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
Tokyo apartment asking prices increase for 21st consecutive month
According to Tokyo Kantei, the average asking price of a 70 sqm (753 sq.ft) second-hand apartment in greater Tokyo in March 2016 was 33,840,000 Yen, up 0.8% from the previous month and up 14.5% from last year. The average building age was 22.0 years.
In the Tokyo metropolitan area, the average asking price was 46,860,000 Yen, up 0.9% from the previous month and up 15.5% from last year. This is the 21st month in a row to see an increase in prices. The average building age was 21.5 years.
In Tokyo’s 23 wards, the average price was 51,790,000 Yen, up 0.3% from the previous month and up 14.2% from last year. The average building age was 21.5 years.
In Tokyo’s central six wards (Chiyoda, Chuo, Minato, Shinjuku, Bunkyo and Shibuya), the average asking price was 71,460,000 Yen, up 0.5% from the previous month and up 10.5% from last year. The average building age was 20.0 years.Read more
Average apartment rent in March 2016
According to Tokyo Kantei, the average monthly rent of a condominium in greater Tokyo was 2,589 Yen/sqm in March, up 2.4% from the previous month but down 0.9% from last year. The average apartment size was 59.69 sqm and the average building age was 19.6 years.
In the Tokyo metropolitan area, the average monthly rent was 3,216 Yen/sqm, up 1.7% from the previous month and up 3.5% from last year. The average apartment size was 56.21 sqm and the average building age was 17.5 years.
In Tokyo’s 23 wards, the average rent was 3,354 Yen/sqm, up 1.4% from the previous month and up 3.8% from last year. The average apartment size was 55.70 sqm and the average building age was 16.9 years.
New apartment supply drops for 4th month in a row
According to the Real Estate Economic Institute, 2,693 brand new apartments were released for sale in greater Tokyo in March, up 20.4% from the previous month but down 39.6% from last year. This is below the Institute’s previous estimate of 4,500 units, and is the 4th month in a row to see a drop in supply from 12 months prior. It is also the first time since 2009 that the annual supply for the month of March dropped below 3,000 units.
1,820 apartments were sold, resulting in a contract rate of 67.6%, down 5.3 points from the previous month and down 12.0 points from last year.
317 apartments in high-rise buildings (over 20-storeys) were offered for sale. The contract rate was 64.4%, down 14.6 points from last year.
The average price of a new apartment across greater Tokyo was 56,380,000 Yen, down 2.3% from the previous month but up 8.7% from last year. The average price per square meter was 802,000 Yen, down 4.0% from the previous month but up 9.0% from last year.Read more
Greater Tokyo apartment sale prices increase for 39th consecutive month
According to REINS, 3,590 second-hand apartments were sold across greater Tokyo in March 2016, up 1.4% from the previous month but down 3.7% from last year.
The average sale price was 30,560,000 Yen, up 0.4% from the previous month and up 4.6% from last year. The average price per square meter was 477,800 Yen, up 1.4% from the previous month and up 5.4% from last year. This is the 39th month in a row to see a year-on-year increase in prices. The average building age was 20.00 years.
In the Tokyo metropolitan area, 1,806 second-hand apartments were sold, up 2.7% from the previous month but down 2.0% from last year. The average sale price was 37,690,000 Yen, up 1.4% from the previous month and up 5.9% from last year. The average price per square meter was 643,900 Yen, up 4.0% from the previous month and up 7.0% from last year. The average building age was 19.46 years.
There were 93 reported sales of apartments priced over 100 million Yen in the Tokyo metropolitan area in the first quarter of 2016, an increase of 12% from the same period in 2015. Transactions of apartments priced over 70 million Yen have increased by 21% from the first quarter of 2015.