New apartment supply in February reaches 25 year low
According to the Real Estate Economic Institute, 2,237 brand new apartments were released for sale in greater Tokyo in February, up 49.7% from January but down 13.9% from February 2015. This is the lowest figure for the month February since 1991.
Amidst rising construction costs and increasing apartment prices, developers have been cautious to limit the supply released on the market. The Institute remarked that the Bank of Japan’s recent introduction of negative interest rates appears to have had a negligible effect on new apartment sales as interest rates available to consumers were already at low levels prior to the BoJ’s announcement.Read more
Tokyo apartment transactions increase for 5th consecutive month
According to REINS, 3,539 second-hand apartments were sold across greater Tokyo in February, up 33.3% from the previous month and up 7.5% from last year. This is the 5th month in a row to see a year-on-year increase in transactions.
The average sale price was 30,450,000 Yen, up 2.0% from the previous month and up 4.1% from last year. The average price per square meter was 471,200 Yen, up 0.6% from the previous month and up 4.7% from last year. This is the 38th month in a row to see a year-on-year increase in sale prices. The average building age was 19.71 years.
In the Tokyo metropolitan area, 1,759 second-hand apartments were sold, up 36.1% from the previous month and up 11.9% from last year. The average sale price was 37,160,000 Yen, up 0.1% from the previous month and up 2.1% from last year. The average price per square meter was 618,900 Yen, down 2.3% from the previous month but up 2.1% from last year. The average building age was 18.64 years.Read more
Residential yields in Minato-ku - March 2016
According to real estate listing site Homes, the average gross yield on an apartment in Minato-ku in Tokyo was 4.5% in March, down 0.1 points from the previous month and down 0.5 points from last year. The average yield across Tokyo was 6.2%, showing no change from last month but down 0.4 points from last year.
The average asking price of a second-hand apartment in Minato-ku was 905,771 Yen/sqm, down 0.1% from last month but up 1.7% from last year. The average asking price for land was 1,370,606 Yen/sqm, down 1.1% from last month but up 9.9% from last year.Read more
Tokyo Apartment Sales in February 2016
The following is a selection of apartments that were sold in central Tokyo during the month of February 2016:Read more
Japan’s house price index for November 2015
On February 24, the Ministry of Land, Infrastructure, Transport and Tourism released the latest residential price index for Japan.
The nationwide price index for apartments was 123.5, up 8.1% from November 2014. This is the 33rd consecutive month to record a year-on-year increase.Read more
Brand new condominium prices in Japan reach 42-year high
The average price of a brand new condominium across Japan reached a 42-year high in 2015. According to the Real Estate Economic Institute, the average sale price of a brand new condominium across the country was 46,180,000 Yen (412,000 USD) in 2015, up 7.2% from 2014 and the highest price seen since the Institute began recording sales data in 1973.
The average price per square meter was 654,000 Yen (540 USD/sq.ft), up 8.5% from 2014. This is the 3rd year in a row to record a year-on-year increase. Although the total sale price reached a record high, the average price per square meter is still slightly below the peak of 667,000 Yen/sqm recorded in 1991.
The average price in Tokyo’s 23 wards was 67,320,000 Yen (600,000 USD), up 12.3% from 2014. The average price per square meter was 987,000 Yen (820 USD/sq.ft), up 13.1% from 2014.
In 2015, there were 1,688 brand new condos priced over 100 million Yen offered for sale in the greater Tokyo area, an increase of 85.9% from 2014, but still below the peak of 3,079 units in 1990. The most expensive new apartment sold in East Japan was a 203 sqm (2,184 sq.ft) penthouse apartment in the Kengo Kuma-designed Park Court Akasaka Hinokicho The Tower condominium in Akasaka, Tokyo. The apartment sold for 1.5 billion Yen (13.4 million USD), which resulted in a record-setting price per square meter of around 7.4 million Yen (6,130 USD/sq.ft). West Japan also saw the most expensive new apartment sale in the past 20 years when a penthouse apartment in a luxury condominium currently under construction alongside Kamo River in Kyoto sold for 749 million Yen (6.7 million USD), or around 2,440,000 Yen/sqm (2,000 USD/sq.ft).
Tokyo apartment asking prices increase for 19th consecutive month
According to Tokyo Kantei, the average asking price of a 70 sqm (753 sq.ft) second-hand apartment in greater Tokyo in January 2016 was 33,370,000 Yen, up 2.1% from the previous month and up 15.1% from January 2015. The average building age was 22.1 years.
In the Tokyo metropolitan area, the average price was 46,420,000 Yen, up 0.4% from the previous month and up 17.4% from last year. This is the 19th month in a row to see a month-on-month increase. The average building age was 21.7 years.
In Tokyo’s 23 wards, the average price was 51,620,000 Yen, up 0.4% from the previous month and up 17.3% from last year. This is also the 19th consecutive month to see a month-on-month increase. The average building age was 21.7 years.Read more