Archive For The “Tokyo” Category

Japan’s new apartment supply in 2016 reaches 24-year low

The supply of brand new apartments released for sale across Japan in 2016 reached the lowest level seen since 1992. Transactions of second-hand apartments, however, reached a record high with sales up 6.9% in greater Tokyo and the highest level seen since record-keeping began.

According to the Real Estate Economic Institute,  a total of 76,993 new apartments were released for sale across the country, down 1.4% from 2015. This was the 3rd year in a row to see a year-on-year decline in supply. (more…)

All, Market Information, Osaka, Real Estate News, Tokyo

Tokyo apartment asking prices in January 2017

According to Tokyo Kantei, the average asking price of a 70 sqm (753 sq ft) second-hand apartment in greater Tokyo was 35,680,000 Yen in January 2017, showing no change from the previous month but up 6.9% from last year. The average building age was 22.4 years.

In the Tokyo metropolitan area, the average asking price was 48,240,000 Yen, down 0.3% from the previous month but up 3.9% from last year. The average building age was 22.0 years.

In Tokyo’s 23 wards, the average asking price was 53,170,000 Yen, down 0.2% from the previous month but up 3.0% from last year. This is the first time in 3 months to record a month-on-month decrease. The average building age was 21.8 years.

In Tokyo’s central six wards (Chiyoda, Chuo, Minato, Shinjuku, Bunkyo and Shibuya) the average asking price was 72,820,000 Yen, down 0.4% from the previous month but up 2.0% from last year. The average building age was 20.1 years.

(more…)

All, Market Information, Nagoya, Osaka, Real Estate News, Tokyo

215m tower for Minato Mita District

Details on Sumitomo’s redevelopment of a 4 hectare site just west of Mita Station in Tokyo have been released. The Mita 3 and 4 Chome District Redevelopment will include a 215m tall, 42-storey office tower, as well as several low-rise residential buildings. Construction is scheduled to start in 2018 with completion by 2023. (more…)

All, New Construction, Office/Retail News & Information, Real Estate News, Redevelopment & Reconstruction, Tokyo

Average apartment rent in January 2017

According to Tokyo Kantei, the average monthly rent of a condominium-type apartment in greater Tokyo was 2,681 Yen/sqm in January 2017, down 1.4% from the previous month but up 4.4% from last year. The average apartment size was 60.24 sqm and the average building age was 20.3 years.

In the Tokyo metropolitan area, the average monthly rent was 3,186 Yen/sqm, down 0.4% from the previous month but up 1.9% from last year. The average apartment size was 58.03 sqm and the average building age was 18.4 years.

In Tokyo’s 23 wards, the average monthly rent was 3,330 Yen/sqm, down 0.7% from the previous month but up 1.5% from last year. This was the first time in 3 months to see a decrease, although prices have remained fairly constant around the 3,300 Yen/sqm range since August 2016. The average apartment size was 57.65 sqm and the average building age was 17.8 years.

(more…)

All, Nagoya, Osaka, Real Estate News, Rental Market, Tokyo

New apartment prices in Tokyo up 25% in January

According to the Real Estate Economic Institute, 1,384 new apartments were released for sale across greater Tokyo in January, down 80.2% from the previous month and down 7.4% from last year. 852 apartments were sold, resulting in a contract ratio of 61.6%, down 15 points from the previous month but up 3.0 points from last year.

167 apartments in high-rise buildings (over 20 stories) were released for sale, up 122.7% from last year. The contract ratio was 77.8%, up 45.8 points from last year.

The average price of a new apartment across greater Tokyo was 69,110,000 Yen, up 36.1% from the previous month and up 24.1% from last year. The average price per square meter was 976,000 Yen, up 29.3% from the previous month and up 25.0% from last year. (more…)

All, Market Information, Real Estate News, Tokyo

Post-2020 Real Estate Developments in Tokyo

Construction in Tokyo does not look like it will slow down after the 2020 Olympics, with several major projects already in the pipeline.

tokiwabashi-district-redevelopment

390m tall tower for Tokyo Station (2021 ~ 2027)

Located just 300 meters north of Tokyo Station, the Tokiwabashi District Redevelopment will include two high-rise towers – a 37-storey, 230m tall office tower due for completion in 2021 and a 61-storey, 390m tall office tower due for completion in 2027. This will be Japan’s tallest building when complete. (more…)

All, New Construction, Real Estate News, Redevelopment & Reconstruction, Tokyo

Two new 56-story apartment towers for Kachidoki island

Two high-rise apartment buildings are planned for Toyomicho, an area which adjoins the Kachidoki address on a man-made island in Tokyo Bay.

The Toyomicho District Redevelopment will include two 56-story buildings containing a total of 2,150 apartments and 631 car parking spaces. Construction is scheduled to start in 2020 with completion by 2025. With a total height of 189 meters, the buildings will be slightly shorter than the nearby The Tokyo Towers (193 meters). Due to its proximity to the water, a seawall will be built to protect the building from flooding or tidal inundation. (more…)

All, New Construction, Real Estate News, Tokyo

Tokyo second-hand apartment sale prices increase for 52nd month in a row

According to REINS, 2,861 second-hand apartments were sold across greater Tokyo in January 2017, down 4.4% from the previous month but up 7.8% from January 2016. This is the 5th month in a row to see an increase in transactions from 12 months prior. The average sale price was 31,380,000 Yen, up 0.5% from the previous month and up 5.1% from last year. The average price per square meter was 493,500 Yen, down 0.9% from the previous month but up 5.4% from last year. This is the 52nd month in a row to see a year-on-year increase. The average building age was 20.20 years.

In the Tokyo metropolitan area, 1,495 second-hand apartments were sold, down 3.1% from the previous month but up 15.7% from last year. This is the 10th month in a row to see a year-on-year increase in transactions. The average sale price was 38,180,000 Yen, down 2.3% from the previous month but up 2.9% from last year. The average price per square meter was 647,800 Yen, down 3.3% from the previous month but up 2.3% from last year. The average building age was 18.83 years.

 

 

Central Tokyo’s 3 wards

 

In central Tokyo’s 3 wards (Chiyoda, Chuo and Minato), 200 second-hand apartments were sold, down 13.0% from the previous month but up 17.6% from last year. This is the 5th month in a row to see a year-on-year increase in transactions. This is the highest number of recorded transactions for the month of January since record-keeping began in 2008, and is double the average seen between 2008 and 2012. The number of new listings were also down for the 3rd month in a row, with 1,370 apartments listed for sale in January 2017, down 5.1% from last year.

The average sale price was 52,500,000 Yen, down 9.9% from the previous month but up 0.9% from last year. The average price per square meter was 998,800 Yen, down 4.3% from the previous month and down 0.3% from last year. The average building age was 16.19 years.

Past transactions in central Tokyo’s 3 wards in January:

  • 2017: 200
  • 2016: 170
  • 2015: 124
  • 2014: 162
  • 2013: 140
  • 2012: 100
  • 2011: 114
  • 2010: 100
  • 2009: 88
  • 2008: 90

(more…)

All, Market Information, Real Estate News, Tokyo

Less than 2% of apartments in Tokyo are over 110 sqm

According to research firm MRC, less than 2% of the apartments built for sale in Tokyo’s 23 wards between 2002 and 2016 were over 110 square meters (1,184 sq ft) in size. Almost 80% of apartments supplied were below 80 sqm (861 sq ft) in size.

The typical size of a 3-Bedroom apartment is around 70 sqm (753 sq ft). Buyers looking for spacious apartments over 100 sqm will find supply incredibly limited. Prices, too, will be comparatively high since apartments over 100 sqm are considered to be luxury-grade and are often only found on upper floors or in high-end buildings. (more…)

All, Market Information, Real Estate News, Tokyo

Demolition underway on Omotesando public housing complex

Demolition of the old Aoyama Kitamachi Apaato housing complex in Omotesando is underway. Asbestos removal from four buildings is currently being carried out. Asbestos sheeting and spray-on insulation was used in some of the buildings’ rooftop waterproofing, plumbing insulation, and chimneys.

The city-owned public housing estate will soon be replaced with high-rise residential, aged care facilities and retail space.

The Tokyo Metropolitan Government has chosen six developers to partake in the project, including Tokyo Tatemono, Mitsui Fudosan, Kajima Corporation and Maeda Corporation. (more…)

All, Demolition, New Construction, Real Estate News, Redevelopment & Reconstruction, Tokyo ,
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