Japan’s residential land prices increase for first time in 9 years
For the first time in 9 years the nationwide koji-chika assessed land value for residential land across Japan increased from the previous year. In 2017, the residential land value increased by 0.022% from 2016. This is in contrast to a 0.2% decrease reported in 2016.
Of the 17,909 residential survey sites nationwide, 34% reported an annual increase in land values while 43% reported a decrease. The difference was particularly noticeable for land that was within walking distance to transport and shops compared to land that was further from the station and generally considered to be inconvenient. Residential land prices in regional areas decreased by 0.4%. This was the 25th year in a row to record a decrease, although the rate of decline has been shrinking for the past 7 years.Read more
Average apartment rent in February 2017
According to Tokyo Kantei, the average monthly rent of a condominium-type apartment in greater Tokyo was 2,666 Yen/sqm in February 2017, down 0.6% from the previous month but up 5.5% from last year. The average apartment size was 60.09 sqm and the average building age was 20.4 years.
In the Tokyo metropolitan area the average monthly rent was 3,166 Yen/sqm, down 0.6% from the previous month but up 0.2% from last year. The average apartment size was 57.82 sqm and the average building age was 18.5 years.
In Tokyo’s 23 wards the average monthly rent was 3,328 Yen/sqm, down 0.1% from the previous month but up 0.6% from last year. The average apartment size was 57.23 sqm and the average building age was 17.8 years.
Tokyo second-hand apartment sale prices up for 53rd month in a row
According to REINS, 3,461 second-hand apartments were sold across greater Tokyo in February, up 21.0% from the previous month but down 2.2% from last year. The average sale price was 31,520,000 Yen, up 0.4% from the previous month and up 3.5% from last year. This is the 50th month in a row to see a year-on-year increase. The average price per square meter was 492,900 Yen, down 0.1% from the previous month but up 4.6% from last year. This is the 53rd month in a row to see a year-on-year increase. The average building age was 20.38 years.
In the Tokyo metropolitan area, 1,784 second-hand apartments were sold, up 19.3% from the previous month and up 1.4% from last year. This is the 11th month in a row to see a year-on-year increase in transactions. The average sale price was 38,670,000 Yen, up 1.3% from the previous month and up 4.1% from last year. The average sale price per square meter was 651,300 Yen, up 0.5% from the previous month and up 5.2% from last year.Read more
Average age of an apartment sold in Tokyo in 2016 increases from previous year
According to REINS the average age of a second-hand apartment sold in greater Tokyo in 2016 was 20.26 years, up 0.13 years from 2015. The average age of an apartment listed for sale during the year was 22.32 years, up 0.27 years from 2015. Apartments less than 5 years old made up 9.5% of all second-hand apartment sales in 2016, up 0.8 points from 2015. Apartments over 30 years old accounted for 24.3% of all sales, showing no change from the previous year.Read more
Tokyo Apartment Sales in February 2017
The following is a selection of apartments that were sold in central Tokyo during the month of February 2017:Read more
Japan’s new apartment supply in 2016 reaches 24-year low
The supply of brand new apartments released for sale across Japan in 2016 reached the lowest level seen since 1992. Transactions of second-hand apartments, however, reached a record high with sales up 6.9% in greater Tokyo and the highest level seen since record-keeping began.
According to the Real Estate Economic Institute, a total of 76,993 new apartments were released for sale across the country, down 1.4% from 2015. This was the 3rd year in a row to see a year-on-year decline in supply.Read more