Tokyo Apartment Sales in July 2016
The following is a selection of apartments that were sold in central Tokyo during the month of July 2016:Read more
Luxury apartment sales dominating Japan’s property market
Recently a 300 sqm penthouse apartment with views of Tokyo Tower was reported to have sold for 1 billion Yen (approximately 9.5 million USD). The surprising aspect of the sale was that the apartment was one of several unsold developer-owned units in a building that was completed back in 2007.
The developer had tried for years to sell off the final remaining units after sales hit a slump following the global financial crisis in 2008. In late 2015, the developer re-started sales and has been able to sell some units at prices higher than pre-2008 levels.Read more
Tokyo apartment asking prices increase for 24th consecutive month
According to Tokyo Kantei, the average asking price of a 70 sqm (753 sq.ft) second-hand apartment in greater Tokyo in June 2016 was 34,730,000 Yen, up 0.6% from the previous month and up 15.3% from last year. This is the 6th month in a row to record an increase from the previous month. The average building age was 22.2 years.
In the Tokyo metropolitan area the average asking price was 47,900,000 Yen, up 0.5% from the previous month and up 14.7% from last year. This is the 24th month in a row to record an increase in prices. The average building age was 21.9 years.
In Tokyo’s 23 wards the average asking price was 52,870,000 Yen, up 0.4% from the previous month and up 12.9% from last year. The average building age was 21.8 years.
In Tokyo’s central six wards (Chiyoda, Chuo, Minato, Shinjuku, Bunkyo and Shibuya) the average asking price was 71,500,000 Yen, up 0.1% from the previous month and up 8.8% from last year.
Average monthly rent in June 2016
According to Tokyo Kantei the average monthly rent of a condominium in greater Tokyo was 2,605 Yen/sqm in June 2016, down 2.1% from the previous month and down 0.5% from last year. The average apartment size was 59.73 sqm and the average building age was 19.8 years.
In the Tokyo metropolitan area the average monthly rent was 3,132 Yen/sqm, down 1.0% from the previous month but up 0.7% from last year. The average apartment size was 57.08 sqm and the average building age was 18.0 years.Read more
New apartment supply in Tokyo down for 7th month
According to the Real Estate Economic Institute, 3,050 brand new apartments were released for sale in greater Tokyo in June, up 1.6% from the previous month but down 12.9% from last year. This is the 7th month in a row to see a year-on-year decline in supply.
2,124 apartments were sold, resulting in a contract ratio of 69.6%, down 1.3 points from the previous month and down 9.1 points from last year. 410 apartments in high-rise buildings (over 20-storeys) were offered for sale, down 45.0% from last year. The contract ratio was 81.0%, up 7.1 points from the previous month but down 0.6 points from last year.
The average price of a new apartment across greater Tokyo was 56,720,000 Yen, down 0.4% from the previous month and down 2.5% from last year. The average price per square meter was 823,000 Yen, showing no change from the previous month but down 0.7% from last year.Read more
Tokyo metro apartment prices increase for 45th consecutive month
According to REINS, 3,069 second-hand apartments were sold across greater Tokyo in June, up 2.3% from the previous month but down 1.4% from last year. The average sale price was 30,160,000 Yen, up 0.8% from the previous month and up 3.5% from last year. The average price per square meter was 477,700 Yen, up 1.7% from the previous month and up 5.4% from last year. This is the 42nd month in a row to see a year-on-year increase in the sale price per square meter. The average building age was 20.67 years.
In the Tokyo metropolitan area 1,583 second-hand apartments were sold, up 5.3% from the previous month and up 0.3% from last year. The average sale price was 37,440,000 Yen, up 1.3% from the previous month and up 5.0% from last year. The average price per square meter was 642,400 Yen, up 2.6% from the previous month and up 7.7% from last year. This is the 45th month in a row to see a year-on-year increase in the sale price per square meter. The average building age was 19.24 years.
Central Tokyo’s 3 wards
In central Tokyo’s 3 wards (Chiyoda, Chuo and Minato), 207 second-hand apartments were sold, up 16.3% from the previous month and up 20.3% from last year. This is a record high number of transactions for the month of June.Read more
Rosenka land values increase nationwide for first time in 8 years
According to Japan’s National Tax Agency, rosenka land values across Japan in 2016 increased by 0.2% from 2015. This is the first time to see an increase in the nationwide average since pre-global financial crisis in 2008.
Recent monetary easing measures, strong activity in the real estate market in central Tokyo and a surge in the number of foreign tourists are behind the increase in land prices.
Tokyo was in top place with an average increase of 2.9%. Land near the Kyukyodo Building in Ginza remains the most expensive land in Japan for the 31st year in a row. The rosenka land value in 2016 was 32,000,000 Yen/sqm (29,000 USD/sq.ft), up 18.7% from 2015 and has exceeded pre-Lehman Crisis pricing. This land reached a peak of 36,500,000 Yen/sqm in 1992, before dropping to 11,360,000 Yen/sqm in 1997.
Land alongside Omotesando Avenue in Tokyo had a rosenka value of 10,070,000 Yen/sqm in 2016, up 14.2% from 2015.Read more