Tokyo apartment sale prices increase for 55th month
According to REINS 3,163 second-hand apartments were sold across greater Tokyo in April, down 15.0% from the previous month and down 4.0% from last year. The average sale price was 32,450,000 Yen, up 3.2% from the previous month and up 11.2% from last year. This is the first time since December 2014 that year-on-year double-digit growth has been reported.
The average price per square meter was 504,000 Yen, up 2.3% from the previous month and up 8.4% from last year. The average building age was 20.09 years.Read more
Average discount of an apartment sold in 2016
According to Tokyo Kantei, in 2016 approximately 40% of second-hand apartments in the greater Tokyo area sold within a month of listing, and at an average discount of 3.00%. Two-thirds of apartments sold within the first three months of being listed.
Almost a third of the apartments that sold within a month of being listed sold at full asking price.
Apartment size vs. discounts and selling time
In greater Tokyo, the average discount across all apartment sizes and regardless of listing time was 8.70%.Read more
Tokyo Apartment Sales in April 2017
The following is a selection of apartments that were sold in central Tokyo during the month of April 2017:Read more
Japan’s high-rise apartment market from 2017 to 2021 onwards
According to the Real Estate Economic Institute, there are 285 high-rise residential buildings containing 106,321 apartments planned for completion across Japan from 2017 onwards. This is an increase of 47 buildings and 16,477 apartments from the previous survey point in March 2016.
76.1% of the apartments are located in the greater Tokyo area, where 186 high-rises containing 80,919 apartments are planned in the coming years. This is an increase of 40 buildings and 15,907 apartments from the 2016 survey.
52.2% of the future supply nationwide will be located in Tokyo’s 23 wards, with 124 buildings containing 55,519 apartments either under construction or planned for future construction. This is an increase of 32 buildings and 9,942 apartments from 2016.Read more
Tokyo apartment asking prices in March 2017
According to Tokyo Kantei, the average asking price of a 70 sqm (753 sq ft) second-hand apartment in greater Tokyo was 35,810,000 Yen in March 2017, down 0.1% from the previous month but up 5.8% from last year. The average building age was 22.5 years.
In the Tokyo metropolitan area the average asking price was 48,150,000 Yen, down 0.6% from the previous month but up 2.8% from last year. The average building age was 21.9 years.
In Tokyo’s 23 wards the average asking price was 53,110,000 Yen, down 0.3% from the previous month but up 2.5% from last year. The average building age was 21.8 years.
In Tokyo’s central six wards (Chiyoda, Chuo, Minato, Shinjuku, Bunkyo and Shibuya) the average asking price was 72,770,000 Yen, up 0.1% from the previous month and up 1.8% from last year. The average building age was 20.1 years.
Prices in central Osaka have shifted to a downwards trend since July 2016. In March, asking prices were 37,060,000 Yen, down 1.5% from the previous month.
Average apartment rent in March 2017
According to Tokyo Kantei, the average monthly rent of a condominium apartment in greater Tokyo in March was 2,681 Yen/sqm, up 0.6% from the previous month and up 3.6% from last year. The average apartment size was 60.35 sqm and the average building age was 20.0 years.
In the Tokyo metropolitan area, the average monthly rent was 3,180 Yen/sqm, up 0.4% from the previous month but down 1.1% from last year. The average apartment size was 58.16 sqm and the average building age was 18.3 years.
In Tokyo’s 23 wards, the average monthly rent was 3,342 Yen/sqm, up 0.4% from the previous month but down 0.4% from last year. The average apartment size was 57.72 sqm and the average building age was 17.6 years.
Tokyo's new apartment supply in March up 26.6%
According to the Real Estate Economic Institute, 3,408 new apartments were released for sale across greater Tokyo in March, up 47.5% from the previous month and up 26.6% from last year.
2,255 apartments were sold, resulting in a contract ratio of 66.2%, down 2.2 points from the previous month and down 1.4 points from last year. 187 apartments in high-rise buildings (over 20 stories) were released for sale, down 41.0% from last year. The contract ratio was 62.6%, down 1.8 points from last year.
Unsold inventory as at the end of March was 6,749 apartments, up 155 units from the previous month and up 710 units from March 2016.
The average price of a new apartment across greater Tokyo was 55,880,000 Yen, down 3.5% from the previous month and down 0.9% from last year. The average price per square meter was 790,000 Yen, down 7.3% from the previous month and down 1.5% from last year.
The average size of a new apartment sold during March was 70.75 sqm (761 sq ft).Read more