New apartment supply and prices down in May
2,486 apartments were sold, making the contract rate 71.1%. This is a decline of 4.4 points from the previous month and 7.8 points from last year.
The average new apartment price was 48,120,000 Yen, down 9.3% from the previous month and down 6.7% from last year. The average price per square meter was 679,000 Yen, down 10.4% from the previous month and down 6.0% from last year.Read more
Instant sell-out in The Parkhouse Gran Minamiaoyama
The latest and most luxurious condominium development under construction in Omotesando saw a same-day sellout over the weekend.
Apartments in The Parkhouse Gran Minamiaoyama were priced from 150 ~ 770 million Yen, with an average price of 2,300,000 Yen/sqm. To date this has been the most expensive condominium offered for sale in central Tokyo this year.
Despite the high price tag, a total of 193 purchase applications were made on the 20 apartments offered for sale, with an average of 9.6 applications per apartment. The most popular apartment received as many as 63 applications. Read more
Kisho Kurokawa’s apartment in Akasaka for sale
| SOLD IN JULY 2015 |
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*Update: This apartment sold in July 2015 and is no longer available.
A very unique apartment in the heart of Akasaka is listed for sale. The 130 sqm apartment was originally designed and owned by Kisho Kurokawa, a very famous Japanese architect and founder of the Metabolist Movement.
Kurokawa designed the 14-storey Churis Akasaka building and was given free reign to design the 11th floor as his personal residence. His main residence was a 300 sqm apartment on the southern side of the 11th floor, with the 130 sqm apartment on the northern side used as his tea and reception rooms. The two apartments both had access to the only private rooftop terrace in the building.Read more
Former Arai Mountain & Spa Resort in Niigata sold at second public auction
A Tokyo-based company established just a month ago with capital of 50,000 Yen was the winning bidder for the former Arai Mountain & Spa Resort in Niigata Prefecture. The overgrown hotel was put up for public auction in early June with a minimum bid set at 884 million Yen. Three companies submitted offers, with “Hotel and Resort Joetsu Myoko” making the highest bid of 1.8 billion Yen (14.6 million USD).
The resort closed down in 2006 and was eventually seized by Myoko City for non-payment of taxes. The property includes 200 hectares of land, and 22 buildings including a hotel and restaurant.
According to the company register, the winning bidder was a company established in Minato-ku, Tokyo, on May 1, 2015. The city will make the final decision regarding the sale on June 26, with the buyer to pay the remaining amount on the same day. Stakeholders have objected to the sale and it is possible that the transaction could be delayed.Read more
May 2015 rental data - Tokyo Kantei
According to Tokyo Kantei, the average monthly rent of a condominium in greater Tokyo was 2,656 Yen/sqm in May, up 2.1% from the previous month and up 1.3% from last year. The average apartment size was 59.08 sqm and the average building age was 18.7 years.
In the Tokyo metropolitan area, the average rent was 3,104 Yen/sqm, down 0.5% from the previous month but up 0.9% from last year. The average apartment size was 56.64 sqm and the average building age was 17.3 years.
In Tokyo’s 23 wards, the average rent was 3,229 Yen/sqm, down 0.3% from the previous month but up 1.0% from last year.
In Chiba City, the average rent has been in a downwards trend since the start of the year. The average rent in May was 1,439 Yen/sqm, down 0.3% from the previous month and down 9.6% from last year.Read more
Kyoto carries out first forced demolition
On April 30, Kyoto City began procedures to carry out a forced demolition of an abandoned house in Kamigyo-ku. This is the first case of a forced demolition to be carried out by proxy by the city.
The single-storey wooden structure, which was over 65 years old, was at the brink of collapse. It had once been a house with a workshop space that was used for the production of Nishijin-ori textiles. There were two owners listed on the property title, one of whom had since died, and another who could not be contacted.Read more
Central Tokyo apartment transactions up 50% from last year
According to REINS, 3,008 second-hand apartments were sold across greater Tokyo in May, up 7.1% from the previous month and up 14.0% from last year. This is the second month in a row to see a year-on-year increase in transactions.
The average apartment sale price was 28,870,000 Yen, up 2.1% from the previous month and up 8.7% from last year. The average price per square meter was 452,800 Yen, up 1.6% from the previous month and up 9.5% from last year. This is the 29th month in a row to see a year-on-year increase. The average building age was 20.18 years.
1,454 apartments were sold in the Tokyo metropolitan area, up 5.6% from the previous month and up 13.4% from last year. The average sale price was 36,170,000 Yen, up 3.6% from the previous month and up 11.8% from last year. The average price per square meter was 613,200 Yen, up 2.7% from the previous month and up 12.8% from last year. The average building age was 19.01 years.
In central Tokyo’s 3 wards (Chiyoda, Chuo and Minato), 188 apartments were sold, up 19.0% from the previous month and up 50.4% from last year. This is the 4th month in a row to see a year-on-year increase in sales. It is the highest number of transactions recorded for the month of May in the past 8 years.
Past transactions in May:
- 2015: 188
- 2014: 125
- 2013: 164
- 2012: 110
- 2011: 87
- 2010: 124
- 2009: 119
- 2008: 106
The average sale price was 53,650,000 Yen, up 0.1% from the previous month and up 14.6% from last year. The average price per square meter was 999,600 Yen, up 0.3% from the previous month and up 17.5% from last year. This is the highest sale price seen since record-keeping began in 2008. The average building age was 16.75 years.Read more