Market Snapshot

A brief rundown of the real estate market in Tokyo.

*Last updated March 29, 2017.

Apartments:

RESALE MARKET

Greater Tokyo:

  • 3,461 apartments sold in February ’17, down 2.2% from Feb ’16.
  • Average price: 492,900 Yen/m², up 4.6% from Feb ’16.
  • Average building age: 20.38 years.

 

Tokyo Metropolitan Area:

  • 1,784 apartments sold in February ’17, up 1.4from Feb ’16.
  • Average price: 651,300 Yen/m², up 5.2% from Feb ’16.
  • Average building age: 19.28 years.

 

Chiyoda, Chuo and Minato-ku:

  • 211 apartments sold in February ’17, up 17.2% from Feb ’16.
  • Average price: 1,013,100 Yen/m², down 0.2% from Feb ’16.
  • Average building age: 18.13 years.

NEW CONSTRUCTION

Greater Tokyo:

  • 1,579 new apartments sold in February ’17.
  • Average price: 852,000 Yen/m², up 2.0% from Feb ’16.

 

Tokyo’s 23 wards:

  • 755 new apartments sold in February ’17.
  • Average price: 1,066,000 Yen/m², up 13.5% from Feb ’16.

Houses:

Greater Tokyo:

  • 1,173 secondhand homes sold in Feb ’17, down 5.9% from Feb ’16.
  • Average price: 30,830,000 Yen, up 1.2% from Feb ’16.

 

Tokyo Metropolitan Area:

  • 373 secondhand homes sold in Feb ’17, down 0.5from Feb ’16.
  • Average price: 43,500,000 Yen, up 2.0from Feb ’16.

Land:

  • Average sale price of residential land in the Tokyo metropolitan area in Feb ’17 was 331,600 Yen/sqm, up 4.5% from Feb ’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: 2,666 Yen/sqm, up 5.5% from Feb. ’16.
  • Average monthly rent in Tokyo’s 23 wards: 3,328 Yen/sqmup 0.6% from Feb. ’16.
  • Average gross yield in Tokyo: 6.0% in March ’17.
  • Average gross yield in Minato-ku: 4.6% in March ’17.

Office market:

  • Vacancy rate in Chiyoda, Chuo, Minato, Shinjuku and Shibuya-ku: 3.70% in Feb ’17, down 0.34 points from Feb ’16.
  • Average monthly office rent: 18,655 Yen/Tsubo (5,653 Yen/sqm), up 4.2% from Feb ’16.

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