Tokyo apartment sales in September 2017
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of September 2017:Read more
Forecast of new apartment prices between 2017 and 2025
According to the latest medium-term forecast by the Japan Real Estate Institute (JREI), the average price of a brand new apartment in Tokyo’s 23 wards is forecast to see annual growth rates of between 0.3 ~ 0.8% up until 2020 before starting to see a very slight year-on-year decline from 2021 onwards.
Average asking price of an apartment in Tokyo up 1.1% from last year
According to Tokyo Kantei, the average asking price of a 70 sqm (753 sq ft) second-hand apartment across greater Tokyo was 35,660,000 Yen in August 2017, up 0.1% from the previous month and up 1.3% from last year. Prices continue to remain stable in the 35 million Yen range since November 2016. The average building age was 23.0 years.
In Tokyo’s 23 wards the average asking price was 53,380,000 Yen, up 0.2% from the previous month and up 1.1% from last year. The average building age was 22.4 years.
Standard land prices in Tokyo increase for 5th year in a row, while nationwide commercial prices increase for first time in 10 years
The Ministry of Land, Infrastructure, Transport and Tourism (MLIT), announced the Standard Land Prices on September 19th. In the Tokyo metropolitan area, land prices across all uses increased by 3.0% from last year, recording the fifth consecutive increase in land prices. Commercial land prices in Tokyo’s 23 wards increased by an average of 5.9%, after recording a 4.9% increase in 2015. Shibuya Ward was in top place with 8.6% growth (6.6% in 2016).
The survey site under the Ginza Owaricho Tower in Ginza 6 Chome saw a 21.8% increase in land prices over the past 12 months.
Nationwide, standard land prices were down 0.6% for residential land, but up 0.5% for commercial land. This is the first time in 10 years to see an increase in commercial land prices.
Kyoto’s tourism boom drives commercial land price growthRead more
Average apartment rent down in greater Tokyo
According to Tokyo Kantei, the average monthly rent of a condominium-type apartment across greater Tokyo in August was 2,628 Yen/sqm, down 0.1% from the previous month and down 1.2% from last year. The average apartment size was 59.74 sqm and the average building age was 21.1 years.
New apartment prices in greater Tokyo increase for 5th month in a row
According to the Real Estate Economic Institute, there were 2,101 brand new apartments offered for sale across greater Tokyo in August, down 38.7% from the previous month but up 6.9% from last year. The average sale price was 57,940,000 Yen, down 11.7% from the previous month but up 2.3% from last year. The average price per square meter was 871,000 Yen, up 9.1% from last year and the fifth month in a row to record a year-on-year increase.
The contract ratio in greater Tokyo was 68.2%, up 1.6 points from last year. In the Tokyo metropolitan area it was 72.4%, above the 70% line said to indicate healthy market conditions.
The following buildings saw same-day sellouts in August: