Market Snapshot

A brief rundown of the real estate market in Tokyo.

*Last updated October 25, 2017.

Apartments:

RESALE MARKET

Greater Tokyo:

  • 3,222 apartments sold in Sep. ’17, up 2.3% from Sep. ’16.
  • Average price: 506,700 Yen/m², up 3.3% from Sep. ’16.
  • Average building age: 21.02 years.

 

Tokyo Metropolitan Area:

  • 1,141 apartments sold in Sep. ’17, up 2.1% from Sep. ’16.
  • Average price: 670,100 Yen/m², up 3.5% from Sep. ’16.
  • Average building age: 19.69 years.

 

Chiyoda, Chuo and Minato-ku:

  • 204 apartments sold in Sep. ’17, up 7.4% from Sep. ’16.
  • Average price: 1,123,300 Yen/m², up 2.7% from Sep. ’16.
  • Average building age: 16.81 years.

NEW CONSTRUCTION

Greater Tokyo:

  • 1,933 new apartments sold in Sep.  ’17.
  • Average price: 846,000 Yen/m², up 7.6% from Sep. ’16.

 

Tokyo’s 23 wards:

  • 769 new apartments sold in Sep. ’17.
  • Average price: 1,102,000 Yen/m², up 11.8% from Sep. ’16.


Houses:

Greater Tokyo:

  • 1,087 secondhand homes sold in Sep. ’17, up 3.1% from Sep. ’16.
  • Average price: 31,160,000 Yen, up 0.8% from Sep. ’16.

 

Tokyo Metropolitan Area:

  • 355 secondhand homes sold in Sep. ’17, up 7.9% from Sep. ’16.
  • Average price: 43,490,000 Yen, down 2.8% from Sep. ’16.


Land:

  • Average sale price of residential land in the Tokyo metropolitan area in Sep. ’17 was 345,600 Yen/sqm, down 7.1% from Sep. ’16.
  • 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: 2,632 Yen/sqm, down 1.2% from Sep. ’16.
  • Average monthly rent in Tokyo’s 23 wards: 3,287 Yen/sqm, down 2.4% from Sep. ’16.
  • Average gross yield in Tokyo: 5.9% in Oct. ’17.
  • Average gross yield in Minato-ku: 4.3% in Oct. ’17.


Office market:

  • Vacancy rate in Chiyoda, Chuo, Minato, Shinjuku and Shibuya-ku: 3.17% in Sep. ’17, down 0.53 points from Sep. ’16.
  • Average monthly office rent: 18,995 Yen/Tsubo (5,756 Yen/sqm), up 3.6% from Sep. ’16.

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