Central Tokyo apartment sale prices reach new 7 year high
According to REINS, 2,772 second-hand apartments were sold across greater Tokyo in September, up 14.8% from the previous month but down 5.7% from last year. This is the first time in six months that transactions have fallen below last year’s level.
The average apartment sale price was 29,580,000 Yen, up 4.5% from the previous month and up 7.6% from last year. The average price per square meter was 462,700 Yen, up 3.2% from the previous month and up 9.0% from last year. The average building age was 20.00 years.
1,389 second-hand apartments were sold in the Tokyo metropolitan area, up 17.2% from the previous month but down 2.5% from last year. The average sale price was 36,070,000 Yen, up 3.0% from the previous month and up 6.8% from last year. The average price per square meter was 612,500 Yen, up 1.7% from the previous month and up 7.8% from last year. The average building age was 18.99 years.
Central Tokyo’s 3 wards
In central Tokyo’s 3 wards (Chiyoda, Chuo and Minato), 156 second-hand apartments were sold, up 9.9% from the previous month and up 3.3% from last year.
The average sale price was 53,100,000 Yen, up 2.8% from the previous month and up 8.6% from last year. The average sale price per square meter was 1,024,500 Yen/sqm, up 0.6% from the previous month and up 13.7% from last year. This is now the fourth month in a row to see prices exceed the 1,000,000 Yen/sqm level. The average building age was 16.58 years.Read more
West Japan’s most expensive apartment to go on sale in Kyoto
On October 8, Mitsubishi Jisho Residence announced a new condominium project for central Kyoto. The most expensive apartment in the building will be priced at over 700 million Yen (5.85 million USD). According to the Real Estate Economic Institute, this is the most expensive apartment to be released for sale in West Japan in the past 20 years. With a price of around 2,440,000 Yen/sqm (1,895 USD/sq.ft), it is similar to the current price of luxury high-rise apartments in central Tokyo.
The Parkhouse Kyoto Kamogawa Gosho-Higashi is located alongside Kyoto’s Kamo River and is 250 meters east of the Kyoto Imperial Palace. This will be the first condominium to be built alongside this river since 2004.Read more
Residential yields in Minato-ku - October 2015
According to real estate listing site Homes, the average gross yield on an apartment in Minato-ku in October was 4.5%, down 0.1 points from the previous month and down 0.5 points from last year. The average gross yield across Tokyo was 6.5%, showing no change from the previous month and down 0.4 points from last year.
The average asking price of a second-hand apartment in Minato-ku was 871,257 Yen/sqm as of October 1, 2015, down 0.4% from the previous month but up 9.3% from last year. The average asking price for land was 1,269,090 Yen/sqm, up 2.6% from the previous month but down 0.7% from last year.Read more
Central Tokyo apartment asking prices up 16.6%
According to Tokyo Kantei, the average asking price of a 70 sqm (753 sq.ft) second-hand apartment in greater Tokyo in August was 31,150,000 Yen, up 1.5% from the previous month and up 10.7% from last year. This is the 12th month in a row to see an increase. The average building age was 22.2 years.
In Tokyo’s 23 wards, the average asking price was 48,660,000 Yen, up 2.1% from the previous month and up 16.1% from last year. This is the 14th month in a row to see an increase. The average building age was 22.2 years.
Price growth in central Tokyo continues to show no sign of slowing, with the average price in central Tokyo’s six wards reaching 68,290,000 Yen, up 2.0% from the previous month and up 16.6% from last year. This is an increase of 33.9% from the most recent market bottom of October 2012, when the average price was 50,990,000 Yen. The average building age was 21.0 years.
Kyoto machiya popular with foreign buyers
According to the Urban Research Institute Corporation, foreign corporations acquired 1.2 billion Yen of real estate in Japan in 2014, 2.8 times higher than the figure in 2013. This accounted for a little over 20% of the value of all transactions nationwide.
While most of the foreign investment is centred in Tokyo, Kyoto is also attracting some foreign buyers.Read more
Average rents up in Tokyo, down everywhere else
According to Tokyo Kantei, the average monthly rent of a condominium in greater Tokyo was 2,590 Yen/sqm in August, showing no change from the previous month but up 1.1% from last year. The average apartment size was 60.61 sqm and the average building age was 19.5 years.
In the Tokyo metropolitan area, the average rent was 3,177 Yen/sqm, up 1.0% from the previous month and up 4.5% from last year. The average apartment size was 57.68 sqm and the average building age was 17.5 years.
Average rents in Kanagawa, Saitama, greater Osaka, Hyogo and Aichi were down from last year.
In Tokyo’s 23 wards, the average rent was 3,314 Yen/sqm, up 1.0% from the previous month and up 4.7% from last year. The average apartment size was 57.13 sqm and the average building age was 17.0 years. Yokohama, Saitama City, Chiba City, Osaka City, Kobe City and Nagoya City all saw average rents fall from last year. Osaka City saw the biggest fall in rent with the average falling 5.5% from last year to 2,040 Yen/sqm.Read more