Secondhand apartment prices continue to rise in February
Second-hand apartment prices in Tokyo continued to climb in February, with the latest data from Tokyo Kantei showing a 1.3% rise in apartment prices in the Tokyo metropolitan capital from the previous month.
Strong demand from both local and foreign buyers, and a growing number of renovated properties being flipped by real estate companies is thought to be behind the surge in the asking price of second-hand apartments.
The average asking price of a 70 sqm (753 sq ft) second-hand apartment in the metropolitan area was 40,040,000 Yen in February, up 1.3% from January and up 5.7% from February 2014. The average building age was 21.8 years.
This is the 8th month in a row to see a month-on-month increase in asking prices and is the first time that the average price has exceeded 40,000,000 Yen since September 2008.
In Tokyo’s 23 wards, the average asking price was 44,590,000 Yen, up 1.3% from the previous month and up 7.7% from last year. The average building age was 22.0 years. The price is now 5.7% below the peak of 47,280,000 Yen seen in February 2008.Read more
February 2015 rental data - Tokyo Kantei
According to Tokyo Kantei, the average monthly rent of a condominium apartment in greater Tokyo was 2,626 Yen/sqm in February, up 3.2% from the previous month and up 2.5% from last year. The average apartment size was 59.54 sqm and the average building age was 19.0 years.
In Tokyo’s 23-ku, the average monthly rent was 3,201 Yen/sqm, up 0.7% from the previous month and up 1.7% from last year. The average apartment size was 56.58 sqm and the average building age was 17.2 years.Read more
Secondhand apartment prices in January 2015 - Tokyo Kantei
According to Tokyo Kantei, the average asking price of a 70 sqm (753 sq ft) second-hand apartment in greater Tokyo was 28,990,000 Yen in January, up 0.1% from the previous month and up 1.6% from January 2014. The average building age was 21.7 years.
In Tokyo’s 23 wards, the average asking price was 44,020,000 Yen, up 0.5% from the previous month and up 7.2% from last year. The average building age was 22.0 years. This is the highest level seen since July 2008.
In central Tokyo’s six wards (Chiyoda, Chuo, Minato, Shinjuku, Bunkyo and Shibuya), the average asking price was 62,010,000 Yen, up 0.1% from the previous month and up 11.4% from last year. The average building age was 21.3 years.
The drop in the supply of new apartments has contributed to a rise in the number of buyers seeking second-hand apartments as an alternative to brand new ones. While asking prices have been rising, Tokyo Kantei pointed out that there are some properties that are difficult to sell and have seen their price discounted as a result. For properties in prime locations, some owners have been delaying listing their property for sale in anticipation of prices rising even further.Read more
January 2015 rental data - Tokyo Kantei
According to Tokyo Kantei, the average monthly rent of a condominium apartment in greater Tokyo was 2,545 Yen/sqm in January, down 0.7% from the previous month and down 1.1% from last year. The average apartment size was 60.03 sqm and the average building age was 19.7 years.
In Tokyo’s 23-ku, the average monthly rent was 3,180 Yen/sqm, down 0.5% from the previous month but up 1.1% from last year. This is the 3rd month in a row to see a month-on-month decline. The average apartment size was 56.58 sqm and the average building age was 18.0 years.Read more