Price-earnings ratio across Tokyo sees slight increase in 2018

In 2018 the price-earnings ratio (PER) for brand-new apartments in greater Tokyo was 24.96, down from a record high of 28.66 seen in 2016 but up slightly from 24.49 seen in 2017. Almost 80% of the districts around train stations had PERs of over 22, while just 2.5% had PERs of under 18. A high PER means a low rental yield.

The average price of a brand-new 70 sqm (753 sq.ft) apartment across greater Tokyo was 73,440,000 Yen in 2018, up 9.9% from 2017 and up 22.4% from 2016. The average rent of a similarly sized new apartment was 241,631 Yen/month, up 7.4% from 2017 and up 37.6% from 2016. 

Home buying in Japan: Why that second bathroom may cost you

One of the most requested things we receive from buyers looking for two or three bedroom apartments or homes is for two full bathrooms. While this might be standard in many overseas markets, in Japan it is incredibly rare to find such a property. There are at most 2 or 3 condo-type buildings in Tokyo where 2 bathrooms are standard in all apartments, and these apartments are priced at the higher end of the market. In fact, 99.9% of current apartment listings in Tokyo’s 23 wards have just one bathroom.

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