New apartment prices in Kyoto drop as developers are forced out of city center
The supply of brand new apartments in Kyoto City in the first half of 2017 increased by 21.7% from the same period in 2016, while the average sale price saw a steep drop of 24.1% to 43,280,000 Yen. The reason for the decrease in the price was due to intense competition for hotel development sites in the city center which has forced apartment developers to shift their focus to the city’s outskirts where prices are cheaper.
Tokyo apartment asking prices in June 2017
According to Tokyo Kantei, the average asking price of a 70 sqm (753 sq ft) second-hand apartment across greater Tokyo was 35,620,000 Yen in June 2017, down 0.3% from the previous month but up 2.6% from last year. The average building age was 22.7 years.
In the Tokyo metropolitan area, the average asking price was 48,110,000 Yen, down 0.2% from the previous month but up 0.4% from last year. The average building age was 22.2 years.
In Tokyo’s 23 wards, the average asking price was 53,090,000 Yen, down 0.2% from the previous month but up 0.4% from last year. The average building age was 22.1 years.
In Tokyo’s central six wards (Chiyoda, Chuo, Minato, Shinjuku, Bunkyo and Shibuya) the average asking price was 73,120,000 Yen, down 0.3% from the previous month but up 2.3% from last year. The average building age was 20.4 years.
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.