Market Snapshot

A brief rundown of the real estate market in Tokyo.

*Last updated July 4, 2017.

Apartments:

RESALE MARKET

Greater Tokyo:

  • 2,983 apartments sold in May ’17, down 0.6% from May ’16.
  • Average price: 494,900 Yen/m², up 5.4% from May ’16.
  • Average building age: 20.63 years.

 

Tokyo Metropolitan Area:

  • 1,532 apartments sold in May ’17, up 1.9% from May ’16.
  • Average price: 660,200 Yen/m², up 5.5% from May ’16.
  • Average building age: 19.46 years.

 

Chiyoda, Chuo and Minato-ku:

  • 204 apartments sold in May ’17, up 14.6% from May ’16.
  • Average price: 1,061,900 Yen/m², up 1.8% from May ’16.
  • Average building age: 16.73 years.

NEW CONSTRUCTION

Greater Tokyo:

  • 1,880 new apartments sold in May ’17.
  • Average price: 861,000 Yen/m², up 4.6% from May ’16.

 

Tokyo’s 23 wards:

  • 896 new apartments sold in May ’17.
  • Average price: 1,107,000 Yen/m², up 13.4% from May ’16.

Houses:

Greater Tokyo:

  • 1,099 secondhand homes sold in May ’17, down 3.8% from May ’16.
  • Average price: 30,400,000 Yen, up 2.7% from May ’16.

 

Tokyo Metropolitan Area:

  • 365 secondhand homes sold in May ’17, up 12.7% from May ’16.
  • Average price: 42,150,000 Yen, down 0.5% from May ’16.

Land:

  • Average sale price of residential land in the Tokyo metropolitan area in May ’17 was 353,000 Yen/sqm, up 3.2% from May ’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: 2,633 Yen/sqm, down 1.1% from May ’16.
  • Average monthly rent in Tokyo’s 23 wards: 3,299 Yen/sqmup 0.2% from May ’16.
  • Average gross yield in Tokyo: 5.9% in Jul. ’17.
  • Average gross yield in Minato-ku: 4.5% in Jul. ’17.

Office market:

  • Vacancy rate in Chiyoda, Chuo, Minato, Shinjuku and Shibuya-ku: 3.39% in Apr ’17, down 0.84 points from Apr ’16.
  • Average monthly office rent: 18,583 Yen/Tsubo (5,622 Yen/sqm), up 4.1% from Apr ’16.

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