Tokyo second-hand apartment sale prices increase for 9th month in a row
Total second-hand apartment sales in the Tokyo metropolitan area dropped 6.5% from last year to 1,421 units in October. This was the first year-on-year decrease seen since February.
According to REINS, the average sale price was 716,700 Yen/sqm, up 1.4% from the previous month and up 5.9% from last year. This is the 9th month in a row to see a year-on-year increase.
Tokyo Apartment Sales in October 2019
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of October 2019:
Central Tokyo apartment asking prices reach record high in September
Last month, the average asking price of a 70 sqm second-hand apartment in central Tokyo’s six wards (Chiyoda, Chuo, Minato, Shinjuku, Shibuya, and Bunkyo) exceeded the 80 million Yen mark. This is the highest level seen since real estate data provider Tokyo Kantei began keeping records in 2002.
3rd quarter apartment transactions reach historic high
Reported transactions of second-hand apartments across greater Tokyo in the third quarter of 2019 reached the highest level seen for this quarter since REINS began recording data in 1990.
Shibuya’s Silicon Valley status pushing rents to new highs
Thanks to its fast-growing status as Japan’s new tech center, Shibuya has outpaced Chiyoda as the most expensive office district in Tokyo.
New apartment price in Tokyo exceeds 60 million Yen for first time in 28 years
The average price of a brand-new apartment released for sale across greater Tokyo in the first half of 2019 (April ~ September) was 60,060,000 Yen, up 4% from last year. This is the first time in 28 years to see the average price exceed 60,000,000 Yen for the first half of a year. In 1991 it was 61,370,000 Yen.
Office vacancy rates return to record low in Tokyo
Office rents in central Tokyo continue to climb with a 6.93% year-on-year increase reported in September. This is the 69th month in a row to see a year-on-year increase. Meanwhile, vacancy rates remain low with an average of 1.64%, equal to the recent historic low seen in May. The vacancy rate excluding new construction was 1.56% last month, down 0.7 points from last year.