May 15th, 2020. REINS (Real Estate Information Network System) has announced the April 2020 real estate market trends of the metropolitan area.
According to REINS the number of properties closing for second handed condominiums in the metropolitan area has taken a massive hit, decreasing property closing to 1,629 (52.6% down from same month last year), due to the Coronavirus pandemic. This decrease is a record high from any other month of May since REINS inaugurated in 1990. Even by region, Tokyo, 812 properties (55.3% down), Saitama prefecture 223 (40.8% down), Chiba prefecture 204 (52.7% down), Kanagawa prefecture 390 (52.1% down), resulting in a large decrease for all areas of more than 40% compared to same month last year.
Property value of 1 square meter has declined to 508,000yen (4.5% down), recording a decrease of 5.9% down from last month, a first decline for 15 months since January 2019. Average closing value was 32.10 million yen (5.8% down). Number of new properties on market was 14,445 (18% down), recording continuously low for eight months.
Existing properties was 46,251(2.0% down), recording continuously low for five months. Existing house property closing was 686 (41.5% down), a drastic decline and the highest since REINS started. Average closing value was 27.22 million yen (12.5% down), continuously decreasing last year’s record since last month.