As of late July, all 1,126 apartments available for sale in The Tower Yokohama Kitanaka have sold out over a span of 8 months. Construction of the 58-storey building is due for completion in February 2020.
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of August 2018:
According to Tokyo Kantei, the average monthly rent of a condominium in Tokyo’s 23 wards was 3,481 Yen/sqm in July, down 0.1% from the previous month but up 5.4% from last year. This is the 8th month in a row to see a year-on-year increase. The average apartment size was 55.40 sqm and the average building age was 18.9 years.
According to Tokyo Kantei, the average asking price of a 70 sqm (753 sq.ft) second-hand apartment across greater Tokyo was 36,340,000 Yen in July, up 0.3% from the previous month and up 2.0% from last year. The average building age was 23.9 years.
According to the quarterly LOOK Report published by the Ministry of Land, Infrastructure, Transport and Tourism (MLIT), land prices in Japan’s major cities in the second quarter of 2018 have increased in 95 of the 100 surveyed locations. This is the the highest share in the history of reporting, beating a previous record of 91 locations seen in the previous quarter.
A gradual trend of land price growth continues across major cities. In particular, commercial land around transport hubs in regional centers has seen land prices go from no movement to a slight increase. In Tokyo, residential land prices in Bancho, Tsukuda / Tsukishima and Kichijoji have also shifted to an increasing trend.
According to the Real Estate Economic Institute, 2,986 brand new apartments were released for sale across greater Tokyo in July, up 12.3% from the previous month but down 12.8% from last year. This is the first time that the supply for the month of July has fallen below 3,000 units since 1992.
The average sale price was 61,910,000 Yen, down 0.8% from the previous month and down 5.7% from last year. The average price per square meter was 917,000 Yen, down 1.2% from the previous month and down 3.7% from last year.
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.
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%.
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.
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of July 2018: