New apartment supply in February reaches 25 year low
According to the Real Estate Economic Institute, 2,237 brand new apartments were released for sale in greater Tokyo in February, up 49.7% from January but down 13.9% from February 2015. This is the lowest figure for the month February since 1991.
Amidst rising construction costs and increasing apartment prices, developers have been cautious to limit the supply released on the market. The Institute remarked that the Bank of Japan’s recent introduction of negative interest rates appears to have had a negligible effect on new apartment sales as interest rates available to consumers were already at low levels prior to the BoJ’s announcement.Read more
Tokyo apartment transactions increase for 5th consecutive month
According to REINS, 3,539 second-hand apartments were sold across greater Tokyo in February, up 33.3% from the previous month and up 7.5% from last year. This is the 5th month in a row to see a year-on-year increase in transactions.
The average sale price was 30,450,000 Yen, up 2.0% from the previous month and up 4.1% from last year. The average price per square meter was 471,200 Yen, up 0.6% from the previous month and up 4.7% from last year. This is the 38th month in a row to see a year-on-year increase in sale prices. The average building age was 19.71 years.
In the Tokyo metropolitan area, 1,759 second-hand apartments were sold, up 36.1% from the previous month and up 11.9% from last year. The average sale price was 37,160,000 Yen, up 0.1% from the previous month and up 2.1% from last year. The average price per square meter was 618,900 Yen, down 2.3% from the previous month but up 2.1% from last year. The average building age was 18.64 years.Read more
Residential yields in Minato-ku - March 2016
According to real estate listing site Homes, the average gross yield on an apartment in Minato-ku in Tokyo was 4.5% in March, down 0.1 points from the previous month and down 0.5 points from last year. The average yield across Tokyo was 6.2%, showing no change from last month but down 0.4 points from last year.
The average asking price of a second-hand apartment in Minato-ku was 905,771 Yen/sqm, down 0.1% from last month but up 1.7% from last year. The average asking price for land was 1,370,606 Yen/sqm, down 1.1% from last month but up 9.9% from last year.Read more
Tokyo Apartment Sales in February 2016
The following is a selection of apartments that were sold in central Tokyo during the month of February 2016:Read more
One of Tokyo's oldest Ryokans to be demolished this year
One of Tokyo’s older ryokans (traditional Japanese inns) is set to close at the end of March, ending 112 years of operations. Choyokan-honke is located in Hongo, Bunkyo-ku - an area that was once bustling with ryokans and old bathhouses. During the 1920s there were over 120 ryokans in the neighbourhood, but by the 1960s the number had dropped to around 50.
The building is schedule to be demolished in the summertime. It will then be replaced with a high-rise condominium.Read more
Japan’s house price index for November 2015
On February 24, the Ministry of Land, Infrastructure, Transport and Tourism released the latest residential price index for Japan.
The nationwide price index for apartments was 123.5, up 8.1% from November 2014. This is the 33rd consecutive month to record a year-on-year increase.Read more