Market Snapshot

A brief rundown of the real estate market in Tokyo.

*Last updated August 14, 2017.

Apartments:

RESALE MARKET

Greater Tokyo:

  • 3,304 apartments sold in Jul. ’17, up 3.6% from Jul. ’16.
  • Average price: 494,800 Yen/m², up 4.5% from Jul. ’16.
  • Average building age: 20.89 years.

 

Tokyo Metropolitan Area:

  • 1,722 apartments sold in Jul. ’17, up 8.2% from Jul. ’16.
  • Average price: 656,100 Yen/m², up 3.3% from Jul. ’16.
  • Average building age: 19.64 years.

 

Chiyoda, Chuo and Minato-ku:

  • 220 apartments sold in Jul. ’17, up 7.3% from Jul. ’16.
  • Average price: 1,079,400 Yen/m², up 6.8% from Jul. ’16.
  • Average building age: 15.80 years.

NEW CONSTRUCTION

Greater Tokyo:

  • 1,534 new apartments sold in Jun.  ’17.
  • Average price: 840,000 Yen/m², up 2.1% from Jun. ’16.

 

Tokyo’s 23 wards:

  • 756 new apartments sold in Jun. ’17.
  • Average price: 1,066,000 Yen/m², up 0.6% from Jun. ’16.


Houses:

Greater Tokyo:

  • 1,155 secondhand homes sold in Jul. ’17, down 7.5% from Jul. ’16.
  • Average price: 31,370,000 Yen, up 2.3% from Jul. ’16.

 

Tokyo Metropolitan Area:

  • 340 secondhand homes sold in Jul. ’17, up 4.0% from Jul. ’16.
  • Average price: 45,630,000 Yen, down 3.1% from Jul. ’16.


Land:

  • Average sale price of residential land in the Tokyo metropolitan area in Jul. ’17 was 336,200 Yen/sqm, down 0.9% from Jul. ’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: 2,619 Yen/sqm, up 0.5% from Jul. ’16.
  • Average monthly rent in Tokyo’s 23 wards: 3,292 Yen/sqmup 0.1% from Jul. ’16.
  • Average gross yield in Tokyo: 5.9% in Aug. ’17.
  • Average gross yield in Minato-ku: 4.5% in Aug. ’17.


Office market:

  • Vacancy rate in Chiyoda, Chuo, Minato, Shinjuku and Shibuya-ku: 3.22% in Jul. ’17, down 0.72 points from Jul. ’16.
  • Average monthly office rent: 18,916 Yen/Tsubo (5,732 Yen/sqm), up 3.5% from Jul. ’16.

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