May 2015 rental data - Tokyo Kantei
According to Tokyo Kantei, the average monthly rent of a condominium in greater Tokyo was 2,656 Yen/sqm in May, up 2.1% from the previous month and up 1.3% from last year. The average apartment size was 59.08 sqm and the average building age was 18.7 years.
In the Tokyo metropolitan area, the average rent was 3,104 Yen/sqm, down 0.5% from the previous month but up 0.9% from last year. The average apartment size was 56.64 sqm and the average building age was 17.3 years.
In Tokyo’s 23 wards, the average rent was 3,229 Yen/sqm, down 0.3% from the previous month but up 1.0% from last year.
In Chiba City, the average rent has been in a downwards trend since the start of the year. The average rent in May was 1,439 Yen/sqm, down 0.3% from the previous month and down 9.6% from last year.Read more
SMBC restores 89-yr old office building in Osaka
On May 19, Sumitomo Mitsui Banking Corporation (SMBC) completed the restoration of the 89-year old building that houses their Osaka head office.
The Sumitomo Building was built in 1926 as the headquarters of Sumitomo Bank. The 6-storey building was constructed by Obayashi Corporation and had a total floor area of 36,000 sqm. It was designed by architects Yutaka Hidaka, Eikichi Hasebe and Kenzo Takekoshi of Sumitomo’s construction division. Construction took five years. During construction, the greater Tokyo area was struck by the 1923 Great Kanto earthquake. As a cautionary measure, the building’s proposed floor count was reduced by one storey. A spanish-style private courtyard was built on the top storey.Read more
Secondhand apartment prices remain bullish in April
According to Tokyo Kantei, the average asking price of a 70 sqm (753 sq ft) apartment in greater Tokyo in April was 29,690,000 Yen, up 0.4% from the previous month and up 4.5% from last year. This is the 8th month in a row to see a month-on-month increase. The average building age was 21.9 years.
The rising cost of brand new apartments is thought to be a contributing cause to the increase in the price of second-hand apartments. Rising prices in central Tokyo are pulling up the average, while suburban areas fall behind. In Chiba City, for example, the average apartment price is down 4.1% from last year.
In Tokyo’s 23 wards, the average asking price was 45,630,000 Yen, up 0.6% from the previous month and up 10.0% from last year. This is the 10th month in a row to see a month-on-month increase and is 3.5% below the previous peak in February 2008. The average building age was 22.2 years.
In central Tokyo’s six wards, the average price was 64,920,000 Yen, up 0.4% from the previous month and up 13.4% from last year. The average building age was 21.5 years.
In Chiyoda-ku, the average asking price was 89,720,000 Yen, up 1.6% from the previous month and up 10.5% from last year.
Supply in central areas is very limited which is putting more pressure on prices. Tokyo Kantei believes prices will continue to increase in central Tokyo. One trend that is becoming particularly noticeable is that sellers, such as developers, are holding off on selling properties now in anticipating of selling them in the future for even higher prices.Read more
Apartment asking prices up for 7th month in a row
Second-hand apartment prices in greater Tokyo continue to rise this month with the average asking price of a 70 sqm (753 sq ft) apartment up 1.1% from February and up 3.3% from last year. This is the 7th month in a row to see a month-on-month increase. According to Tokyo Kantei, the average apartment asking price greater Tokyo in March was 29,560,000 Yen.
In Tokyo’s 23 wards, the average asking price was 45,360,000 Yen, up 1.7% from the previous month and up 9.4% from last year. The average building age was 22.1 years. The property market in Tokyo is far-outperforming Yokohama City (+1.5% from March 2014), Saitama City (+2.5%), Chiba City (-2.3%) and Osaka City (+3.1%).
Prices continue to reach new highs in central Tokyo’s six wards with the average asking price reaching 64,680,000 Yen, an increase of 2.1% from February and and increase of 13.0% from last year. This is the 9th month in a row to see a month-on-month increase. The gap between price rises in central Tokyo and other wards is becoming more apparent.
Asking prices are being supported by an increase in actual contracted prices. Sellers and real estate brokers are also setting higher and higher asking prices. The market for second-hand properties in Tokyo has been strengthening as a shrinking supply of new apartments is causing buyers to consider older apartments which are typically less expensive. Demand from investors is also strong, and properties that have been set at high prices are starting to sell without any discounting.Read more
March 2015 rental data - Tokyo Kantei
According to Tokyo Kantei, the average monthly rent of a condominium in greater Tokyo was 2,613 Yen/sqm in March, down 0.5% from the previous month but up 0.5% from last year. The average apartment size was 59.77 sqm and the average building age was 18.8 years.
In the Tokyo metropolitan area, the average rent was 3,106 Yen/sqm, up 1.2% from the previous month and up 0.9% from last year. The average apartment size was 57.17 sqm and the average building age was 17.4 years.
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