Land prices up in 71% of locations - MLIT LOOK Report
The Ministry of Land, Infrastructure, Transport and Tourism (MLIT) published the data on land price movements across Japan for the third quarter in 2013 (July 1 ~ October 1).
The Chika LOOK Report measures land price changes in 150 locations throughout Japan. According to the latest data, 107 locations (71.3% of the total) saw an increase in land prices. This is higher than the last quarter which saw 99 locations with an increase in land prices. 34 locations (22.7%) saw no change in prices, while 9 locations (6%) saw a fall in land prices.Read more
Price/earnings ratio rankings for new apartments in Tokyo
Tokyo Kantei published data on the price/earnings ratio (PER) for brand new apartments in the greater Tokyo area.
According to their data, the PER in greater Tokyo in 2013 was 23.98, up 0.15 points from last year. The average rent for a 70 sqm apartment was 167,685 Yen/month, up just 0.1%. Meanwhile, the average price of a 70 sqm new apartment was 47,890,000 Yen, up 0.8% from 2012. Read more
Secondhand apartment prices in October - Tokyo Kantei
According to Tokyo Kantei, the average asking price of a 70 sqm (753 sqft) second-hand apartment in Tokyo's 23 wards was 40,660,000 Yen in October, up 0.6% from the previous month and up 3.3% from last year. This is the seventh month in a row where prices have seen a month-on-month increase.
In Tokyo's central 6 wards (Chiyoda, Chuo, Minato, Shinjuku, Bunkyo and Shibuya), the average asking price was 54,580,000 Yen, up 1.0% from the previous month and up 7.0% from last year. The average apartment age was 21.0 years.
New apartment inventory levels reach lowest level in over 23 years
According to the Real Estate Economic Institute, the inventory of unsold new apartments in greater Tokyo in October 2013 was 3,771 apartments. This is the lowest level seen since September 1990.
A total of 3,506 new apartments were released for sale in October, down 41.3% from the previous month but up 21.4% from last year. Of those, 2,790 apartments were sold, making the contract rate 79.6%. This is the first time in five months that the rate has dropped below 80%, but still remains above the 70% figure that indicates favourable market conditions.Read more
Compact-type apartment market rebounding after 7 years
The compact-type apartment market in Tokyo is rebounding after seven years, but is it sustainable?
Sales of compact-type apartments (those with a floor area of 30 ~ 50 sqm) in Tokyo's 23 wards are reaching levels not seen since the mid-2000s. According to consulting firm Total Brain, the average purchase application ratio (the percentage of apartments that received applications to purchase within the first month of sales) was 71.3% for apartments released for sale between January and August 2013. This is the first time that the ratio has reached the 70% range since 2006 and is edging closer to the record high of 71.4% seen in 2005. Read more
Second-hand apartment prices in central Tokyo up 12.9% from last year
According to REINS, the average price per square meter of a secondhand apartment sold in Tokyo City in October was 537,200 Yen, up 10.4% from last year and up 1.7% from the previous month. The average sale price was 32,420,000 Yen, up 6.3% from last year and up 1.4% from last month.
A total of 3,066 secondhand apartments were sold across greater Tokyo, up 11.7% from last year. 1,447 apartments were sold in Tokyo City, up 13.1% from last year.Read more
Residential yields and vacancy rates in Minato-ku - November 2013
According to real estate listing site Homes, the average yield on an apartment in Minato-ku in November was 5.8%, unchanged from the previous month. The average yield across Tokyo was 7.6%, down 0.1 points from October.Read more