Commercial land prices fall in second quarter
On August 21, the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) released the quarterly LOOK Report showing changes in land prices in Japan’s major cities. With July 1 as the survey point, this is the second look at land values since the pandemic began.
Has the pandemic affected the supply and price of new and existing apartments?
Research provider Tokyo Kantei has released several reports looking at the state of Japan’s apartment market amidst the coronavirus pandemic, and it’s not all doom and gloom. Let’s take a look at some of the findings below.
How long did it take to sell an apartment in the first half of 2020?
How long were apartments sitting on the market and how much of a discount did they trade at? The below is summarized from a recent report provided by Tokyo Kantei that looks into any impacts that the coronavirus pandemic may have had on Japan’s residential real estate market in the first half of 2020.
83-yr old bathhouse in Osaka closes its doors
A historic and elaborately designed bathhouse in Osaka’s Ikuno Ward has closed its doors for good, ending 80+ years of operations. Gengabashi Onsen is thought to have been built in 1937 by a local landowner.
New apartment sales drop 82.2% in May
The number of new apartments released for sale across greater Tokyo in May dropped 82.2% from last year to just 393 units. This is the lowest volume since the Real Estate Economic Institute began reporting data in 1973. Showrooms remained closed for most of the month due to the nationwide state of emergency. The contract ratio was 72.3%, up 12.3 points from last year but down 6.6 points from April.
Nationwide supply of new condos in 2019 hits 43-year low
The total number of brand-new condos supplied for sale across Japan in 2019 reached the lowest level since 1976. Supply dropped by 12.0% from the previous year to 70,660 units. The greater Tokyo region saw a 15.9% drop, while the Kinki region (which includes Osaka) saw a 13.9% drop. In 1994, annual supply peaked at 188,343 units.
Existing apartment prices in Tokyo up 3.4% in 2019
The average asking price of a 70 sqm (753 sq.ft) existing apartment in Tokyo's 23 wards reached 55,660,000 Yen in 2019, up 3.4% from 2018. The average building age was 24.5 years, up from an average of 23.5 years in 2018.