New apartment price across Japan reaches record high in 2018

According to the Real Estate Economic Institute, a total of 80,256 brand-new apartments were released for sale across Japan in 2018, up 3.7% from 2017, and the first time since 2014 to see supply exceed 80,000 units. Greater Tokyo saw a 3.4% increase in supply, while the Kinki, Chubu and Tokai regions saw increases of over 7%. Another 80,000 new apartments are expected to be supplied for sale in 2019. This is still below the recent peak of 105,282 units supplied in 2013.

Japan land prices increase in 97% of locations, setting new record

On February 15, the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) published their quarterly LOOK Report for land prices in Japan’s major cities in the fourth quarter of 2018. 

According to the report, land prices increased in 97 of the 100 surveyed locations. This is the highest share in the history of reporting, beating previous records set in recent quarters. It is also the fourth consecutive quarter to see increases in over 90% of locations. 

FOR SALE: Jun Itami-designed house in Komazawa

Price: ¥148,000,000 (approx. 1.3 million USD)

Fresh on the market is a two-bedroom house designed by renowned Japanese-Korean architect Jun Itami (1937-2011) and built in 1973. It would be ideal for a collector or someone looking for a statement home in Tokyo. This is the first time we have seen one of Itami’s designs for sale. It goes without saying that prominent architect-designed homes in Tokyo are highly sought-after but seldom available.