Market Snapshot

A brief rundown of the real estate market in Tokyo.

*Last updated May 15, 2017.

Apartments:

RESALE MARKET

Greater Tokyo:

  • 3,163 apartments sold in Apr ’17, down 4.0% from Apr ’16.
  • Average price: 504,000 Yen/m², up 8.4% from Apr ’16.
  • Average building age: 20.09 years.

 

Tokyo Metropolitan Area:

  • 1,609 apartments sold in Apr ’17, down 2.7% from Apr ’16.
  • Average price: 678,300 Yen/m², up 8.0% from Apr ’16.
  • Average building age: 18.55 years.

 

Chiyoda, Chuo and Minato-ku:

  • 217 apartments sold in Apr ’17, up 14.2% from Apr ’16.
  • Average price: 1,097,500 Yen/m², up 15.0% from Apr ’16.
  • Average building age: 15.11 years.

NEW CONSTRUCTION

Greater Tokyo:

  • 2,255 new apartments sold in Mar ’17.
  • Average price: 790,000 Yen/m², down 1.5% from Mar ’16.

 

Tokyo’s 23 wards:

  • 1,008 new apartments sold in Mar ’17.
  • Average price: 968,000 Yen/m², down 4.5% from Mar ’16.

Houses:

Greater Tokyo:

  • 1,126 secondhand homes sold in Apr ’17, down 3.0% from Apr ’16.
  • Average price: 30,100,000 Yen, up 0.4% from Apr ’16.

 

Tokyo Metropolitan Area:

  • 351 secondhand homes sold in Apr ’17, up 1.2% from Apr ’16.
  • Average price: 41,260,000 Yen, down 3.9% from Apr ’16.

Land:

  • Average sale price of residential land in the Tokyo metropolitan area in Apr ’17 was 352,600 Yen/sqm, up 19.2% from Apr ’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: 2,681 Yen/sqm, up 3.6% from Mar ’16.
  • Average monthly rent in Tokyo’s 23 wards: 3,342 Yen/sqmdown 0.4% from Mar ’16.
  • Average gross yield in Tokyo: 6.0% in Apr ’17.
  • Average gross yield in Minato-ku: 4.6% in Apr ’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