Average apartment rent in August 2016
According to Tokyo Kantei, the average monthly rent of a condominium in greater Tokyo was 2,661 Yen/sqm in August, up 0.3% from the previous month and up 2.7% from last year. The average apartment size was 60.26 sqm and the average building age was 19.7 years.
In the Tokyo metropolitan area, the average monthly rent was 3,223 Yen/sqm, up 2.5% from the previous month and up 1.4% from last year. In the Tokyo metropolitan area, the average apartment age decreased from 18.3 years to 17.6 years, which contributed to the increase in the average rent from the previous month. The average apartment size was 57.73 sqm.Read more
New apartment supply in Tokyo down for 9th month
According to the Real Estate Economic Institute, 1,966 new apartments were released for sale in greater Tokyo in August, down 40.7% from the previous month and down 24.7% from last year. This is the 9th month in a row to see a year-on-year decline in supply.
1,310 apartments were sold, resulting in a contract ratio of 66.6%, up 3.3 points from the previous month but down 7.7 points from last year. 435 apartments in high-rise buildings (over 20-storeys) were released for sale, down 1.6% from last year. The contract ratio was 73.1%, down 12.2 points from last year.
The average price of a new apartment across greater Tokyo was 56,620,000 Yen, up 0.1% from the previous month but down 3.6% from last year. The average price per square meter was 798,000 Yen, down 1.0% from the previous month and down 3.2% from last year.Read more
Declining yields sought by investors are pushing up property prices
In late 2013, Masayoshi Son, CEO of SoftBank, purchased the Kengo Kuma-designed Tiffany Ginza Building for 32 billion Yen, resulting in a cap rate of just 2.6%. This sale arguably triggered the onset of lower cap rates. Back in 2006, Japan’s REITs had expected returns in the 2% range. They had increased to the 4% range by early 2013, but are now back to the 2 ~ 3% range.Read more
Tokyo metro apartment prices increase for 47th consecutive month
According to REINS, 2,384 second-hand apartments were sold across greater Tokyo in August, down 25.3% from the previous month and down 1.3% from last year. The average sale price was 30,090,000 Yen, up 0.4% from the previous month and up 6.3% from last year. The average price per square meter was 476,900 Yen, up 0.8% from the previous month and up 6.4% from last year. This is the 44th month in a row to see a year-on-year increase in the sale price per square meter. The average building age was 20.26 years.
In the Tokyo metropolitan area, 1,200 second-hand apartments were sold, down 24.6% from the previous month but up 1.3% from last year. This is the fifth month in a row where transactions have exceeded those from 12 months prior. The average sale price was 37,480,000 Yen, up 0.03% from the previous month and up 7.0% from last year. The average price per square meter was 637,000 Yen, up 0.3% from the previous month and up 5.8% from last year. This is the 47th month in a row to see a year-on-year increase in the sale price per square meter. The average building age was 18.97 years.
Central Tokyo’s 3 wards
In central Tokyo’s 3 wards (Chiyoda, Chuo and Minato), 134 second-hand apartments were sold, down 34.6% from the previous month and down 5.6% from last year. The average sale price was 53,690,000 Yen, down 0.6% from the previous month but up 3.9% from last year. The average sale price per square meter was 1,055,700 Yen, up 4.5% from the previous month and up 3.7% from last year. The average building age was 17.29 years.
Read more
Tokyo apartment sales in August 2016
The following is a selection of apartments that were sold in central Tokyo during the month of August 2016:Read more
Central Tokyo's luxury apartment market reaches new highs
Although sales are sluggish in suburban areas, a sales war is erupting between Japan’s top property developers as they battle to out-do each other with luxurious residential projects in Tokyo’s centre. The battleground is Tokyo’s Minato Ward, in wealthy neighbourhoods where prices have always been relatively high.
Many of these new condominium developments are located in the vicinity of Tokyo Midtown - a mixed-use office, retail, hotel and rental apartment complex in the Akasaka/Roppongi district. Read more
Tokyo apartment asking prices in July 2016
According to Tokyo Kantei, the average asking price of a 70 sqm (753 sq.ft) second-hand apartment in greater Tokyo in July 2016 was 34,940,000 Yen, up 0.6% from the previous month and up 13.9% from last year. This is the 7th 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 47,860,000 Yen, down 0.1% from the previous month but up 12.2% from last year. This ends a 24-month streak of consecutive monthly price increases. The average building age was 22.0 years.
In Tokyo’s 23 wards, the average asking price was 52,790,000 Yen, down 0.2% from the previous month but up 10.8% 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 71,850,000 Yen, up 0.5% from the previous month and up 7.3% from last year. The average building age was 20.0 years.Read more