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
Tokyo apartment asking prices increase for 23rd consecutive month
According to Tokyo Kantei, the average asking price of a 70 sqm (753 sq.ft) second-hand apartment in greater Tokyo in May 2016 was 34,520,000 Yen, up 0.7% from the previous month and up 15.1% from last year. The average building age was 22.2 years.
In the Tokyo metropolitan area, the average asking price was 47,640,000 Yen, up 0.5% from the previous month and up 15.7% from last year. This is the 23rd month in a row to record an increase in prices. The average building age was 21.8 years.
In Tokyo’s 23 wards, the average asking price was 52,680,000 Yen, up 0.2% from the previous month and up 14.4% from last year. The average building age was 21.7 years.
In Tokyo’s central six wards (Chiyoda, Chuo, Minato, Shinjuku, Bunkyo and Shibuya), the average asking price was 71,460,000 Yen, down 0.4% from the previous month but up 10.2% from last year.
Akasaka Tower Residence Top of the Hill - Current market analysis
The following is a detailed look at the current sale and rental market for the Akasaka Tower Residence Top of the Hill condominium tower in Akasaka, Tokyo. We hope this is informative for anyone considering purchasing or selling a unit in this building.
Akasaka Tower Residence was developed by Sunwood, Tokyu Land and Takenaka Corporation and completed in early 2008. The 45-storey, 158m tall building contains 521 apartments, of which 96 were purely for rent, with the remaining units owned by private individuals and occasionally available for rent or sale. The 82 apartments on floors 3 ~ 10 were originally all rental-only units, although some of them were sold off to individual buyers in recent years.
This is a luxury residence with concierge service, guest suites, library, coach entrance, wine cellar, guest parking, and a rooftop deck with lounge and cafe. The building is managed by Mori Building, which is the developer of high-end residential and large-scale complexes such as Roppongi Hills and Toranomon Hills.
Only two floors in the building feature unusually high-ceilings - the 11th and 28th floors. Apartments on these floors have ceiling heights of up to 3.29 meters in the living/dining and as high as 3.65 meters in the master bedroom (compared with the standard 2.4 meters found in many standard Japanese apartments).
When new, apartments had an average price of around 1,600,000 Yen/sqm. Currently, sale listings range from 91.8 ~ 368 million Yen, with an average price of 2,150,000 Yen/sqm. There are 16 units currently advertised for sale in this building.Read more
Average apartment rent in May 2016
According to Tokyo Kantei, the average monthly rent of a condominium in greater Tokyo was 2,661 Yen/sqm in May 2016, down 0.2% from the previous month but up 0.2% from last year. The average apartment size was 59.28 sqm and the average building age was 19.4 years.
In the Tokyo metropolitan area, the average monthly rent was 3,165 Yen/sqm, up 0.3% from the previous month and up 2.0% from last year. The average apartment size was 56.74 sqm and the average building age was 17.4 years.Read more
Tokyo metro apartment prices increase for 44th consecutive month
According to REINS, 3,001 second-hand apartments were sold across greater Tokyo in May, down 8.9% from the previous month and down 0.2% from last year. The average sale price was 29,910,000 Yen, up 2.5% from the previous month and up 3.6% from last year. The average price per square meter was 469,700 Yen, up 1.0% from the previous month and up 3.7% from last year. This is the 41st month in a row to see a year-on-year increase in the sale price on a price-per-square-meter basis. The average building age was 20.64 years.
In the Tokyo metropolitan area, 1,503 second-hand apartments were sold, down 9.1% from the previous month but up 3.4% from last year. The average sale price was 36,950,000 Yen, up 1.6% from the previous month and up 2.2% from last year. The average price per square meter was 625,900 Yen, down 0.3% from the previous month but up 2.1% from last year. This is the 44th month in a row to see a year-on-year increase in the sale price per square meter. The average building age was 19.84 years.
Central Tokyo’s 3 wards
In central Tokyo’s 3 wards (Chiyoda, Chuo and Minato), 178 second-hand apartments were sold, down 6.3% from the previous month and down 5.3% from last year. The average sale price was 58,090,000 Yen, up 18.0% from the previous month and up 8.3% from last year. The average sale price per square meter was 1,043,400 Yen, up 9.4% from the previous month and up 4.4% from last year. The average building age was 17.23 years.Read more