Japan’s whole building renovation market doubles this decade
It has often been said that Japanese consumers prefer new construction over old. However, this way of thinking has started to change over the past few years with home buyers turning their attention to the existing home market. In 2016, sales of existing ‘second-hand’ apartments in greater Tokyo exceeded those of brand-new apartments for the first time ever. This has not gone unnoticed by Japan’s major real estate developers, who, once focusing solely on new construction, are now entering the growing renovation market. 15 of the top 20 developers are already active in this market.
Average price of an apartment in central Tokyo reaches highest level in recent history
According to REINS, 2,303 second-hand apartments were sold across greater Tokyo in August, down 26.6% from the previous month but up 1.7% from last year. The average sale price was 33,180,000 Yen, down 1.3% from the previous month but up 2.5% from last year. The average price per square meter was 521,000 Yen, down 300 Yen from the previous month but up 3.2% from last year. This is the 68th month in a row to record a year-on-year increase in prices.Read more
The Tower Yokohama Kitanaka sells out 1.5 years prior to completion
As of late July, all 1,126 apartments available for sale in The Tower Yokohama Kitanaka have sold out over a span of 8 months. Construction of the 58-storey building is due for completion in February 2020.Read more
Tokyo apartment sales in August 2018
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of August 2018:Read more
Average apartment rents in Tokyo increase for 8th month
According to Tokyo Kantei, the average monthly rent of a condominium in Tokyo’s 23 wards was 3,481 Yen/sqm in July, down 0.1% from the previous month but up 5.4% from last year. This is the 8th month in a row to see a year-on-year increase. The average apartment size was 55.40 sqm and the average building age was 18.9 years.Read more
Tokyo apartment asking prices in July 2018
According to Tokyo Kantei, the average asking price of a 70 sqm (753 sq.ft) second-hand apartment across greater Tokyo was 36,340,000 Yen in July, up 0.3% from the previous month and up 2.0% from last year. The average building age was 23.9 years.Read more
Japan land prices increase in 95% of locations, beating previous record
According to the quarterly LOOK Report published by the Ministry of Land, Infrastructure, Transport and Tourism (MLIT), land prices in Japan’s major cities in the second quarter of 2018 have increased in 95 of the 100 surveyed locations. This is the highest share in the history of reporting, beating a previous record of 91 locations seen in the previous quarter.
A gradual trend of land price growth continues across major cities. In particular, commercial land around transport hubs in regional centers has seen land prices go from no movement to a slight increase. In Tokyo, residential land prices in Bancho, Tsukuda / Tsukishima and Kichijoji have also shifted to an increasing trend.Read more