Tokyo apartment sale prices increase for 70th month

According to REINS, 3,139 second-hand apartments were sold across greater Tokyo in July, down 5.4% from the previous month and down 5.0% from last year. The average sale price was 33,620,000 Yen, up 1.3% from the previous month and up 6.4% from last year. The average price per square meter was 521,300 Yen, up 0.4% from the previous month and up 5.4% from last year. This is the 67th month in a row to record a year-on-year increase in prices.

Plans to double population around Chiba’s Kashiwa Station

Kashiwa Station in 1973.

Kashiwa City in Chiba Prefecture is embarking on a plan to reinvigorate the area around Kashiwa Station and double the local resident population. By 2040 it is hoped that up-and-coming redevelopment projects will see residential floor space increase to 550,000 sqm, double the current level, along with neighborhood population doubling to 17,000.

The city will be encouraging the construction of mixed-use high-rise buildings that include residential, office and retail to attract both residents and workers. The current share of retail and commercial space is expected to be maintained, while the share of residential will be boosted to 47%.

Average apartment resale price across greater Tokyo down 8.5% over past 10 years

Last month, Tokyo Kantei released their annual report on resale values of apartments across greater Tokyo. The resale values, ranked by train station, represent the change in the value of an apartment in the 10 years following its construction.

It is important to note that 2007 was during the lead up to the last mini-bubble, which peaked in 2008. Areas that have seen an increase in resale values over the past 10 years tend to be in central Tokyo, particularly within the Yamanote Loop line, and in surrounding areas such as the bayside islands, Kawasaki and Yokohama. Meanwhile, Western Tokyo and surrounding prefectures performed poorly in the rankings.

Japan Property Price Index for April 2018

On July 25, the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) released the Japan Property Price indexes for April and for the first quarter of 2018. Japan’s Residential Property Price Index in April was up 2.3% from the previous year, while residential land was down 0.6%. Detached homes were up 0.9%, while apartments were up 4.4%.

Most expensive apartment building in the Kansai region to go on sale

A record-setting luxury condominium in Ashiya City, Hyogo, will soon go on sale. Branz Ashiya The Residence is a 15-unit building with apartments priced between 200 ~ 500 million Yen (1.8 ~ 4.5 million USD). With an average price of 1,850,000 Yen/sqm (approx. 1550 USD/sq.ft), this will be the most expensive apartment building to go on sale across the Kansai region this century, wiping out a previous record set in Kyoto in 2015.

New apartment prices across greater Tokyo hit second highest level in history

The average price of a brand new apartment across greater Tokyo in the first half of 2018 has reached the second highest level seen in recorded history. According to the Real Estate Economic Institute, the average price was 59,620,000 Yen, exceeding the level of 59,350,000 Yen seen in the first half of 1990, but falling short of the peak of 64,500,000 Yen seen in the first half of 1991.

New apartment prices in Tokyo up 12.8% from last year

According to the Real Estate Economic Institute, 2,659 new apartments were released for sale across greater Tokyo in June, up 8.0% from the previous month and up 16.4% from last year. The average sale price was 62,440,000 Yen, up 3.5% from the previous month and up 10.7% from last year. The average price per square meter was 928,000 Yen, 3.7% from the previous month and up 10.5% from last year.