Average rent drops for 3rd consecutive month in Tokyo
In September, the average monthly rent of a condominium in Tokyo’s 23 wards was 3,287 Yen/sqm, down 0.2% from the previous month and down 2.4% from last year. This is the 3rd month in a row to record a year-on-year drop in rents and the lowest level seen in the past 12 months.Read more
Land in Ginza to sell for 64 million Yen (570,000 USD) per square meter
Articles appearing in both the Nikkei Business Publication and the Business Journal have suggested that a block of land (with building) alongside Ginza’s main shopping street will be sold for a record price of up to 64 million Yen per square meter (approx. 570,000 USD/sqm or 53,000 USD/sq ft).
Tokyo apartment sale prices increase for 60th consecutive month
According to REINS, 3,222 second-hand apartments were sold across greater Tokyo in September, up 42.3% from the previous month and up 2.3% from last year. The average sale price was 32,260,000 Yen, down 0.3% from the previous month but up 3.2% from last year. The average price per square meter was 506,700 Yen, up 0.3% from the previous month and up 3.3% from last year. This is the 57th month in a row to record a year-on-year increase in sale prices. The average building age was 21.02 years.
In the Tokyo metropolitan area, 1,686 second-hand apartments were sold, up 47.6% from the previous month and up 2.1% from last year. The average sale price was 39,500,000 Yen, down 2.1% from the previous month but up 3.0% from last year. The average price per square meter was 670,100 Yen, down 2.1% from the previous month but up 3.5% from last year. This is the 60th month in a row to record a year-on-year increase in sale prices. The average building age was 19.69 years.
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.