Second-hand apartment prices in Tokyo continue to increase
According to Tokyo real estate service provider, Tokyo Kantei, the average price of a 70 sqm second-hand apartment in Tokyo's 23 Wards in May, 2010, was 43.05 million Yen. This is an increase of 9.5% from June of 2009. Prices in Saitama and Chiba Prefectures also saw increases, while Yokohama had a slight fall in prices.
In recent years, Tokyo has seen the supply of brand new apartments fall, and the focus shifted towards pre-existing units. With a decline in home-loan interest rates and and increase in certain tax exemptions on gift taxes, buyers have started returning to the market.
In the past, there was a clear difference in the market for brand new and second-hand apartments. But recently, there are more and more buyers who are comparing both brand new and second-hand apartments for purchase.
Nikkei Shimbun, July 16, 2010
June apartment sales contracts return to high level
According to the Real Estate Economic Institute, the sales contract rate for apartments in Tokyo reached 83.9% in June, 2010 (an increase of 13.7 points from June, 2009). The last time we saw high levels was in August of 2005, when the contract rate was 89.1%.
This year has seen a clear improvement in contract rates, with January ~ June seeing favorable rates over the 70% threshold. The Real Estate Economic Institute believes this trend will continue.
The supply of apartments put up for sale increased by 66.6% compared to the previous year, with the average price being 46.94 million Yen (an increase of 3.3%).
Source: The Asahi Shimbun, July 15, 2010
Average House Listing Prices for May 12, 2010
According to real estate listing site Home's, the average price for a100sqm house in Minato-ku is approximately 101 million Yen, and in Shibuya-ku is approximately 75 million Yen as of May 12, 2010.
Continue reading for details on the average prices for each area in central Tokyo.
Average Apartment Listing Prices for May 12, 2010
According to real estate listing site Home's, the average price for a 70sqm apartment less than 10 years old in Minato-ku and Shibuya-ku is approximately 65~66 million Yen.
Continue reading for details on the average prices for each area in central Tokyo.