The Real Estate Economic Institute recently published a report on the condominium market in Japan over the last 40 years. Here are some of the highlights:
- Apartment prices are now 3.5 times higher. The average apartment price nationwide in 1973 was 10,860,000 Yen. In 2012 it was 38,340,000 Yen. In greater Tokyo the average price was 11,710,000 Yen in 1973. In 2012 it was 45,400,000 Yen.
- In 1991, apartment prices peaked at a nationwide average of 44,880,000 Yen. In greater Tokyo, they peaked in 1990 at 61,230,000 Yen. In the Kinki region they peaked in 1991 at 55,520,000 Yen.
- Apartments have also grown larger in size. The average apartment size in Tokyo’s 23-ku in 1973 was 42 sqm (452 sqft). It is now 66 sqm (710 sqft).
- The total sales volume of apartments nationwide in 1973 was 1.018 trillion Yen. In 2012 it was 3.589 trillion Yen. In 2000, it peaked at 6.445 trillion Yen.
- A total of 4,674,822 privately-developed apartments have been supplied across Japan in the last 40 years. 47.4% of those apartments were in greater Tokyo.
- In 1973, 93,778 new apartments were supplied nationwide with 37,382 of them in greater Tokyo. In 2012, the supply was 93,861 apartments nationwide and 45,602 in greater Tokyo. Supply peaked in Tokyo in 2000 with 95,635 new apartments, and in the Kinki region in 1996 with 44,430 apartments. Nationwide, the peak was in 1994 which saw a total of 188,343 new apartments.
- Mitsui Fudosan Residential and Mitsubishi Jisho Residence are the only two developers to have made the top 20 developers based on apartment supply in both 1973 and 2012.
- The top ranking developer by supply in 1973 was Chisan (now bankrupt). In 2012, the top developer was Nomura Real Estate Development.
Suumo Journal, October 9, 2013.
The Jutaku Shimpo, October 7, 2013.
The Nikkei Shimbun, October 7, 2013
The Real Estate Ecomomic Institute, September 18, 2013.
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