August rental data - Tokyo Kantei

According to Tokyo Kantei, the average monthly rent of a condominium apartment in greater Tokyo was 2,561 Yen/sqm in August, up 0.1% from the previous month and up 0.5% from last year. The average apartment size was 59.71 sqm and the average building age was 19.2 years.

The average rent in Tokyo’s 23-ku was 3,166 Yen/sqm, down 0.3% from the previous month but up 2.3% from last year. The average apartment size was 56.65 sqm and the average building age was 17.5 years.Read more

by Zoe Ward

Office vacancy rates in August 2014 - Miki Shoji

Left: Nippon Life Marunouchi Garden Tower; Center: Nihonbashi Diamond Building; Right: Oase Shibaura MJ Building

According to Miki Shoji’s office report, the office vacancy rate in Tokyo’s five central business districts (Chiyoda, Chuo, Minato, Shinjuku and Shibuya) was 6.08% in August, down 0.18 points from the previous month and down 2.14 points from last year.

The vacancy rate in brand new office buildings was 18.17%, up 0.76 points from the previous month and up 0.24 points from last year.Read more

by Zoe Ward

Japan’s standard land prices up in urban areas, but continue to decline in regional areas

According to the MLIT, the standard land price (kijun-chika) across Japan’s three major cities of Tokyo, Osaka and Nagoya increased by 0.8% over the 12 months to July 1, 2014. This is the second year in a row to see an annual increase. In 2013, land prices increased by 0.1%. Residential land prices increased by 0.5% in the three major cities. This was the first time in six years to see an increase.

The nationwide average, however, fell by 1.2%. This is the 23rd year in a row to see a decline in land prices, although the rate of decline has shrunk (land prices dropped by 1.9% in 2013). Regional areas saw a 1.9% decline in land prices in 2014. This is the first time in 16 years that the rate of decline in regional areas has been as low as the 1% range. However, residential and commercial land values in regional areas suffering from declining populations have seen land prices drop further.

Read more

by Zoe Ward

New apartment prices in Tokyo up 26%

According to the Real Estate Economic Institute, 2,110 brand new apartments were released for sale in greater Tokyo in August, down 50.0% from the previous month and down 49.1% from last year. This is the 7th month in a row to see a year-on-year drop in supply.

1,469 apartments were sold, making the contract rate 69.6%. This is down 14.1 points from the previous month and down 11.9 points from last year. This is the first time the contract rate has fallen below 70% in 19 months. A contract rate over 70% usually indicates positive market conditions.

The average new apartment price was 56,850,000 Yen, up 2.8% from the previous month and up 18.5% from last year.

The average price per square meter was 775,000 Yen, up 0.5% from the previous month and up 14.5% from last year.

212 apartments in high-rise buildings (over 20-storeys) were offered for sale, down 86.2% from the previous month and down 78.6% from last year. The contract rate was 50.9%, down 42.6 points from the previous month and down 34.3 points from last year.Read more

by Zoe Ward

Secondhand apartment transactions down while prices continue to climb

According to REINS, 2,118 second-hand apartments were sold across greater Tokyo in August, down 16.4% from the previous month and down 5.9% from last year. This is the 5th month in a row to see a decline from one year prior.

The average apartment sale price across greater Tokyo was 28,190,000 Yen, up 7.4% from the previous month and up 10.2% from last year. The average price per square meter was 436,900 Yen, up 6.5% from the previous month and up 9.2% from last year. The average building age was 19.47 years.

1,003 apartments were sold in the Tokyo metropolitan area, down 18.3% from the previous month and down 9.2% from last year. This is the 5th month in a row to see a decline from one year prior. The average apartment sale price was 34,870,000 Yen, up 9.0% from the previous month and up 12.7% from last year. The average price per square meter was 587,500 Yen, up 7.8% from the previous month and up 13.1% from last year. The average building age was 18.26 years.

The average sale price in central Tokyo’s 3 wards (Chiyoda, Chuo and Minato) was 55,820,000 Yen, up 24.2% from the previous month and up 20.8% from last year. The average price per square meter was 920,200 Yen, up 0.8% from the previous month and up 11.7% from last year. The average building age was 15.38 years.

Average sale prices per square meter were up in a number of locations last month:Read more

by Zoe Ward

Japan’s top developers by resale value in 2013

Style Act Co., Ltd. (formerly Attractors Lab) published their ranking of Japan’s top developers by resale value. In top place for the fourth year in a row was Marubeni with an average resale price of 1.6% lower than new. The average resale value across all developers was -10.0%.

The data is based on the average difference in the advertised price of an apartment in 2013 vs. the average price of new apartments built from 2001 onwards. Over 38,000 apartments were used in compiling the data.

Top developers by resale values:Read more

by Zoe Ward

Residential yields and vacancy rates in Minato-ku - September 2014

According to real estate listing site Homes, the average gross yield on an apartment in Minato-ku in September was 5.6%, up 0.3 points from the previous month but down 0.4 points from last year. The average gross yield across Tokyo was 7.0%, showing no change from the previous month and down 0.9 points from last year.

The vacancy rate was 9.9% in Minato-ku and 11.0% across Tokyo.

The average asking price of a secondhand apartment in Minato-ku was 804,386 Yen/sqm as of September 1, up 1.55% from last month. The average asking price for land was 1,279,090 Yen/sqm, up 0.17% from last month. Read more

by Zoe Ward