Average apartment rent in September 2016
According to Tokyo Kantei, the average monthly rent of a condominium in greater Tokyo was 2,663 Yen/sqm in September, up 0.1% from the previous month and up 0.6% from last year. The average apartment size was 60.05 sqm and the average building age was 20.0 years.
In the Tokyo metropolitan area, the average monthly rent was 3,230 Yen/sqm, up 0.2% from the previous month and up 1.5% from last year. The average apartment size was 57.39 sqm and the average building age was 18.0 years.Read more
New apartment supply increases for first time in 10 months
According to the Real Estate Economic Institute, 3,424 brand-new apartments were released for sale across greater Tokyo in September, up 74.2% from the previous month and up 40.9% from last year. This is the first time in 10 months to see a year-on-year increase in supply, and is the highest supply seen in the month of September since 2013 when 5,970 apartments were released for sale.
2,466 apartments were sold, resulting in a contract ratio of 72.0%, up 5.4 points from the previous month and up 6.0 points from last year.Read more
Central Tokyo apartment sale prices break new record in September
Second-hand apartment sale prices in central Tokyo reached a record high in September, while prices across the metropolitan area saw a year-on-year increase for the 48th month in a row.
According to REINS, 3,150 second-hand apartments were sold across greater Tokyo in September, up 32.1% from the previous month and up 13.6% from last year. The average sale price was 31,260,000 Yen, up 3.9% from the previous month and up 5.7% from last year. The average price per square meter was 490,600 Yen, up 2.9% from the previous month and up 6.0% from last year. This is the 45th month in a row to see a year-on-year increase in the sale price per square meter. The average building age was 20.15 years.
In the Tokyo metropolitan area, 1,651 second-hand apartments were sold, up 37.6% from the previous month and up 18.9% from last year. The average sale price was 38,350,000 Yen, up 2.3% from the previous month and up 6.3% from last year. The average sale price per square meter was 647,700 Yen, up 1.7% from the previous month and up 5.8% from last year. This is the 48th month in a row to see a year-on-year increase. The average building age was 19.14 years.
In the Tokyo metropolitan area, transactions on apartments over 100 million Yen in the third quarter of 2016 were up 18.8% from 2015.
Central Tokyo’s 3 wards
In central Tokyo’s 3 wards (Chiyoda, Chuo and Minato), 190 second-hand apartments were sold, up 41.8% from the previous month and up 21.8% from last year. This is the highest number of recorded transactions for the month of September in over 9 years.
The average sale price was 65,810,000 Yen, up 22.6% from the previous month and up 23.9% from last year. The average price per square meter was 1,093,300 Yen, up 3.6% from the previous month and up 6.7% from last year. This is the highest level seen since record-keeping began in January 2008, and is 58.3% higher than the low seen in November 2012 when the market bottomed out. The average building age was 16.62 years.
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Behind Tokyo’s brisk resale market for apartments
The second-hand apartment market in Tokyo continues to grow with the average asking price of a 70 square meter apartment in the Tokyo metropolitan area reaching 48,090,000 Yen in August 2016, up 10.5% from the previous year. In Tokyo’s 23 wards, the average price increased by 8.5% over 12 months to 52,790,000 Yen.
Ebisu Garden Terrace Ichibankan, a 32-storey, 290 unit tower south of Ebisu Station, is a prime example of capital appreciation. In late 2015, an apartment on a high floor sold for 2,194,000 Yen/sqm, making it the highest resale reported in this building in the past 27 years, and similar to the current price of brand new apartments. Sale prices slumped to a low of 1,300,000 Yen/sqm in 2013, but increased to 1,670,000 Yen/sqm in 2015 (up 48%). Recent prices have exceeded previous prices last seen in the mini-bubble in 2007. Despite having 290 apartments, there were just two listed for sale in October 2016, with asking prices ranging from 1,640,000 ~ 1,790,000 Yen/sqm.Read more
Tokyo Apartment Sales in September 2016
The following is a selection of apartments that were sold in central Tokyo during the month of September 2016:Read more
Tokyo apartment asking prices in August 2016
According to Tokyo Kantei, the average asking price of a 70 sqm (753 sq.ft) second-hand apartment in greater Tokyo in August 2016 was 35,210,000 Yen, up 0.8% from the previous month and up 13.0% from last year. This is the 8th month in a row to record an increase from the previous month. The average building age was 22.4 years.
In the Tokyo metropolitan area, the average asking price was 48,090,000 Yen, up 0.5% from the previous month and up 10.5% from last year. The average building age was 22.0 years.
In Tokyo’s 23 wards, the average asking price was 52,790,000 Yen, showing no change from the previous month but up 8.5% from last year. The average building age was 21.9 years.
In Tokyo’s central six wards (Chiyoda, Chuo, Minato, Shinjuku, Bunkyo and Shibuya), the average asking price was 72,030,000 Yen, up 0.3% from the previous month and up 5.5% from last year. This is the 3rd month in a row to record an increase from the previous month.
Commercial standard land prices in Japan’s big cities increase for 4th year in a row
The Ministry of Land, Infrastructure, Transport and Tourism (MLIT) announced this year’s Standard Land Prices on September 20.
Nationwide, land prices declined for the 25th year in a row with a 0.6% decrease, although the rate of decline is slowing. Meanwhile, commercial land prices stopped their downwards trend for the first time in 9 years.
Land prices in Japan’s urban centres of Tokyo, Osaka and Nagoya continued to benefit from booming foreign tourist numbers, redevelopment and infrastructure projects, shrinking office vacancy rates, and monetary easing.
Commercial land prices in these three cities increased by 2.9%, representing a fastening pace after 2.3% growth in 2015 and 1.7% growth in 2014. In the Tokyo metropolitan area, commercial land prices increased by 4.1% in 2016, after a 3.3% increase in 2015. In Osaka city, they were up 4.7% this year.Read more