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.
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.
A 225-meter tall, 40-storey tower is planned for the site of the former Shinjuku Tokyu Milano movie theatre in Kabukicho. Construction is expected to start in July 2019 with completion tentatively scheduled for 2022.
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of July 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%.
According to Tokyo Kantei, the average asking price of a 70 sqm (753 sq.ft) second-hand apartment across greater Tokyo was 36,230,000 Yen in June, down 0.2% from the previous month but up 1.7% from last year. The average building age was 23.9 years.
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.
According to Tokyo Kantei, the average monthly rent of a condominium in Tokyo’s 23 wards was 3,485 Yen/sqm in June 2018, down 0.3% from the previous month but up 5.9% from last year. This is the 7th month in a row to see a year-on-year increase. The average apartment size was 55.84 sqm and the average building age was 18.7 years.
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.
Although Tokyo’s Marunouchi and Otemachi business district has been seeing multiple skyscrapers go up in recent years, one vintage building from the 1950s has been faithfully protected by its owner.
The 9-storey Otemachi Building built by Mitsubishi Estate in 1958 celebrated its 60th birthday this April. It served as their headquarters until last year when they moved across the street to the recently completed 140 meter tall Otemachi Park Building.