Central Tokyo apartment prices are increasing by an average of 633,000 Yen per month
The average asking price of a 70 sqm (753 sq.ft) second-hand apartment in the Tokyo metropolitan area in July has increased month-on-month for the past 13 months. According to Tokyo Kantei, the average asking price was 58,000,000 Yen, up 1.6% from June and up 13.3% from July 2020.
Tokyo apartment rents drop across all size ranges
According to the latest data on the residential rental market provided by AtHome, the average advertised rent across all four apartment types saw a year-on-year decline in Tokyo’s 23 wards.
Real estate investment drops 25% in first half of 2021 as supply shrinks
The total volume of commercial real estate investment across greater Tokyo in the first half of 2021 fell 25% from the same time last year as fewer deals were made available.
New apartment supply drops 6% in July
The supply of brand new apartments released for sale across Greater Tokyo in July dropped 6.2% from last year, resulting in the first year-on-year decline in eight months. This is due to developers having released most of their projects in the first half of the year to meet high demand from buyers.
Tokyo apartment prices per square meter between 1992 and 2020
If anyone is interested in the change in apartment prices in Tokyo and its surrounding prefectures, the following data sourced from REINS may be of interest.
Looking to buy a large apartment in Tokyo? This is why you might be having difficulty
Houses and apartments in Japan are typically on the small side. The standard size of a three-bedroom apartment might be around 70 sqm, and a two-bedroom apartment in the 50 ~ 60 sqm range. Detached homes might be under 100 sqm, spread over three floors and including the car park. There are larger homes and apartments to be found, but buyers need to be aware that the availability of these larger properties is very limited.
Tokyo office vacancy rates reach 6.28%
According to office brokerage Miki Shoji, the average office vacancy rate across Tokyo’s five business districts of Chiyoda, Chuo, Minato, Shinjuku, and Shibuya, was 6.28% in July 2021, up 0.09 points from the previous month and up 3.51 points from last year.