Tokyo metro apartment prices increase for 45th consecutive month
According to REINS, 3,069 second-hand apartments were sold across greater Tokyo in June, up 2.3% from the previous month but down 1.4% from last year. The average sale price was 30,160,000 Yen, up 0.8% from the previous month and up 3.5% from last year. The average price per square meter was 477,700 Yen, up 1.7% from the previous month and up 5.4% from last year. This is the 42nd month in a row to see a year-on-year increase in the sale price per square meter. The average building age was 20.67 years.
In the Tokyo metropolitan area 1,583 second-hand apartments were sold, up 5.3% from the previous month and up 0.3% from last year. The average sale price was 37,440,000 Yen, up 1.3% from the previous month and up 5.0% from last year. The average price per square meter was 642,400 Yen, up 2.6% from the previous month and up 7.7% 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 19.24 years.
Central Tokyo’s 3 wards
In central Tokyo’s 3 wards (Chiyoda, Chuo and Minato), 207 second-hand apartments were sold, up 16.3% from the previous month and up 20.3% from last year. This is a record high number of transactions for the month of June.Read more
For Sale: Modernist heritage-listed house in Meguro
| UPDATE: Land sold, and house relocated. |
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The 81-year old house of modernist architect Kameki Tsuchiura (1897-1996) was listed for sale over the weekend. This is a very rare property to see available.
Built in 1935, the house was designed by Tsuchiura as his personal residence. The two-storey, wood-framed residence has two bedrooms and a study on the second floor, a living/dining room with vaulted ceiling and kitchen on the ground floor, and a bathroom in the basement. The house has a registered floor area of 176 sqm (1,894 sq.ft) and is on a 285 sqm block of land. It is a 8 minute walk from Meguro Station on the Yamanote Loop Line and is 600 meters from Ebisu Garden Place.Read more
50-year old house renovation in Setagaya
From a typical buyer’s perspective in Japan, ongoing improvements in earthquake-resistant construction methods, insulation and new bathrooms and kitchens means that newer homes ultimately win out over older houses. However, there has been a growing trend of renovating older homes. These renovations are proving popular with Japanese buyers who may have once only considered new construction.
Late last year, renovation company ReBITA Inc. completely gutted and remodelled a 50-year old house in Tokyo’s Setagaya Ward. It was listed for 65,800,000 Yen (approx. 653,000 USD) and promptly sold. This is the 15th detached house that ReBITA have flipped. Read more
Mori Trust planning new luxury hotel in Sapporo
Mori Trust have acquired the Norinchukin Bank’s Sapporo Branch building and land in Sapporo’s Odori Nishi 5 Chome district for approximately 9 billion Yen (88 million USD). The real estate developer plans to demolish the existing 60-year old building and place it with a high-end hotel catering to wealthy foreign tourists. Completion is tentatively scheduled for around 2020.Read more
Tokyo apartment sales in June 2016
The following is a selection of apartments that were sold in central Tokyo during the month of June 2016:Read more
Rosenka land values increase nationwide for first time in 8 years
According to Japan’s National Tax Agency, rosenka land values across Japan in 2016 increased by 0.2% from 2015. This is the first time to see an increase in the nationwide average since pre-global financial crisis in 2008.
Recent monetary easing measures, strong activity in the real estate market in central Tokyo and a surge in the number of foreign tourists are behind the increase in land prices.
Tokyo was in top place with an average increase of 2.9%. Land near the Kyukyodo Building in Ginza remains the most expensive land in Japan for the 31st year in a row. The rosenka land value in 2016 was 32,000,000 Yen/sqm (29,000 USD/sq.ft), up 18.7% from 2015 and has exceeded pre-Lehman Crisis pricing. This land reached a peak of 36,500,000 Yen/sqm in 1992, before dropping to 11,360,000 Yen/sqm in 1997.
Land alongside Omotesando Avenue in Tokyo had a rosenka value of 10,070,000 Yen/sqm in 2016, up 14.2% from 2015.Read more