REINS, which collects sales data reported to their database used by agents across Japan, has published some interesting charts showing movements in the existing apartment market in greater Tokyo between July 2010 and June 2021. This may be useful to readers new to researching the real estate market in Tokyo.
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The average asking price of a 70 sqm second-hand apartment across greater Tokyo reached 41,140,000 Yen in June, according to Tokyo Kantei. This is the highest level seen since the company began recording data in 2002, and beating a previous high seen in May.
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According to the Real Estate Economic Institute a total of 1,939 brand-new apartments were released for sale across greater Tokyo (Tokyo, Saitama, Kanagawa, Chiba) in June, down 24.8% from the previous month but up 25.7% from last year. This is 14% lower than the number supplied in June 2019 and 27% lower than the supply in June 2018.
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The second-hand apartment market across greater Tokyo continued to see shrinking inventory and rising sale prices in June.
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One of the most frequently asked questions we have been receiving over the past 17-ish months has been about the pandemic and its effects on the residential property market here in Japan and in Tokyo. Let’s take a look at some of the arguments we hear.
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Japan’s top real estate companies are expanding sales of properties to investors. Mitsui Fudosan is expecting a 42% increase in operating profit for the year ending March 2022, with sales to investors expecting to top 111 billion Yen (approx. US$1 billion), while Mitsubishi Estate is anticipating a 25% profit increase.
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Another real estate developer to offer vaccines to tenants, Digital Agency moves to Kioi Tower, and Tokyo’s office vacancy rate exceeds 6%. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
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The following is a selection of apartments that were reported to have sold in central Tokyo during the month of June 2021:
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On July 1, the National Tax Agency (NTA) released the rosenka land tax values for 2021. Not surprisingly, Osaka’s heavily tourist-oriented Shinsaibashisuji Street saw the biggest decline nationwide, with a 26.4% drop in 2021.
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Sales in Toranomon Hills Residential Tower officially started on June 28, with two apartments over 3,000 sq.ft listed.
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