Tokyo apartment sale prices increase for 61st month
According to REINS, 3,103 second-hand apartments were sold across greater Tokyo in October, down 3.7% from the previous month and down 7.1% from last year. The average sale price was 32,090,000 Yen, down 0.5% from the previous month but up 2.3% from last year. The average sale price per square meter was 501,600 Yen, down 1.0% from the previous month but up 3.3% from last year. This is the 58th month in a row to see a year-on-year increase in sale prices. The average building age was 20.80 years.
A third of apartments in central Tokyo sell at full asking price
A common question we get from buyers is how much of a discount can they get on the asking price of a property. The honest answer is that it varies. Some properties will sell at their full asking price, while others may sell at a discount. Typically two-thirds of all reported apartment sales in central Tokyo (Minato, Chiyoda, Chuo, Shibuya, Shinjuku and Shinagawa) sell at a discount of less than 3%, while a third sell at their full asking price.
16-fold rent increase for shopkeepers at Asakusa’s Sensoji temple
Shopkeepers alongside the Nakamise shopping street, a 250 meters long souvenir shop-lined pedestrian mall leading to Sensoji temple in Tokyo, are reeling after being hit with a potential 16-fold increase in store rents. In September, Sensoji temple informed the tenants of plans to increase the rent from the current level of 15,000 Yen per month for a 10 square meter shop to a new rent of 250,000 Yen per month, making it in line with market rents for the neighborhood and ending years of subsidized rents that had been offered by the previous landlord - the Tokyo metropolitan government.
The Parkhouse Shinjuku Gyoen has reached completion
Construction of The Parkhouse Shinjuku Gyoen, a 14-storey condominium located directly across the street from the Shinjuku Gyoen National Garden, reached completion last month.
The building contains 52 luxury residences ranging in size from 55 ~ 100 sqm (592 ~ 1,076 sq ft). When sales began back in early 2016, apartments were priced from 64 ~ 269 million Yen, with an average price of around 1,725,000 Yen/sqm.
Tokyo Apartment Sales in October 2017
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of October 2017:Read more
Apartment development focusing on city centers as buyers shun suburbs
In Tokyo’s 23 wards, 4.98% of the land is being used for condominium buildings, an increase of 1.02 points over the past 10 years. The ratio is higher in central Tokyo, with some districts having a ratio of around 9%, signaling a clear shift towards living closer to the office and city center.
The report, released by Tokyo Kantei on October 31st, compiled data on Japan’s three major urban centers. In greater Tokyo, Shibuya ward was in top spot with 8.90%, up 1.46 points from 2007. Chuo ward, which includes the man-made islands of Kachidoki and Harumi in Tokyo Bay, increased by 2.03 points to 6.07%. This district has seen a number of high-rise condos built in recent years, especially in the bayside area, while the Nihonbashi district has seen an increase in small-to-medium sized residential developments.
New apartment prices in Sendai City fall 5% in the first half of 2017.
According to DG Communications, the average price of a new apartment in Sendai City in the first half of 2017 was 42,940,000 Yen, down 4.8% from last year. The average price for the year of 2017 is also expected to decrease from last year, marking the first decline since 2011.
Following the 2011 earthquake, a sudden jump the construction costs and a drop in supply saw the price of new apartments soar to record highs. In 2016, the average price increased by 5.1% from 2015 to 44,427,000 Yen — the highest price seen since record-keeping began in 1988.