Tokyo apartment asking prices in August 2018
According to Tokyo Kantei, the average asking price of a 70 sqm (753 sq.ft) second-hand apartment across greater Tokyo was 36,400,000 Yen in August, up 0.2% from the previous month and up 2.1% from last year. The average building age was 23.9 years.Read more
Locals oppose Tsukishima high-rise apartment plan
Plans for a 190m tall, 50-storey, 750-unit apartment tower on the manmade island of Tsukishima in Tokyo Bay have local residents up in arms.Read more
Standard land prices across Japan increase for first time since 1991
Yesterday the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) announced the Standard Land Prices for 2018. The average standard land price across Japan increased by 0.1% - the first increase since 1991. This follows a 0.3% drop recorded in 2017.Read more
New apartment supply in August hits 25 year low
According to the Real Estate Economic Institute, the supply of brand new apartments across greater Tokyo in August reached the lowest level seen for the month since 1993. A total of 1,502 new apartments were released for sale, down 49.7% from the previous month and down 28.5% from last year.Read more
Tokyo apartment rents drop 0.5% from previous month
According to Tokyo Kantei, the average monthly rent of a condominium in Tokyo’s 23 wards was 3,464 Yen/sqm in August, down 0.5% from the previous month but up 5.1% from last year. This is the 9th month in a row to see a year-on-year increase. The average apartment size was 55.47 sqm and the average building age was 19.5 years.Read more
Japan’s whole building renovation market doubles this decade
It has often been said that Japanese consumers prefer new construction over old. However, this way of thinking has started to change over the past few years with home buyers turning their attention to the existing home market. In 2016, sales of existing ‘second-hand’ apartments in greater Tokyo exceeded those of brand-new apartments for the first time ever. This has not gone unnoticed by Japan’s major real estate developers, who, once focusing solely on new construction, are now entering the growing renovation market. 15 of the top 20 developers are already active in this market.