Apartment owner forced to pay 970,000 Yen fine for illegal short-term letting

The owner of an apartment in Tokyo who had been illegally letting it out for short-term ‘minpaku’ accommodation has been successfully sued by the building’s owners association. The Tokyo District Court ruled that the owner had violated the building’s bylaws and ordered the man to pay 970,000 Yen (approx. 8,700 USD) to cover the owners association’s legal fees.

New apartment supply in July hits 26 year low

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.

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.

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%.

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