Japan’s new apartment supply in 2016 reaches 24-year low
The supply of brand new apartments released for sale across Japan in 2016 reached the lowest level seen since 1992. Transactions of second-hand apartments, however, reached a record high with sales up 6.9% in greater Tokyo and the highest level seen since record-keeping began.
According to the Real Estate Economic Institute, a total of 76,993 new apartments were released for sale across the country, down 1.4% from 2015. This was the 3rd year in a row to see a year-on-year decline in supply.Read more
Tokyo apartment asking prices in January 2017
According to Tokyo Kantei, the average asking price of a 70 sqm (753 sq ft) second-hand apartment in greater Tokyo was 35,680,000 Yen in January 2017, showing no change from the previous month but up 6.9% from last year. The average building age was 22.4 years.
In the Tokyo metropolitan area, the average asking price was 48,240,000 Yen, down 0.3% from the previous month but up 3.9% from last year. The average building age was 22.0 years.
In Tokyo’s 23 wards, the average asking price was 53,170,000 Yen, down 0.2% from the previous month but up 3.0% from last year. This is the first time in 3 months to record a month-on-month decrease. The average building age was 21.8 years.
In Tokyo’s central six wards (Chiyoda, Chuo, Minato, Shinjuku, Bunkyo and Shibuya) the average asking price was 72,820,000 Yen, down 0.4% from the previous month but up 2.0% from last year. The average building age was 20.1 years.
215m tower for Minato Mita District
Details on Sumitomo’s redevelopment of a 4 hectare site just west of Mita Station in Tokyo have been released. The Mita 3 and 4 Chome District Redevelopment will include a 215m tall, 42-storey office tower, as well as several low-rise residential buildings. Construction is scheduled to start in 2018 with completion by 2023.Read more
Average apartment rent in January 2017
According to Tokyo Kantei, the average monthly rent of a condominium-type apartment in greater Tokyo was 2,681 Yen/sqm in January 2017, down 1.4% from the previous month but up 4.4% from last year. The average apartment size was 60.24 sqm and the average building age was 20.3 years.
In the Tokyo metropolitan area, the average monthly rent was 3,186 Yen/sqm, down 0.4% from the previous month but up 1.9% from last year. The average apartment size was 58.03 sqm and the average building age was 18.4 years.
In Tokyo’s 23 wards, the average monthly rent was 3,330 Yen/sqm, down 0.7% from the previous month but up 1.5% from last year. This was the first time in 3 months to see a decrease, although prices have remained fairly constant around the 3,300 Yen/sqm range since August 2016. The average apartment size was 57.65 sqm and the average building age was 17.8 years.
New apartment prices in Tokyo up 25% in January
According to the Real Estate Economic Institute, 1,384 new apartments were released for sale across greater Tokyo in January, down 80.2% from the previous month and down 7.4% from last year. 852 apartments were sold, resulting in a contract ratio of 61.6%, down 15 points from the previous month but up 3.0 points from last year.
167 apartments in high-rise buildings (over 20 stories) were released for sale, up 122.7% from last year. The contract ratio was 77.8%, up 45.8 points from last year.
The average price of a new apartment across greater Tokyo was 69,110,000 Yen, up 36.1% from the previous month and up 24.1% from last year. The average price per square meter was 976,000 Yen, up 29.3% from the previous month and up 25.0% from last year.Read more
Post-2020 Real Estate Developments in Tokyo
Construction in Tokyo does not look like it will slow down after the 2020 Olympics, with several major projects already in the pipeline.
390m tall tower for Tokyo Station (2021 ~ 2027)
Located just 300 meters north of Tokyo Station, the Tokiwabashi District Redevelopment will include two high-rise towers - a 37-storey, 230m tall office tower due for completion in 2021 and a 61-storey, 390m tall office tower due for completion in 2027. This will be Japan’s tallest building when complete.Read more