According to REINS, 2,543 second-hand apartments were sold across greater Tokyo in December, down 1.4% from the previous month but up 1.8% from 2014. The average apartment sale price was 28,640,000 Yen, down 1.8% from the previous month but up 0.6% from 2014. The average price per square meter was 454,400 Yen, down 1.2% from the previous month but up 1.3% from 2014. The average building age was 21.29 years (1.44 years older than the average in December 2014).

In the Tokyo metropolitan area 1,287 second-hand apartments were sold, down 14.2% from the previous month but up 3.0% from 2014. The average sale price was 35,770,000 Yen, down 1.0% from the previous month but up 2.0% from 2014. The average price per square meter was 610,100 Yen, down 1.5% from the previous month but up 2.8% from 2014. The average building age was 20.00 years (1.07 years old than the average in December 2014).

Central Tokyo’s 3 wards

In central Tokyo’s 3 wards (Chiyoda, Chuo and Minato), 158 apartments were sold, down 15.1% from the previous month but up 3.9% from 2014. The average sale price was 53,550,000 Yen, down 0.4% from the previous month and down 6.6% from 2014. The average price per square meter was 968,300 Yen, down 3.7% from the previous month and down 3.0% from 2014.

The 3% drop in the price may be attributed to the jump in the average age of a property sold in December. The average building age in December 2015 was 19.90 years, compared to 14.14 years in December 2014. Price and building age are strongly correlated in the Japanese property market, with newer buildings typically selling for higher prices per square meter than older ones, if all other conditions remain the same.  

Past transactions in December (central Tokyo’s 3 wards):

  • 2015: 158
  • 2014: 152
  • 2013: 171
  • 2012: 116
  • 2011: 114
  • 2010: 113
  • 2009: 98
  • 2008: 105

Inventory in central Tokyo’s 3 wards has almost doubled over the past 12 months, but asking prices have continued to climb. The average asking price of an apartment in December was 1,205,500 Yen/sqm, up 12.8% from 2014.

Inventory Tokyo Dec 2

Sale prices per square meter

Greater Tokyo: 454,400 Yen +1.3% from Dec. 2014
Tokyo Metropolitan Area 610,100 Yen +2.8%
Chiyoda, Chuo, Minato 968,300 Yen -3.0%
Shinagawa, Ota, Meguro,
Setagaya
724,000 Yen +8.1%
Shinjuku, Shibuya, Suginami,
Nakano
746,100 Yen +0.9%
Bunkyo, Toshima, Kita, Itabashi,
Nerima
588,500 Yen +1.9%
Taito, Koto, Edogawa, Sumida,
Katsushika, Adachi, Arakawa
534,300 Yen +11.7%
Saitama Prefecture: 279,300 Yen +7.1%
Saitama City 350,100 Yen +9.0%
Chiba Prefecture: 244,500 Yen -6.4%
Chiba City 231,400 Yen +1.0%
Kanagawa Prefecture: 375,000 Yen -5.3%
Yokohama City 390,300 Yen -2.6%
Kawasaki City 484,000 Yen -2.8%

 

Tokyo Metropolitan Area
No. of sales in December: 1,287 (-14.2% from Nov.; +3.0% from Dec. 2014)
Remaining inventory: 22,725 apartments (17.65 months)
Average sale price: 35,770,000 Yen (-1.0%; +2.0%)
Average sale price per sqm: 610,100 Yen (-1.5%; +2.8%)
Average size: 58.63 sqm
Average building age: 20.00 yrs (+0.73 yrs; +1.07 yrs)

 

Central Tokyo’s 3 wards (Chiyoda, Chuo, Minato)
No. of sales in December: 158 (-15.0% from Nov.; +3.9% from Dec. 2014)
Remaining inventory: 3,568 apartments (22.58 months)
Average sale price: 53,550,000 Yen (-0.4%; -6.6%)
Average sale price per sqm: 968,300 Yen (-3.7%; -3.0%)
Average size: 55.30 sqm
Average building age: 19.90 yrs (+1.71 yrs; +5.76 yrs)

100 million Yen+ properties

At the end of December 2015, there were 1,015 apartments priced over 100 million Yen listed for sale in the Tokyo metropolitan area, an increase of 88.3% from 2014. This number accounted for 4.5% of all apartments on the market, up from a 3.2% share in 2014.

The number of reported sales for properties over 100 million Yen has increased over the past 12 months. For the last quarter of 2015 (October ~ December), there were 91 reported sales, up 15.2% from the same period in 2014.

SECOND-HAND HOMES

927 second-hand homes were sold across greater Tokyo, down 17.5% from the previous month but up 11.7% from the previous year. The average sale price was 29,460,000 Yen, up 1.0% from the previous month and up 0.7% from the previous year. The average house size was 106.00 sqm and the average land size was 151.53 sqm. The average building age was 20.45 years.

270 homes were sold in the Tokyo metropolitan area, down 17.9% from the previous month but up 6.7% from the previous year. The average sale price was 39,960,000 Yen, down 1.3% from the previous month and down 3.6% from last year. The average house size was 102.80 sqm and the average land size was 114.67 sqm. The average building age was 19.38 years.

In Tokyo’s popular residential areas of Shinagawa, Ota, Meguro and Setagaya, the average sale price was 76,900,000 Yen, up 27.5% from the previous month and up 19.4% from the previous year. The average house size was 110.86 sqm and the average land size was 104.15 sqm. The average building age was 18.35 years.

BRAND NEW HOMES

304 brand new homes were sold across greater Tokyo, down 25.1% from the previous month and down 4.1% from the previous year. The average sale price was 34,780,000 Yen, up 3.6% from the previous month and up 2.9% from the previous year. The average house size was 98.59 sqm and the average land size was 116.14 sqm.

107 new homes were sold in the Tokyo metropolitan area, down 12.3% from the previous month but up 50.7% from the previous year. The average sale price was 39,680,000 Yen, up 4.0% from the previous month but down 5.3% from the previous year. The average house size was 96.00 sqm and the average land size was 101.03 sqm.

LAND

416 blocks of land (between 100 ~ 200 sqm) were sold in greater Tokyo, down 25.4% from the previous month but up 16.5% from the previous year. The average sale price was 183,700 Yen/sqm, up 2.1% from the previous month but down 2.6% from last year.

105 blocks of land were sold in the Tokyo metropolitan area, down 27.6% from the previous month but up 5.0% from last year. The average sale price was 312,500 Yen/sqm, down 1.9% from the previous month but up 0.4% from last year.

Source: REINS, January 15, 2016.

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