Japan’s new apartment price to income ratio increases for 7th year
In 2018, the average price of a brand-new apartment across Japan was 8.09 times the average annual income. This is a 0.28 point increase from 2017 and the 7th year in a row to record a year-on-year increase in the multiple. For second-hand apartments, the nationwide ratio was 5.47, up 0.17 points from 2017 and the 6th year in a row to see an increase.
New construction pre-sales slowing
Over the past three years, the number of buildings selling out before completion has dropped to just 50%. For some developers, this can spell disaster, but a surprising number have the patience to wait and take a slower approach to sales.
Tokyo office vacancy rate hits new low in November
The average vacancy rate for prime office space in Tokyo’s central five business districts hit a new low in November, dropping 0.07 points from the previous month to 1.56%. This is the lowest vacancy rate seen since December 1990 when the average rate was just 0.39%. Meanwhile, average rents have increased for the past 71 consecutive months.
Okinawa real estate market outlook turns dim
The outlook for Okinawa’s real estate market has shifted negative.
Tokyo Apartment Sales in November 2019
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of November 2019:
Tokyo Bay’s largest retail complex to open in 2020
Sumitomo Realty & Development has released details on their mega retail project for Ariake island in Tokyo Bay.