Average rents up in Tokyo, down everywhere else
According to Tokyo Kantei, the average monthly rent of a condominium in greater Tokyo was 2,590 Yen/sqm in August, showing no change from the previous month but up 1.1% from last year. The average apartment size was 60.61 sqm and the average building age was 19.5 years.
In the Tokyo metropolitan area, the average rent was 3,177 Yen/sqm, up 1.0% from the previous month and up 4.5% from last year. The average apartment size was 57.68 sqm and the average building age was 17.5 years.
Average rents in Kanagawa, Saitama, greater Osaka, Hyogo and Aichi were down from last year.
In Tokyo’s 23 wards, the average rent was 3,314 Yen/sqm, up 1.0% from the previous month and up 4.7% from last year. The average apartment size was 57.13 sqm and the average building age was 17.0 years. Yokohama, Saitama City, Chiba City, Osaka City, Kobe City and Nagoya City all saw average rents fall from last year. Osaka City saw the biggest fall in rent with the average falling 5.5% from last year to 2,040 Yen/sqm.Read more
New apartment supply in Tokyo up from last year
According to the Real Estate Economic Institute, the average price of a brand new apartment released for sale in greater Tokyo in August was 58,720,000 Yen, down 1.4% from the previous month but up 3.3% from last year.
The average price per square meter was 824,000 Yen, down 3.1% from the previous month but up 6.3% from last year.
2,610 new apartments were released for sale, up 23.7% from last year, but down 45.5% from July. August is typically a slow month for the real estate industry due to the summer heat and holidays, so developers usually hold off on sales activities. 1,938 apartments were sold, making the contract rate 74.3%, up 4.7 points from last year.Read more
Standard land prices increase in major cities in 2015
Yesterday the MLIT released the standard land prices (kijun-chika) for Japan’s major cities and regional areas. Nationwide, land prices declined for the 24th year in a row, although the 0.9% decline in 2015 is down from the 1.2% drop seen in 2014.
Buoyed by growing foreign tourist numbers, redevelopment projects, an economic recovery and monetary easing, the three major cities of Tokyo, Osaka and Nagoya, saw commercial land prices rise by 2.3% (up from a 1.7% increase in 2014). Residential land prices in these cities grew by an average of 0.4% (down slightly from the 0.5% increase in 2014).
69.9% of the surveyed commercial locations in the three cities saw an increase in prices (up from 68.0% of locations in 2014), while 44.7% of residential areas saw an increase (compared to a 46.9% share in 2014).
The redevelopment around Nagoya Station in anticipation of the new maglev train, scheduled to start services between Tokyo and Nagoya in 2027, has led to a large increase in land prices. Some locations have increased by between 25 ~ 45%.
Commercial land prices in Omotesando up 20.2%Read more
Retro buildings popular with retail tenants
Although many retailers prefer newer construction, there are some stores in Japan that specifically look for the older, character-filled properties to complement their brand. Sterile retail space is being eschewed for pre-war or 1960s vintage buildings and homes that can be converted and renovated into trendy, one-of-a-kind spaces.
Cafe Conana, Jiyugaoka
In April 2015, Cafe Conana opened a branch in Jiyugaoka, Meguro-ku. The cafe is in an old terrace house that was completely renovated with exposed ceiling beams, and a light and bright interior. Dropped ceilings were removed to expose the skeleton of the house. Rafters were painted white, and natural wood has been used throughout.Read more
Apartment prices in Tokyo’s 23 wards exceed previous mini-bubble
According to Tokyo Kantei, the average asking price of a 70 sqm (753 sq.ft) apartment in greater Tokyo in July was 30,680,000 Yen, up 1.9% from the previous month and up 8.6% from last year. This is the 11th month in a row to see an increase, although the average is still 9.9% below the peak of 34,040,000 Yen seen in December 2007. The average building age was 22.2 years.
In Tokyo’s 23 wards the average asking price was 47,640,000 Yen, up 1.7% from the previous month and up 14.1% from last year. This is the first time that the price has exceeded the previous peak of 47,280,000 Yen seen in February 2008. This is also the 13th month in a row to see an increase in prices. The average building age was 22.2 years.
In central Tokyo’s six wards, the average price was 66,950,000 Yen, up 1.8% from the previous month and up 15.4% from last year.
In Yokohama City, the average price was 26,510,000 Yen, down 0.8% from the previous month but up 3.6% from last year. Prices in Yokohama are still 9.4% below their peak of 29,250,000 Yen seen in December 2007.Read more
July 2015 rental data - Tokyo Kantei
According to Tokyo Kantei, the average monthly rent of a condominium in greater Tokyo was 2,590 Yen/sqm in July, down 1.0% from the previous month but up 1.3% from last year. Transactions in the Tokyo metropolitan area represented a smaller share of the total, which resulted in a decline in the monthly average. This is the first time in six months that the average has dropped below 2,600 Yen/sqm. The average apartment size was 59.75 sqm and the average building age was 19.4 years.
In the Tokyo metropolitan area, the average rent was 3,145 Yen/sqm, up 1.1% from the previous month and up 3.1% from last year. The average apartment size was 56.70 sqm and the average building age was 17.7 years.Read more