Average apartment rent in April 2016
According to Tokyo Kantei, the average monthly rent of a condominium in greater Tokyo was 2,666 Yen/sqm in April, up 3.0% from the previous month and up 2.5% from last year. The average apartment size was 59.21 sqm and the average building age was 19.0 years.
In the Tokyo metropolitan area, the average monthly rent was 3,156 Yen/sqm, down 1.9% from the previous month but up 1.2% from last year. The average apartment size was 56.51 sqm and the average building age was 17.3 years.
In Tokyo’s 23 wards, the average monthly rent was 3,307 Yen/sqm, down 1.4% from the previous month but up 2.1% from last year. The average apartment size was 55.94 sqm and the average building age was 16.7 years.
New apartment supply drops for 5th month in a row
According to the Real Estate Economic Institute, 1,978 brand new condominiums were released for sale in greater Tokyo in April, down 26.6% from the previous month and down 13.5% from last year. This is the 5th month in a row to see a year-on-year decline in supply, and is 20% lower than the Institute’s estimate.
1,313 apartments were sold, resulting in a contract ratio of 66.4%, down 1.2 points from the previous month and down 9.1 points from last year.
175 apartments in high-rise buildings (over 20-storeys) were offered for sale, down 1.7% from 2015. The contract ratio was 49.7%, up 11.5 points from last year.
The average price of a new apartment across greater Tokyo was 57,510,000 Yen, up 2.0% from the previous month and up 8.4% from last year. This is the 11th month in a row to see the prices exceed those from 12 months prior. The average price per square meter was 826,000 Yen, up 3.0% from the previous month and up 9.0% from last year.
The total stock of unsold apartments was 5,881 units, down 158 units from the previous month but up 974 units from April 2015.Read more
Tokyo metro apartment prices increase for 43rd consecutive month
According to REINS, 3,294 second-hand apartments were sold across the greater Tokyo area in April 2016, down 8.2% from the previous month but up 17.3% from April 2015. March is typically a busy month for transactions, so it is normal to see a drop in transactions in the following month.
The average sale price was 29,170,000 Yen, down 4.6% from the previous month but up 3.2% from last year. The average price per square meter was 465,000 Yen, down 2.7% from the previous month but up 4.4% from last year. This is the 40th month in a row to see a year-on-year increase in the sale price on a per square meter basis. The average building age was 20.46 years.
In the Tokyo metropolitan area, 1,653 second-hand apartments were sold, down 8.5% from the previous month but up 20.0% from last year. The average sale price was 36,380,000 Yen, down 3.5% from the previous month but up 4.2% from last year. The average price per square meter was 628,000 Yen, down 2.5% from the previous month but up 5.1% from last year. This is the 43rd month in a row to see a year-on-year increase in the sale price per square meter. The average building age was 19.13 years.
Residential yields in Minato-ku - May 2016
According to real estate listing site Homes, the average gross yield on an apartment in Minato-ku in Tokyo was 4.2% in May 2016, down 0.1 points from the previous month and down 0.5 points from last year. The average yield across Tokyo was 6.3%, up 0.3 points from the previous month but down 0.3 points from last year.
The average asking price for a second-hand apartment in Minato-ku was 971,614 Yen/sqm as of May 1, up 0.2% from the previous month and up 11.7% from last year. The average asking price for land was 1,375,151 Yen/sqm, up 0.9% from the previous month and up 13.5% from last year.Read more
Tokyo Apartment Sales in April 2016
The following is a selection of apartments that were sold in central Tokyo during the month of April 2016:Read more
Japan’s high-rise market from 2016 onwards
According to the Real Estate Economic Institute, there are 238 high-rise residential buildings containing a total of 89,844 units planned for completion across Japan from 2016 onwards. This is an increase of 48 buildings and 11,544 units from the previous survey point in March 2015.
65,012 units are located in the greater Tokyo region, representing 72.4% of the supply nationwide. 45,577 units in 92 buildings, representing 50.7% of the supply, are located in Tokyo’s 23 wards. In Tokyo’s Chuo-ku, which includes the bayside islands, 12,481 apartments are currently planned, representing 27.4% of the supply in Tokyo’s 23 wards.Read more
Half of Sapporo's new apartments remain unsold
For the first time in five years, more than half of the newly completed condominiums in Sapporo City remain unsold. Although sales were strong in 2013, buyers are becoming increasingly priced out of the new apartment market due to rising prices. These prices have been underpinned by higher construction costs, including raw materials and labour, which means that developers are either unable or reluctant to reduce the end prices offered to consumers.
Over 90% of Hokkaido’s new condominiums are located in Sapporo. In 2015, 51% of units in condominiums that had already been completed remained unsold by developers.Read more