Nomura Real Estate Urban Net published the results of their survey on residential land and apartment price movements on October 1, 2011. According to the data, bearish patterns continue for residential land prices in greater Tokyo (Tokyo, Kanagawa, Saitama and Chiba).

Between July and September, residential land prices fell 1% in greater Tokyo. Of the surveyed areas, 5.7% had an increase in land prices, 64.3% had no change and 30% had a fall in prices. Meanwhile, land prices in Tokyo’s 23 wards saw no change over the past 12 months while Saitama and Chiba Prefectures both saw a decline of 1.9%.

The prices of second-hand apartments fell 0.9% in greater Tokyo. Of the surveyed areas, 3.7% had an increase in apartment prices, 60.9% had no change and 35.3% had a fall in prices. Apartment prices in Tokyo’s 23 wards fell by 2.8% over the past year.

 

Tokyo’s 23-ku land price movements over the past year:

Increases:
Senjuasahicho, Adachi-ku: +16.8%
Ohanajaya 1 Chome, Katsushika-ku: +13.3%
Nishimagome 2 Chome, Ota-ku: +7.1%
Ohara 1 Chome, Setagaya-ku: +5.3%

Decreases:
Eifuku 2 Chome, Suginami-ku: -8.3%
Togoshi 3 Chome, Shinagawa-ku: -6.4%
Ebisu 3 Chome, Shibuya-ku: -5.7%
Higashi Gotanda 5 Chome, Shinagawa-ku: -5.7%
Kamisoshigaya 1 Chome, Setagaya-ku: -5.6%
Okuyama 2 Chome, Meguro-ku: -4.5%
Takanawa 4 Chome, Minato-ku: -3.1%
Minamiazabu 5 Chome, Minato-ku: -2.1%

Tokyo’s 23-ku second-hand apartment price movements over the past year:

Increases:
Sengakuji Station area: +10.2%
Higashi Ojima Station area: +9.0%
Nakano Station area: +8%
Todoroki Station area: +7.1%
Takadanobaba Station area: + 5.6%
Kasuga Station area: +5.0%

Decreases:
Sakurashinmachi Station area: -12.5%
Meidaimae Station area: -11.5%
Toyosu Station area*: -10.8%
Hiroo Station area: -9.8%
Azabu Juban Station area: -8.8%
Ebisu Station area: -6.5%
Shirokanedai Station area: -5.9%

*The Toyosu area is a man-made island in Tokyo Bay. Some parts suffered minor liquefaction on March 11th and the former popularity of this area fell considerably.

Source:
Nomura Real Estate Urban Net http://www.nomu.com/knowledge/chika/

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