Central Tokyo apartment prices up 6.9% from last year

According to REINS, 2,440 second-hand apartments were sold across greater Tokyo in January 2015, down 2.3% from the previous month and down 9.2% from last year. This is the 10th month in a row to see a year-on-year decline.

The average apartment sale price was 27,980,000 Yen, down 1.7% from the previous month but up 4.7% from last year. The average price per square meter was 437,300 Yen, down 2.6% from the previous month but up 5.3% from last year. The average building age was 19.51 years.

1,193 second-hand apartments were sold in the Tokyo metropolitan area, down 4.6% from the previous month and down 9.3% from last year. The average sale price was 33,220,000 Yen, down 5.3% from the previous month but up 1.3% from last year. The average price per square meter was 567,600 Yen, down 4.4% from the previous month but up 4.1% from last year. The average building age was 18.89 years.

In central Tokyo’s 3 wards (Chiyoda, Chuo and Minato), the average sale price was 48,030,000 Yen, down 16.2% from the previous month and down 1.4% from last year. The average size of an apartment sold in January shrunk by 10.3% from the month before, while the average building age was 4 years older, which may help explain the fairly large drop in price from the previous month. The average sale price per square meter was 933,000 Yen, down 6.6% from the previous month but up 6.9% from last year.

Market for secondhand apartments improving

The prices of secondhand apartments are moving on up. According to Tokyo Kantei, the average asking price of a 70 sqm apartment in greater Tokyo was 28,210,000 Yen in October, up 1.1% from the previous month. This was the first time in 8 months that the price had exceeded 28 million Yen.

Unlike new apartments, private sales of second-hand apartments are exempt from consumption tax (it is, however, charged on the brokerage fees). While the planned increase in the consumption tax rate may not directly impact the resale market, sellers are starting to see that the market is improving and are in less of a hurry to sell.

Secondhand apartment prices in October – Tokyo Kantei

According to Tokyo Kantei, the average asking price of a 70 sqm (753 sqft) second-hand apartment in Tokyo’s 23 wards was 40,660,000 Yen in October, up 0.6% from the previous month and up 3.3% from last year. This is the seventh month in a row where prices have seen a month-on-month increase.

In Tokyo’s central 6 wards (Chiyoda, Chuo, Minato, Shinjuku, Bunkyo and Shibuya), the average asking price was 54,580,000 Yen, up 1.0% from the previous month and up 7.0% from last year. The average apartment age was 21.0 years.

Compact-type apartment market rebounding after 7 years

The compact-type apartment market in Tokyo is rebounding after seven years, but is it sustainable?

Sales of compact-type apartments (those with a floor area of 30 ~ 50 sqm) in Tokyo’s 23 wards are reaching levels not seen since the mid-2000s. According to consulting firm Total Brain, the average purchase application ratio (the percentage of apartments that received applications to purchase within the first month of sales) was 71.3% for apartments released for sale between January and August 2013. This is the first time that the ratio has reached the 70% range since 2006 and is edging closer to the record high of 71.4% seen in 2005. 

MLIT White Paper on home ownership

On July 2, the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) released their 2012 White Paper. The theme of the report explored the living situations and demographics of Japan’s younger generation.

Home Ownership

Home ownership rates in Japan shrunk between 1983 and 1998, but began to pick up in 2008. The average rate across all age groups is around 60%.

AtHome Tokyo sales data for February 2012

AtHome released their data on the listing prices and contracted prices for brand new and secondhand properties in greater Tokyo for February 2012.

The average contracted price for a brand new house in greater Tokyo increased by 2.3% from February of 2011 to 32,320,000 Yen. This is the 14th continuous month of price increases. West Tokyo saw an increase of over 5%. In Tokyo’s 23 wards, the contracted price saw a large fall.

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