Japan’s house price increases moderating

Apr 11 (globalpropertyguide.com) - The average price of existing condominiums in Tokyo rose by 4.8% (inflation-adjusted) in 2022 from a year earlier, a sharp slowdown from a year-on-year increase of 10.65% in the prior year.

During the latest quarter, existing condo prices increased slightly by 0.24% q-o-q.

In the primary market, the average price of new condos in Tokyo was up by a modest 3.55% (inflation-adjusted) during 2022, an improvement from an annual decline of 4.47% in 2021. On a quarterly basis, new condo prices dropped by a huge 15.05% in Q4 2022.

Existing condominium sales in Tokyo fell by 10.8% y-o-y to 35,698 units in 2022, following an 11% increase in 2021, according to The Land Institute of Japan. Likewise, sales of existing detached houses in Tokyo dropped 13.1% to 18,054 units in 2022 from a year earlier, in contrast to a 5.2% growth during 2021. ...continue reading

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