Remaining apartment inventory in Tokyo drops for first time in 27 months
According to REINS, a total of 2,810 second-hand apartments were reported to have sold across greater Tokyo in December, down 11.5% from the previous month and down 5.9% from December 2018. New listings dropped for the 4th month in a row, with a 7.4% drop from the previous year.
Okinawa’s housing starts drop for first time in 5 years
Housing starts in Okinawa in 2019 are likely to see the first decline in five years. Total starts between January and November 2019 dropped 9.4% from the same period in 2018 to 13,854 units. The biggest drop was seen in rental housing.
Tokyo Apartment Sales in December 2019
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of December 2019:
Our Japan Property Market Report for 2019
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Japan’s new apartment price to income ratio increases for 7th year
In 2018, the average price of a brand-new apartment across Japan was 8.09 times the average annual income. This is a 0.28 point increase from 2017 and the 7th year in a row to record a year-on-year increase in the multiple. For second-hand apartments, the nationwide ratio was 5.47, up 0.17 points from 2017 and the 6th year in a row to see an increase.
New construction pre-sales slowing
Over the past three years, the number of buildings selling out before completion has dropped to just 50%. For some developers, this can spell disaster, but a surprising number have the patience to wait and take a slower approach to sales.
Central Tokyo apartment prices hit new record high in November
In November, the average sale price of an existing apartment in Tokyo’s 23 wards increased for the 10th month in a row. The average reported sale price reached 722,500 Yen/sqm, a 0.8% increase from the previous month and a 5.5% increase from last year.