Greater Tokyo second-hand apartment prices increase for 72nd month in a row
According to REINS, 2,987 second-hand apartments were reported to have sold across greater Tokyo in December 2018, down 7.4% from the previous month and down 0.8% from the previous year. The average sale price was 33,800,000 Yen, up 2.5% from the previous month and up 1.8% from 2017. The average price per square meter was 524,100 Yen, up 3.1% from the previous month and up 0.9% from 2017. This is the 72nd month in a row to record a year-on-year increase in sale prices.
Our Japan Property Market Report for 2018
Thank you to our many readers and clients over the past year. We look forward to your continued support in 2019.
~ The Japan Property Central Team ~
This year we have simplified our annual property report below. We apologize if it focuses on the Tokyo market, as this is where the majority of our clients are looking to invest.
Tokyo Apartment Sales in December 2018
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of December 2018:
Forecast for Tokyo's new apartment market in 2019
On December 20 the Real Estate Economic Institute released their forecast for the new condominium market in greater Tokyo in 2019. A total of 37,000 new apartments are expected to be released for sale, up 0.8% from 2018, while the consumption tax rate increase is anticipated to have only a limited impact.
Tokyo apartment asking prices in November 2018
According to Tokyo Kantei the average asking price of a 70 sqm (753 sq.ft) second-hand apartment across greater Tokyo was 37,100,000 Yen in November 2018, up 2.3% from the previous month and up 2.5% from the previous year. The average building age was 24.4 years.
Tokyo’s office vacancies hit 27-year low
The average office vacancy rate across central Tokyo’s main business districts dropped to the 1% range in November, according to office brokerage Miki Shoji. This is the lowest rate since the end of the bubble economy in 1991 which saw a vacancy rate of 1.79%.