According to REINS, 2,987 second-hand apartments were reported to have sold across greater Tokyo in December 2018, down 7.4% from the previous month and down 0.8% from the previous year. The average sale price was 33,800,000 Yen, up 2.5% from the previous month and up 1.8% from 2017. The average price per square meter was 524,100 Yen, up 3.1% from the previous month and up 0.9% from 2017. This is the 72nd month in a row to record a year-on-year increase in sale prices.
The former Yasuda Residence in Takarazuka City may soon be donated to a private enterprise, with applications from interested parties to be held sometime in February or March this year.
According to the Japan Real Estate Institute, the real estate transaction volume across Japan for the first half of 2018 was 2.1 trillion Yen (approx. 18.5 billion USD).
Price: ¥159,000,000 (approx. 1.46 million USD)
For sale this month is a fully renovated two-bedroom apartment in the center of Omotesando in Tokyo. It is unusual to see a renovation of this style on the market, especially one that ticks all the right boxes of Location, Location, Location.
The number of foreign visitors to Japan in 2018 is expected to have reached 31.19 million, making it the highest annual number in Japan’s history and an 8.7% increase from 2017. Foreign tourist numbers have increased year-on-year for the past seven years.
More and more Tokyo-based software companies are establishing a presence in Kyoto city in an attempt to grab local talent. Tokyo has become a highly competitive market for sourcing young graduates, making Kyoto, with its many reputable universities, a hot spot for hiring.
Thank you to our many readers and clients over the past year. We look forward to your continued support in 2019.
~ The Show Foto Team ~
This year we have simplified our annual property report below. We apologize if it focuses on the Tokyo market, as this is where the majority of our clients are looking to invest.
The government has decided to extend the home loan tax deduction program for new home buyers to allow a three-year period whereby a home owner could deduct up to 2% of the building portion of their purchase price from their income tax. This is an effort to help support the housing market this year when the consumption tax rate is scheduled to increase to 10% from October 2019.
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of December 2018:
On December 20 the Real Estate Economic Institute released their forecast for the new condominium market in greater Tokyo in 2019. A total of 37,000 new apartments are expected to be released for sale, up 0.8% from 2018, while the consumption tax rate increase is anticipated to have only a limited impact.