Remaining apartment inventory in Tokyo drops for first time in 27 months
According to REINS, a total of 2,810 second-hand apartments were reported to have sold across greater Tokyo in December, down 11.5% from the previous month and down 5.9% from December 2018. New listings dropped for the 4th month in a row, with a 7.4% drop from the previous year.
Tokyo Apartment Sales in December 2019
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of December 2019:
Our Japan Property Market Report for 2019
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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.
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: