Condo price in Tokyo is soaring – 1.6% rise from 2013 for the first hand (newly built) market and 4.8% rise for the second hand market.
Tokyo Kantei, a real estate research firm, reported that Tokyo’s average price for a newly built condo unit was JPY 46,530,000 for 2014 and JPY 45,810,000 for 2013. The second hand market’s price was JPY 27,100,000 for 2014 and JPY 25,870,000 for 2013.
Because of this trend – Tokyo’s condo market is considered as seller’s market. To follow this tendency – despite the price hike, an average area of Tokyo’s newly built condominium has been decreasing. In 2004, the area was 69.93 SQM. 2013 was 64.76 SQM and the latest figure – 2014 was 63.16 SQM. Over the last 10 years, the average area decreased by 7.6%.