6461 million yuan). “It is particularly difficult for prices in the suburbs to fall,” said Tadashi Matsuda, chief researcher at the Real Estate Economic Research Institute.

From the first-month contract signing rate, which shows the sales of new residential buildings, the Tokyo area as a whole is 58.5%, below the 70% boom-bust line. The Real Estate Economic Research Institute predicts that the number of units sold in February will reach about 2,000, an increase of about 50% year-on-year.