Secondhand apartment sale prices reach new record in central Tokyo
According to REINS, 3,114 second-hand apartments were sold across greater Tokyo in June, up 3.5% from the previous month and up 10.7% from last year. This is the 3rd month in a row to see a year-on-year increase in transactions.
The average apartment sale price was 29,140,000 Yen, up 0.9% from the previous month and up 6.2% from last year. The average price per square meter was 453,300 Yen, up 0.1% from the previous month and up 6.6% from last year. The average building age was 20.26 years.
1,579 apartments were sold in the Tokyo metropolitan area, up 8.6% from the previous month and up 14.3% from last year. The average sale price was 35,670,000 Yen, down 1.4% from the previous month but up 4.5% from last year. The average price per square meter was 596,500 Yen, down 2.7% from the previous month but up 5.9% from last year. The average building age was 19.44 years.
Sale prices in central Tokyo reach new record high
Miyagi Prefecture’s vacancy rate set to rise
Local governments in Miyagi Prefecture are paying close attention to vacancy rate trends as demand for temporary housing following the Tohoku disaster is expected to be short-lived.
The prefecture has a vacancy rate of 9.4%, making it the lowest in Japan and the only prefecture with a single digit vacancy rate. The low number of vacant houses, however, can be largely attributed to a steep rise demand for temporary housing from residents displaced by the 2011 Tohoku disaster.
There are concerns that the vacancy rate will start to climb again as the public housing projects built for these residents are gradually completed.Read more
Residential yields in Minato-ku - July 2015
According to real estate listing site Homes, the average gross yield on an apartment in Minato-ku in July was 4.7%, showing no change from the previous month and down 0.5 points from last year. The average gross yield across Tokyo was 6.5%, down 0.2 points from the previous month and down 0.6 points from last year.
The average asking price of a second-hand apartment in Minato-ku was 857,785 Yen/sqm as of July 1, 2015, up 85 Yen from the previous month and up 9.1% from last year. The average asking price for land was 1,226,363 Yen/sqm, up 1.1% from the previous month but down 1.9% from last year.Read more
High-rise condo in Ariake bans AirBnb hosts
The growing number of apartment owners or tenants leasing out their properties on AirBnb in Tokyo is becoming a cause for concern for owners’ associations.
The board of directors of Brillia Mare Ariake, a 33-storey condominium in Tokyo Bay, have taken steps to curb the conspicuous number of private short-term rentals in the building. According to a post on Brillia Mare Ariake’s management blog, the rise in holiday letting or short-term rental listings, including share-houses, in the building had the board of directors worried. Of particular concern was the use of the building’s facilities, such as the pool and spa, by a large number of short-term guests and visitors that are unaware of building rules. The increase in the number of strangers using the building's facilities was also considered to pose a risk to property values.Read more
Tokyo Apartment Sales in June 2015
The following is a selection of apartments that were sold in central Tokyo during the month of June 2015:Read more