New apartment prices in Greater Tokyo drop 20% in January
According to the Real Estate Economic Institute, 1,934 brand new apartments were released for sale across greater Tokyo in January, down 70.2% from the previous month but up 39.7% from January 2017.
The average sale price was 52,930,000 Yen, down 23.4% from last year. The average price per square meter was 787,000 Yen, down 19.3% from last year. In January 2017, new apartment prices saw a steep jump from the year before, with prices rising by 24.1%. If several high-end projects are released onto the market it can pull up average prices for the month.Read more
Rent in Tokyo reaches record-high
According to Tokyo Kantei, the average monthly rent of a condominium in Tokyo’s 23 wards was 3,488 Yen/sqm in January 2018, up 0.4% from the previous month and up 4.7% from last year. This is the highest level seen since record-keeping began in March 2008.Read more
Niseko's luxury hotel and villa boom continues
There is no end in sight to the current construction boom in the ski resort town of Niseko in Hokkaido, with a number of luxury resorts and private villas under development. Spacious homes and apartments can easily fetch upwards of several hundred million Yen (several million USD). Rising construction costs and a labor shortage, however, are putting a strain on developers.Read more
Tokyo apartment sale prices increase for 64th month
According to REINS, 2,641 second-hand apartments were reported to have sold across greater Tokyo in January 2018, down 12.3% from the previous month and down 7.7% from last year. The average sale price was 33,590,000 Yen, up 1.2% from the previous month and up 7.0% from last year. The average price per square meter was 516,000 Yen, down 0.6% from the previous month but up 4.6% from last year. This is the 61st month in a row to see a year-on-year increase in sale prices.Read more
Tokyo Bay’s transport woes may leave Athlete’s Village an isolated outpost
The Nihon Keizai Shimbun morning paper has suggested that the post-olympic future of Tokyo’s Athletes Village, located on a man-made island in the bay, seems uncertain as the city looks to scale back plans for the bus rapid transit (BRT) system.
Without adequate transport links, one major developer reported that the the potential salability of the 5,600+ condos to be built in the village looks grim.
The Athletes Village will be converted to a mix of rental and condo-style apartments after the 2020 Summer Olympics. The 18 hectare site will have 24 buildings containing over 5,600 apartments and housing over 10,000 residents. Over 4,000 of the apartments will be put on the market for sale, with the remainder to be held as rental-only units.Read more
Tokyo apartment asking prices reach highest level since 1994
According to Tokyo Kantei, the average asking price of a 70 sqm (753 sq.ft) second-hand apartment across greater Tokyo was 35,770,000 Yen in 2017, up 2.9% from 2016 and the fourth year in a row to record a year-on-year increase.
In the Tokyo metropolitan area the average asking price was 48,250,000 Yen, up 1.3% from 2016. This is the highest level seen since 1994. This is being supported by a number of investors buying apartments off-the-plan and then listing them for resale at prices higher than what they paid for them.Read more