Market Snapshot

A brief rundown of the real estate market in Tokyo.

*Last updated September 22, 2017.

Apartments:

RESALE MARKET

Greater Tokyo:

  • 2,265 apartments sold in Aug. ’17, down 5.0% from Aug. ’16.
  • Average price: 505,000 Yen/m², up 5.9% from Aug. ’16.
  • Average building age: 20.69 years.

 

Tokyo Metropolitan Area:

  • 1,141 apartments sold in Aug. ’17, down 4.8% from Aug. ’16.
  • Average price: 684,200 Yen/m², up 7.4% from Aug. ’16.
  • Average building age: 19.39 years.

 

Chiyoda, Chuo and Minato-ku:

  • 150 apartments sold in Aug. ’17, up 11.9% from Aug. ’16.
  • Average price: 1,117,300 Yen/m², up 5.8% from Aug. ’16.
  • Average building age: 16.82 years.

NEW CONSTRUCTION

Greater Tokyo:

  • 1,432 new apartments sold in Aug.  ’17.
  • Average price: 871,000 Yen/m², up 9.1% from Aug. ’16.

 

Tokyo’s 23 wards:

  • 772 new apartments sold in Aug. ’17.
  • Average price: 1,108,000 Yen/m², up 3.6% from Aug. ’16.


Houses:

Greater Tokyo:

  • 804 secondhand homes sold in Aug. ’17, down 9.6% from Aug. ’16.
  • Average price: 29,530,000 Yen, down 4.5% from Aug. ’16.

 

Tokyo Metropolitan Area:

  • 231 secondhand homes sold in Aug. ’17, down 22.7% from Aug. ’16.
  • Average price: 43,140,000 Yen, down 2.6% from Aug. ’16.


Land:

  • Average sale price of residential land in the Tokyo metropolitan area in Aug. ’17 was 392,100 Yen/sqm, up 30.1% from Aug. ’16.
  • MLIT’s ‘Chika Koji’ assessed residential land prices were up 5.2% in Minato-ku, 6.2% in Chuo-ku and 7.5% in Chiyoda-ku over the 12 months to January 1, 2017. 


Residential rental market:

  • Average monthly rent in greater Tokyo: 2,628 Yen/sqm, down 1.2% from Aug. ’16.
  • Average monthly rent in Tokyo’s 23 wards: 3,295 Yen/sqm, down 2.3% from Aug. ’16.
  • Average gross yield in Tokyo: 5.9% in Sep. ’17.
  • Average gross yield in Minato-ku: 4.3% in Sep. ’17.


Office market:

  • Vacancy rate in Chiyoda, Chuo, Minato, Shinjuku and Shibuya-ku: 3.35% in Aug. ’17, down 0.55 points from Aug. ’16.
  • Average monthly office rent: 18,957 Yen/Tsubo (5,744 Yen/sqm), up 3.5% from Aug. ’16.

Data sources:
Homes
Miki Shoji
Real Estate Economic Institute
REINS
Tokyo Kantei