Average apartment rent in June 2017
According to Tokyo Kantei, the average monthly rent of a condominium-type apartment across greater Tokyo in June 2017 was 2,619 Yen/sqm, down 0.5% from the previous month but up 0.5% from last year. The average apartment size was 59.62 sqm and the average building age was 20.4 years.
In the Tokyo metropolitan area the average monthly rent was 3,128 Yen/sqm, down 0.4% from the previous month and down 0.1% from last year. The average apartment size was 56.51 sqm and the average building age was 18.5 years.
In Tokyo’s 23 wards the average monthly rent was 3,292 Yen/sqm, down 0.2% from the previous month but up 0.1% from last year. The average apartment size was 55.78 sqm and the average building age was 17.8 years.
Both Yokohama and Saitama cities saw a large increase in average rents due to a larger share of transactions on newer apartments in more central locations, and a smaller share of transactions for older buildings that generally command lower rents.
Same-day sellout in Brillia Tower Yoyogi-Koen Classy
All apartments offered in the first round of sales in a new high-rise just west of Yoyogi Park have sold out on the first day. A total of 116 apartments were offered for sale in late May, and a further 15 were offered on June 11. A total of 210 applications were made on the 131 apartments, with the most popular apartment receiving 15 applications. The average price of an apartment sold was 120 million Yen (approx. 1.07 million USD). The building is now 67% sold.
Tokyo apartment sale prices increase for 57th month
According to REINS, 3,333 second-hand apartments were sold across greater Tokyo in June, up 11.7% from the previous month and up 8.6% from last year. The average sale price was 31,620,000 Yen, down 0.3% from the previous month but up 4.8% from last year. The average price per square meter was 496,100 Yen, up 0.2% from the previous month and up 3.8% from last year. This is the 54th month in a row to record a year-on-year increase in sale prices. The average building age was 21.07 years.
In the Tokyo metropolitan area 1,750 second-hand apartments were sold, up 14.2% from the previous month and up 10.5% from last year. The average sale price was 38,640,000 Yen, down 1.7% from the previous month but up 3.2% from last year. The average sale price per square meter was 650,600 Yen, down 1.5% from the previous month but up 1.3% 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 20.00 years.
How long does it take to for an apartment to sell in central Tokyo?
We find many clients miss out on some great purchases because they assume they will have plenty of time before a property sells. One of the biggest mistakes you can make when trying to enter a major market like Tokyo is to think that you are the only buyer out there. In reality, there are a lot of buyers circling the market, especially in central Tokyo. The vast majority are domestic buyers who know the market and are able to pounce quickly.
Nationwide rosenka land values increase for 2nd year in a row
In 2017, Japan’s rosenka land values increased for the second year in a row with an average growth of 0.4% nationwide. In 2016, rosenka land values increased by 0.2%, ending an 8 year decline.
In Tokyo’s Ginza district, an uptick in retail demand due to record-high foreign tourist numbers has helped to push land values to a historical high, exceeding those seen during Japan’s bubble economy. The land value alongside Ginza Chuo Dori in Ginza 5 Chome (in front of the Kyukyodo Building) reached 40,320,000 Yen per square meter (approximately 33,100 USD/sq ft) this year, up 26% from 2016 and exceeding the previous record of 36,500,000 Yen last seen in 1992. This particular location has been the most expensive land in Japan for the past 32 years.Read more
Tokyo apartment asking prices in May 2017
According to Tokyo Kantei, the average asking price of a 70 sqm (753 sq ft) second-hand apartment across greater Tokyo was 35,720,000 Yen in May, up 0.3% from the previous month and up 3.5% from last year. The average building age was 22.8 years.
In the Tokyo metropolitan area, the average asking price was 48,220,000 Yen, down 0.4% from the previous month but up 1.2% from last year. The average building age was 22.3 years.
In Tokyo’s 23 wards, the average asking price was 53,170,000 Yen, down 0.1% from the previous month but up 0.9% from last year. The average building age was 22.2 years.
In Tokyo’s central six wards (Chiyoda, Chuo, Minato, Shinjuku, Bunkyo and Shibuya) the average asking price was 73,360,000 Yen, up 0.5% from the previous month and up 2.7% from last year. Thea average building age was 20.0 years.