New apartment supply and prices down in May
2,486 apartments were sold, making the contract rate 71.1%. This is a decline of 4.4 points from the previous month and 7.8 points from last year.
The average new apartment price was 48,120,000 Yen, down 9.3% from the previous month and down 6.7% from last year. The average price per square meter was 679,000 Yen, down 10.4% from the previous month and down 6.0% from last year.Read more
Instant sell-out in The Parkhouse Gran Minamiaoyama
The latest and most luxurious condominium development under construction in Omotesando saw a same-day sellout over the weekend.
Apartments in The Parkhouse Gran Minamiaoyama were priced from 150 ~ 770 million Yen, with an average price of 2,300,000 Yen/sqm. To date this has been the most expensive condominium offered for sale in central Tokyo this year.
Despite the high price tag, a total of 193 purchase applications were made on the 20 apartments offered for sale, with an average of 9.6 applications per apartment. The most popular apartment received as many as 63 applications. Read more
May 2015 rental data - Tokyo Kantei
According to Tokyo Kantei, the average monthly rent of a condominium in greater Tokyo was 2,656 Yen/sqm in May, up 2.1% from the previous month and up 1.3% from last year. The average apartment size was 59.08 sqm and the average building age was 18.7 years.
In the Tokyo metropolitan area, the average rent was 3,104 Yen/sqm, down 0.5% from the previous month but up 0.9% from last year. The average apartment size was 56.64 sqm and the average building age was 17.3 years.
In Tokyo’s 23 wards, the average rent was 3,229 Yen/sqm, down 0.3% from the previous month but up 1.0% from last year.
In Chiba City, the average rent has been in a downwards trend since the start of the year. The average rent in May was 1,439 Yen/sqm, down 0.3% from the previous month and down 9.6% from last year.Read more
Central Tokyo apartment transactions up 50% from last year
According to REINS, 3,008 second-hand apartments were sold across greater Tokyo in May, up 7.1% from the previous month and up 14.0% from last year. This is the second month in a row to see a year-on-year increase in transactions.
The average apartment sale price was 28,870,000 Yen, up 2.1% from the previous month and up 8.7% from last year. The average price per square meter was 452,800 Yen, up 1.6% from the previous month and up 9.5% from last year. This is the 29th month in a row to see a year-on-year increase. The average building age was 20.18 years.
1,454 apartments were sold in the Tokyo metropolitan area, up 5.6% from the previous month and up 13.4% from last year. The average sale price was 36,170,000 Yen, up 3.6% from the previous month and up 11.8% from last year. The average price per square meter was 613,200 Yen, up 2.7% from the previous month and up 12.8% from last year. The average building age was 19.01 years.
In central Tokyo’s 3 wards (Chiyoda, Chuo and Minato), 188 apartments were sold, up 19.0% from the previous month and up 50.4% from last year. This is the 4th month in a row to see a year-on-year increase in sales. It is the highest number of transactions recorded for the month of May in the past 8 years.
Past transactions in May:
- 2015: 188
- 2014: 125
- 2013: 164
- 2012: 110
- 2011: 87
- 2010: 124
- 2009: 119
- 2008: 106
The average sale price was 53,650,000 Yen, up 0.1% from the previous month and up 14.6% from last year. The average price per square meter was 999,600 Yen, up 0.3% from the previous month and up 17.5% from last year. This is the highest sale price seen since record-keeping began in 2008. The average building age was 16.75 years.Read more
Resort condominiums seeing renewed demand but prices remain down
Resort condominiums built during the peak of Japan’s bubble economy in the late 1980s are finally starting to see renewed demand. This time around the buyers are not investors, but are people looking for a permanent residence in which to spend their retirement years.
Alongside Lake Biwa’s shoreline stands the Biwako Urban Resort. The resort condominium was built between 1989 and 1991 and contains 770 units in three 15-storey towers. When it was first built, Moriyama City guidelines prohibited the units to be used for personal residences. Owners could only use them as holiday villas. Because of the ‘resort condo’ designation, the developer received several allowances including only requiring car parking for up to 50% of the apartments. The non-residence rules were also written into the building’s management bylaws, although demand from some residents has seen this clause removed from one of the three towers.
The number of residents who call this building their permanent home now numbers over 300.Read more
Residential yields in Minato-ku - June 2015
According to real estate listing site Homes, the average gross yield on an apartment in Minato-ku in June was 4.7%, showing no change from the previous month and down 0.6 points from last year. The average gross yield across Tokyo was 6.7%, up 0.1 points from the previous month but down 0.5 points from last year.
The average asking price of a second-hand apartment in Minato-ku was 857,700 Yen/sqm as of June 1, down 1.4% from the previous month but up 8.2% from last year. The average asking price for land was 1,212,727 Yen/sqm, up 0.1% from the previous month and up 2.7% from last year.Read more