26-storey apartment building for Minami Aoyama
A 26-storey, 105 meter tall apartment building is currently under construction in the Minami Aoyama 2 Chome address in central Tokyo. The Minami Aoyama 2 Chome Project is due for completion in late February 2018. The developer is Mitsui Fudosan Residential, with construction and planning by Obayashi Corporation.
The 3,910 sqm site is located alongside Gaien-Higashi Street and on the very northernmost point of the historic Aoyama Cemetery. In the past the site had a mix of several small buildings and has been a car park for the past few years. It is directly across the street from Aoyama Park (North), which was was originally barracks for the Imperial Army.Read more
Average apartment rent in March 2016
According to Tokyo Kantei, the average monthly rent of a condominium in greater Tokyo was 2,589 Yen/sqm in March, up 2.4% from the previous month but down 0.9% from last year. The average apartment size was 59.69 sqm and the average building age was 19.6 years.
In the Tokyo metropolitan area, the average monthly rent was 3,216 Yen/sqm, up 1.7% from the previous month and up 3.5% from last year. The average apartment size was 56.21 sqm and the average building age was 17.5 years.
In Tokyo’s 23 wards, the average rent was 3,354 Yen/sqm, up 1.4% from the previous month and up 3.8% from last year. The average apartment size was 55.70 sqm and the average building age was 16.9 years.
New apartment supply drops for 4th month in a row
According to the Real Estate Economic Institute, 2,693 brand new apartments were released for sale in greater Tokyo in March, up 20.4% from the previous month but down 39.6% from last year. This is below the Institute’s previous estimate of 4,500 units, and is the 4th month in a row to see a drop in supply from 12 months prior. It is also the first time since 2009 that the annual supply for the month of March dropped below 3,000 units.
1,820 apartments were sold, resulting in a contract rate of 67.6%, down 5.3 points from the previous month and down 12.0 points from last year.
317 apartments in high-rise buildings (over 20-storeys) were offered for sale. The contract rate was 64.4%, down 14.6 points from last year.
The average price of a new apartment across greater Tokyo was 56,380,000 Yen, down 2.3% from the previous month but up 8.7% from last year. The average price per square meter was 802,000 Yen, down 4.0% from the previous month but up 9.0% from last year.Read more
Greater Tokyo apartment sale prices increase for 39th consecutive month
According to REINS, 3,590 second-hand apartments were sold across greater Tokyo in March 2016, up 1.4% from the previous month but down 3.7% from last year.
The average sale price was 30,560,000 Yen, up 0.4% from the previous month and up 4.6% from last year. The average price per square meter was 477,800 Yen, up 1.4% from the previous month and up 5.4% from last year. This is the 39th month in a row to see a year-on-year increase in prices. The average building age was 20.00 years.
In the Tokyo metropolitan area, 1,806 second-hand apartments were sold, up 2.7% from the previous month but down 2.0% from last year. The average sale price was 37,690,000 Yen, up 1.4% from the previous month and up 5.9% from last year. The average price per square meter was 643,900 Yen, up 4.0% from the previous month and up 7.0% from last year. The average building age was 19.46 years.
There were 93 reported sales of apartments priced over 100 million Yen in the Tokyo metropolitan area in the first quarter of 2016, an increase of 12% from the same period in 2015. Transactions of apartments priced over 70 million Yen have increased by 21% from the first quarter of 2015.
Residential yields in Minato-ku - April 2016
According to real estate listing site Homes, the average gross yield on an apartment in Minato-ku in Tokyo was 4.3% in April 2016, down 0.2 points from the previous month and down 0.5 points from last year. The average yield across Tokyo was 6.0%, down 0.2 points from the previous month and down 0.6 points from last year.
The average asking price of a second-hand apartment in Minato-ku was 969,714 Yen/sqm, up 7.1% from the previous month and up 10.3% from last year. The average asking price for land was 1,363,030 Yen/sqm, down 0.6% from the previous month but up 13.0% from last year.Read more
100 million Yen-plus apartments not limited to central Tokyo
100 million Yen-plus apartments are starting to appear in station developments across Japan, and not just in central Tokyo. According to the Real Estate Economic Institute, there were a total of 1,688 brand new apartments priced over 100 million Yen (approx. 905,000 USD) released for sale in greater Tokyo in 2015.
All apartments in Proud Tower Tachikawa - a 32-storey, 319-unit residential tower connecting to Tachikawa Station in west Tokyo - sold out prior to completion, despite having strong pricing of around 1,000,000 Yen/sqm (840 USD/sq.ft). Apartments on the top floor were priced over 100 million Yen. The average age of a buyer was 53, and approximately 40% of the buyers were doctors and medical professionals. The building is due for completion in August 2016.
A 30-storey high-rise apartment building is currently under construction in front of Atami Station in Shizuoka Prefecture. The Crest Tower Atami is due for completion in February 2017. Apartments are priced at around 600,000 ~ 700,000 Yen/sqm (505 ~ 590 USD/sq.ft). A 124 sqm (1,334 sq.ft) 2-Bedroom apartment on the top floor was priced at 145 million Yen (1.3 million USD).Read more