Market Snapshot

A brief rundown of the real estate market in Tokyo.

*Last updated December 26, 2017.

Apartments:

RESALE MARKET

Greater Tokyo:

  • 2,904 apartments sold in Nov. ’17, down 2.7% from Nov. ’16.
  • Average price: 502,000 Yen/m², up 1.7% from Nov. ’16.
  • Average building age: 21.21 years.

 

Tokyo Metropolitan Area:

  • 1,512 apartments sold in Nov. ’17, down 2.6% from Nov. ’16.
  • Average price: 673,000 Yen/m², up 2.9% from Nov. ’16.
  • Average building age: 19.61 years.

 

Chiyoda, Chuo and Minato-ku:

  • 188 apartments sold in Nov. ’17, down 8.3% from Nov. ’16.
  • Average price: 1,109,000 Yen/m², up 7.9% from Nov. ’16.
  • Average building age: 16.94 years.

NEW CONSTRUCTION

Greater Tokyo:

  • 2,285 new apartments sold in Nov.  ’17.
  • Average price: 835,000 Yen/m², up 11.5% from Nov. ’16.

 

Tokyo’s 23 wards:

  • 1,132 new apartments sold in Nov. ’17.
  • Average price: 1,003,000 Yen/m², up 17.2% from Nov. ’16.


Land:

  • MLIT’s ‘Chika Koji’ assessed residential land prices were up 5.2% in Minato-ku, 6.2% in Chuo-ku and 7.5% in Chiyoda-ku over the 12 months to January 1, 2017. 


Residential rental market:

  • Average monthly rent in greater Tokyo: 2,661 Yen/sqm, down 2.8% from Nov. ’16.
  • Average monthly rent in Tokyo’s 23 wards: 3,334 Yen/sqm, down 0.5% from Nov. ’16.
  • Average gross yield in Tokyo: 6.0% in Dec. ’17.
  • Average gross yield in Minato-ku: 4.3% in Dec. ’17.


Office market:

  • Vacancy rate in Chiyoda, Chuo, Minato, Shinjuku and Shibuya-ku: 3.03% in Nov. ’17, down 0.72 points from Nov. ’16.
  • Average monthly office rent: 19,064 Yen/Tsubo (5,768 Yen/sqm), up 3.2% from Nov. ’16.

Data sources:
Homes
Miki Shoji
Real Estate Economic Institute
REINS
Tokyo Kantei