Tokyo apartment rents slide for second month
According to Tokyo Kantei, the average monthly rent of a condominium in greater Tokyo was 2,624 Yen/sqm in November, down 2.1% from the previous month but up 2.5% from last year. The average apartment size was 59.76 sqm and the average building age was 19.6 years.
In the Tokyo metropolitan area, the average rent was 3,157 Yen/sqm, down 0.8% from the previous month but up 3.1% from last year. The average apartment size was 56.99 sqm and the average building age was 18.0 years.
In Tokyo’s 23 wards, the average rent was 3,306 Yen/sqm, down 0.3% from the previous month but up 3.3% from last year. The average apartment size was 56.26 sqm and the average building age was 17.5 years.
Historic Rokkosan Hotel to close
Hankyu Hanshin Hotels, part of Hankyu Hanshin Holdings, will close the historic 86-year old Rokkosan Hotel in Kobe on December 20. Hotel operations will continue in the newer 45-room main building located next door.
The original hotel was opened in 1929 as an annex to the Takarazuka Hotel, before later operating as an independent hotel. It was designed by architect Masaharu Furuzuka, one of the Osaka-Kobe area’s leading modernist architects. Furuzuka also designed the Takarazuka Hotel in 1926.Read more
New apartment prices in greater Tokyo exceed 60 million Yen for first time since 1991
According to the Real Estate Economic Institute, 3,496 brand new apartments were released for sale in greater Tokyo in November, up 19.7% from the previous month and up 4.8% from last year. 2,871 apartments were sold, making the contract ratio 82.1%, up 13.3 points from the previous month and up 3.7 points from last year.
The average price of a new apartment was 63,280,000 Yen, up 18.0% from the previous month and up 21.1% from last year. This is the first time that prices have exceeded 60 million Yen since June 1991. The average price per square meter was 871,000 Yen, up 14.8% from the previous month and up 18.2% from last year.Read more
Tokyo apartment prices increase for 38th consecutive month
According to REINS, 2,971 second-hand apartments were sold across greater Tokyo in November, up 3.3% from the previous month and up 5.0% from last year. The average apartment sale price was 29,160,000 Yen, down 1.1% from the previous month but up 3.8% from last year. The average price per square meter was 459,800 Yen, up 0.4% from the previous month and up 4.2% from last year. The average building age was 20.45 years.
In the Tokyo metropolitan area, 1,500 second-hand apartments were sold, up 6.0% from the previous month and up 4.8% from last year. The average sale price was 36,110,000 Yen, down 2.0% from the previous month but up 6.0% from last year. The average price per square meter was 619,600 Yen, up 0.1% from the previous month and up 7.6% from last year. This is the 38th month in a row to see a year-on-year increase in the sale price per square meter. The average building age was 19.27 years.
Central Tokyo’s 3 wards
In central Tokyo’s 3 wards (Chiyoda, Chuo and Minato), 186 apartments were sold, up 3.9% from the previous month and up 26.5% from last year. This is the highest number of transactions recorded for the month of November since record-keeping began in 2008, and is 63% higher than the average transaction numbers seen between 2008 ~ 2012.
The average sale price was 53,770,000 Yen, down 6.0% from the previous month but up 8.3% from last year. The average price per square meter was 1,005,900 Yen, down 3.3% from the previous month but up 4.1% from last year. The average building age was 18.19 years.Read more