Greater Tokyo second-hand apartment prices increase for 72nd month in a row
According to REINS, 2,987 second-hand apartments were reported to have sold across greater Tokyo in December 2018, down 7.4% from the previous month and down 0.8% from the previous year. The average sale price was 33,800,000 Yen, up 2.5% from the previous month and up 1.8% from 2017. The average price per square meter was 524,100 Yen, up 3.1% from the previous month and up 0.9% from 2017. This is the 72nd month in a row to record a year-on-year increase in sale prices.
Tokyo Apartment Sales in December 2018
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of December 2018:
Forecast for Tokyo's new apartment market in 2019
On December 20 the Real Estate Economic Institute released their forecast for the new condominium market in greater Tokyo in 2019. A total of 37,000 new apartments are expected to be released for sale, up 0.8% from 2018, while the consumption tax rate increase is anticipated to have only a limited impact.
Tokyo apartment asking prices in November 2018
According to Tokyo Kantei the average asking price of a 70 sqm (753 sq.ft) second-hand apartment across greater Tokyo was 37,100,000 Yen in November 2018, up 2.3% from the previous month and up 2.5% from the previous year. The average building age was 24.4 years.
Tokyo’s office vacancies hit 27-year low
The average office vacancy rate across central Tokyo’s main business districts dropped to the 1% range in November, according to office brokerage Miki Shoji. This is the lowest rate since the end of the bubble economy in 1991 which saw a vacancy rate of 1.79%.
New apartment contract ratio hits 10 year low in November
According to the Real Estate Economic Institute, a total of 3,461 brand new apartments were released for sale across greater Tokyo in November, up 21.7% from the previous month and up 2.8% from last year.