Average apartment rent in September 2016
According to Tokyo Kantei, the average monthly rent of a condominium in greater Tokyo was 2,663 Yen/sqm in September, up 0.1% from the previous month and up 0.6% from last year. The average apartment size was 60.05 sqm and the average building age was 20.0 years.
In the Tokyo metropolitan area, the average monthly rent was 3,230 Yen/sqm, up 0.2% from the previous month and up 1.5% from last year. The average apartment size was 57.39 sqm and the average building age was 18.0 years.Read more
Aoyama’s luxury high-rise goes on sale this week
Sales of apartments in Park Court Aoyama The Tower started this week, with 55 of the 163 apartments offered in the first round. Sales are being conducted under a lottery-type system, which is standard for off-the-plan apartments. During a one week period, buyers may register for the apartments they wish to purchase. If there is more than one application on an apartment, the lucky buyer is selected via a raffle.
Apartments are priced from 178.8 million to 1.5 billion Yen (1.72 ~ 14.4 million USD), with the majority of apartments (22 units) in the 210 million Yen range. Prices per square meter range from 2,425,000 ~ 6,400,000 Yen, with an average of around 2,800,000 Yen (approx. 2,500 USD/sq ft).
The one, two and three bedroom units range in size from 70.07 to 234.04 sqm (754 ~ 2,518 sq.ft).Read more
New apartment supply increases for first time in 10 months
According to the Real Estate Economic Institute, 3,424 brand-new apartments were released for sale across greater Tokyo in September, up 74.2% from the previous month and up 40.9% from last year. This is the first time in 10 months to see a year-on-year increase in supply, and is the highest supply seen in the month of September since 2013 when 5,970 apartments were released for sale.
2,466 apartments were sold, resulting in a contract ratio of 72.0%, up 5.4 points from the previous month and up 6.0 points from last year.Read more
Kawasaki City to demolish 78-year old city hall building
Kawasaki City will begin demolition of its 78-year old city hall building next month. The historic building will be replaced with a 40 billion Yen high-rise government office building due for completion in 2022.Read more
Mt Rokko’s corporate retreats to be converted into lodging for foreign tourists
Hyogo Prefecture and Kobe City are embarking on a plan to convert unused corporate retreats and holiday homes in Mt. Rokko into accommodation facilities for foreign tourists.
Mt. Rokko is said to be West Japan’s version of Karuizawa, and was historically a popular summer mountain resort area. Following the 1995 Great Hanshin Earthquake, tourist numbers dropped significantly and the area went into decline. A city investigation in 2016 found 171 of the 233 corporate retreats were not being adequately maintained and potentially falling into ruin.Read more
Central Tokyo apartment sale prices break new record in September
Second-hand apartment sale prices in central Tokyo reached a record high in September, while prices across the metropolitan area saw a year-on-year increase for the 48th month in a row.
According to REINS, 3,150 second-hand apartments were sold across greater Tokyo in September, up 32.1% from the previous month and up 13.6% from last year. The average sale price was 31,260,000 Yen, up 3.9% from the previous month and up 5.7% from last year. The average price per square meter was 490,600 Yen, up 2.9% from the previous month and up 6.0% from last year. This is the 45th month in a row to see a year-on-year increase in the sale price per square meter. The average building age was 20.15 years.
In the Tokyo metropolitan area, 1,651 second-hand apartments were sold, up 37.6% from the previous month and up 18.9% from last year. The average sale price was 38,350,000 Yen, up 2.3% from the previous month and up 6.3% from last year. The average sale price per square meter was 647,700 Yen, up 1.7% from the previous month and up 5.8% from last year. This is the 48th month in a row to see a year-on-year increase. The average building age was 19.14 years.
In the Tokyo metropolitan area, transactions on apartments over 100 million Yen in the third quarter of 2016 were up 18.8% from 2015.
Central Tokyo’s 3 wards
In central Tokyo’s 3 wards (Chiyoda, Chuo and Minato), 190 second-hand apartments were sold, up 41.8% from the previous month and up 21.8% from last year. This is the highest number of recorded transactions for the month of September in over 9 years.
The average sale price was 65,810,000 Yen, up 22.6% from the previous month and up 23.9% from last year. The average price per square meter was 1,093,300 Yen, up 3.6% from the previous month and up 6.7% from last year. This is the highest level seen since record-keeping began in January 2008, and is 58.3% higher than the low seen in November 2012 when the market bottomed out. The average building age was 16.62 years.
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