A brief rundown of the real estate market in Tokyo.

*Last updated January 17, 2017.

Apartments:

RESALE MARKET

Greater Tokyo:

  • 2,993 apartments sold in December ’16, up 17.7% from Dec ’15.
  • Average price: 497,800 Yen/m², up 9.5% from Dec ’15.
  • Average building age: 20.73 years.

 

Tokyo Metropolitan Area:

  • 1,542 apartments sold in December ’16, up 19.8from Dec ’15.
  • Average price: 670,200 Yen/m², up 9.9% from Dec ’15.
  • Average building age: 19.37 years.

 

Chiyoda, Chuo and Minato-ku:

  • 230 apartments sold in December ’16, up 45.6% from Dec ’15.
  • Average price: 1,043,500 Yen/m², up 7.8% from Dec ’15.
  • Average building age: 16.54 years.

NEW CONSTRUCTION

Greater Tokyo:

  • 1,689 new apartments sold in November ’16.
  • Average price: 749,000 Yen/m², down 14.0% from Nov ’15.

 

Tokyo’s 23 wards:

  • 685 new apartments sold in November ’16.
  • Average price: 856,000 Yen/m², down 26.1% from Nov ’15.

Houses:

Greater Tokyo:

  • 957 secondhand homes sold in Dec ’16, up 3.2% from Dec ’15.
  • Average price: 29,880,000 Yen, up 1.4% from Dec ’15.

 

Tokyo Metropolitan Area:

  • 277 secondhand homes sold in Dec ’16, up 2.6% from Dec ’15.
  • Average price: 40,110,000 Yen, up 0.4from Dec ’15.

Land:

  • Average sale price of residential land in the Tokyo metropolitan area in Dec ’16 was 345,100 Yen/sqm, up 10.4% from Dec ’15.
  • MLIT’s ‘Chika Koji’ assessed residential land prices were up 6.3% in Minato-ku, 9.7% in Chuo-ku and 9.4% in Chiyoda-ku over the 12 months to January 1, 2016. 

Residential rental market:

  • Average monthly rent in greater Tokyo: 2,720 Yen/sqm, up 3.5% from Dec. ’15.
  • Average monthly rent in Tokyo’s 23 wards: 3,353 Yen/sqmup 1.3% from Dec. ’15.
  • Average gross yield in Tokyo: 6.1% in January ’17.
  • Average gross yield in Minato-ku: 4.6% in January ’17.

Office market:

  • Vacancy rate in Chiyoda, Chuo, Minato, Shinjuku and Shibuya-ku: 3.61% in Dec ’16, down 0.42 points from Dec ’15.
  • Average monthly office rent: 18,540 Yen/Tsubo (5,618 Yen/sqm), up 4.8% from Dec ’15.

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