Japan Data

Average Price for New Homes in Tokyo Area Rises to ¥43.3 Million

Economy Lifestyle Family

The average price of a newly constructed house in the Tokyo area was ¥43.3 million. In central Tokyo, it was ¥60.6 million.

A survey conducted by Recruit of people who bought newly constructed detached houses in the Tokyo metropolitan area in 2021 found that the average purchase price was ¥43.3 million, the highest level since the survey began in 2014. Many of the houses were priced between ¥30 million and ¥40 million, with 16.8% from ¥30 million to ¥35 million, and 17% from ¥35 million to ¥40 million. Meanwhile, 11% purchased a house priced over ¥60 million, which was nearly double the 2020 percentage. The survey targeted 2,502 people.

By location, the average price for new houses within the 23 municipalities of central Tokyo soared to ¥60.6 million, compared with ¥46.3 million in western Tokyo. The average for Kanagawa Prefecture was ¥41.4 million.

Among those surveyed, 26.4% took out a mortgage of between ¥40 million and ¥50 million, constituting the largest segment, followed by the 19.7% whose mortgage was over ¥50 million. The average mortgage was ¥40.8 million in 2021, surpassing ¥40 million for the first time.

The most common distance of a new house from the nearest train station was a 11- to 15-minute walk, which was the case for 26.0% of the respondents, followed by 24.7% who would have to take a bus or drive. The average walk to the nearest station was 14 minutes, which is the same as in 2020. In 2014, around 40% of the respondents chose to purchase a house that was either less than 5 or 5 to 10 minutes away from the nearest station, but this percentage dipped below 30% in the 2020 and 2021 surveys.

(Translated from Japanese. Banner photo © Pixta.)

Tokyo housing