Rent for condominium-type apartments down in June
According to Tokyo Kantei, the average monthly rent for a condominium-type apartment in greater Tokyo for the month of June has fallen compared to the previous month.
Average Rent:
- Tokyo City: 2960 Yen/sqm, down 0.5%
- Kanagawa: 2027 Yen/sqm, down 0.6%
- Saitama: 1620 Yen/sqm, down 1.6%
- Chiba: 1593 Yen/sqm, down 0.2%
New condominium supply down 32.9% in Tokyo area
The Real Estate Economic Institute announced that new apartments offered for sale in the greater Tokyo area (Tokyo, Kanagawa, Saitama and Chiba) have fallen to 3441 units in June, 2011. This is a steep fall of 32.9% from June of 2010.
This is being attributed to the March 11 Tohoku disaster which has led to consumers putting off purchases of large-ticket items and has caused developers to delay sales of new properties. Developers are anticipating a recovery from Fall, 2011, so the supply of apartments in the Tokyo area is expected to increase in a few months time.Read more
Temporary upswing in real estate market in Sendai
The 2011 rosenka land valuations released by the National Tax Agency on July 1st showed a decline in land prices across Japan for the third continuous year. Concern is rising, however, over a large scale crash in prices in areas of Northern Japan that were affected by the Tsunami and Fukushima Daiichi Nuclear Power Plant where real estate transactions have almost ceased.
Sendai City, on the other hand, is experiencing a hike in emergency demand from displaced residents.Read more
Tokyo's second-hand apartment prices down 4.2% from 1 year earlier
The Real Estate Information Network for East Japan (REINS) announced the results of their data collection on real estate movements for the Tokyo area for the month of June, 2011. The data is based on property listings registered on the REINS multiple listing database.
The total number of units listed for sale in the greater Tokyo area on the secondary market surpassed 40,000 units. The total of 40,016 units was an increase of 2.6% from May, and a very large increase of 31.3% compared with June, 2010. Tokyo had a total of 22,950 units, Saitama had 4004 units, Chiba had 3451 units and Kanagawa had 9611 units listed with the REINS database.Read more
Property values rising in Tsunami affected areas
Real estate transaction prices on properties in North Japan's tsunami affected coastline have seen recent increases since the March 11 earthquake. The buyers include residents who have lost their homes as well as property developers anticipating future redevelopment.Read more
Fukushima's real estate market not expected to recover for at least 3 years
Fukushima Prefecture's Real Estate Appraisal Association announced the results of their survey on the real estate market for Fukushima following the March 11 earthquake, tsunami and nuclear disaster.Read more
Real estate transactions by listed companies fall 40% in April-June
- Pre-quake transactions for 1st qtr of 2011 were 788.3 billion Yen
- Post-quake transactions for 2nd qtr of 2011 fall to 246.4 billion Yen
- Companies expecting fall in earnings and profits
- Reduced supply of properties
- Power shortages mean no recovery expected until at least September, 2011
The total value of real estate transactions made by publicly listed companies between April and June, 2011, fell 40% to 246.4 billion Yen. This is the lowest level for this quater since 2003. Following the March 11 Tohoku Disaster, many sales were postponed and the property market quickly descended into chaos. With the supply of properties also falling, the market is expected to take a while before bottoming out.Read more