New apartment price in Tokyo exceeds 60 million Yen for first time in 28 years

The average price of a brand-new apartment released for sale across greater Tokyo in the first half of 2019 (April ~ September) was 60,060,000 Yen, up 4% from last year. This is the first time in 28 years to see the average price exceed 60,000,000 Yen for the first half of a year. In 1991 it was 61,370,000 Yen.

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Office vacancy rates return to record low in Tokyo

Office rents in central Tokyo continue to climb with a 6.93% year-on-year increase reported in September. This is the 69th month in a row to see a year-on-year increase. Meanwhile, vacancy rates remain low with an average of 1.64%, equal to the recent historic low seen in May. The vacancy rate excluding new construction was 1.56% last month, down 0.7 points from last year.

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Central Tokyo apartment sale prices reach record high in September

According to REINS, a total of 3,589 second-hand apartments were reported to have sold across greater Tokyo in September, up 38.9% from the previous month and up 10.6% from last year. This is the 4th month in a row to record a year-on-year increase in transactions. The average sale price was 34,630,000 Yen, up 0.1% from the previous month and up 5.2% from last year. The average price per square meter was 537,900 Yen, down 0.2% from the previous month but up 4.7% from last year. 

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Median sale price of new apartments up 2.1%

According to the Real Estate Economic Institute, the median price (not the average) of a brand-new apartment released for sale across greater Tokyo in the first half of 2019 was 53,990,000 Yen, up 2.1% from the first half of 2018 and up 4.0% from 2017. The average price, meanwhile, was 61,370,000 Yen, up 2.9% from 2018 and up 4.3% from 2017.

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New apartment supply up 21% in August

According to the Real Estate Economic Institute, 1,819 brand-new apartments were released for sale across greater Tokyo in August, up 21.1% from last year. This is the first time in eight months to see a year-on-year increase in supply. The boost in supply was largely attributed to the first round of sales in the Harumi Flag Athlete’s Village, which saw 600 apartments up for sale. 

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Central Tokyo apartment transactions up 35% in August

According to REINS, a total of 2,584 second-hand apartments were reported to have sold across greater Tokyo in August, up 12.2% from last year. The average sale price was 34,610,000 Yen, up 4.3% from last year. The average price per square meter was 538,800 Yen, up 3.4% from last year and the 7th month in a row to see a year-on-year increase. 

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