Comprehensive guide about how to buy apartment and house in Tokyo as foreigner in Japan, provided by KEN.

JAPANESE REAL ESTATE MARKET INFORMATION

Here we present market summary of Japanese real estate market. It is actually concentrated in rental/purchase trend of Tokyo high-grade properties. For better real estate investment, please refer to following summary and our advice.

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It is becoming easier to estimate the market based on advertised rents through the use of big data, but our strength lies in our ability to provide knowledge of "rents that have actually been contracted. We have concluded annual several thousand rental agreement for Tokyo high-grade properties for 40 years and no other organizations have such real data.

Based on this data, we sell the ”KEN Residential Market Report", which summarizes rent trends for high-end rental properties in central Tokyo, to specialized organizations. We also develop and provide the "Housing Market Index," which is an index of overall condominium market trends (Japanese Only). The contents of these reports have attracted the attention of professional organizations that research domestic and overseas real estate markets.

Tokyo Real Estate Market Summary & Trend

May-21
KEN Residential Market Report Vol.42(May 2021) Published.
The rents of the major three wards in 2021-1st quarter (Jan-Mar) remained high despite a fall from the previous quarter when they posted record highs. Although new contracts with foreign workers decreased due to entry restrictions, the fall in the rents was not significant, because the number of contracts was higher than a year ago, led by continued robust demand from Japanese renters, and because of favorable movement in the high rent levels greater than 0.5 million yen, which was rare in a busy period. We believe that the relocation demand is being fueled by new needs generated by the COVID-19 pandemic, as people are spending more time at home and are refocusing their interests on living spaces that also provide a work-friendly environment due to the increase in people working from home. Although no change has been seen in the bipolarization of the market in which new contracts for favorable rental properties land at higher unit prices while the performance of properties that are overvalued in light of their location and design is weak. For the foreseeable future, this demand situation will likely underpin the market.
Mar-21
Housing Market Index Vol. 40 (Second Half of 2020) Published.
In the July-December period of 2020, rents for large (80 sqm or more) and standard (40 sqm-80 sqm) condominiums, new and used, in Tokyo's 23 wards hit record highs. Rents for small condominiums (less than 40 sqm) fell slightly from all-time highs recorded in the preceding period. The prices of large and standard condominiums, new and used, declined slightly from record highs recorded in the preceding period. The prices of new, small condominiums decreased slightly from the preceding period but remained high. The prices of used, small condominiums hit record highs.
Mar-21
2020 Market Overview and Outlook for 2021
In 2020, the number of contracts in the luxury rental housing market decreased in April and May, after a state of emergency was declared due to the COVID-19 pandemic. The number, however, rebounded in June. From around September, after the Go To Travel campaign began, domestic Japanese demand recovered remarkably. Toward the end of the year, entry restrictions were relaxed, and contracts with foreign nationals who had begun working in Japan increased. Despite the unprecedented crisis created by the COVID-19 pandemic, the annual number of contracts did not fall significantly.  Rent per tsubo for new contracts remained high, supported by market demand, mainly from Japanese. Regarding the vacancy rate, vacancies increased particularly in compact residence units, reflecting the cancellation of contracts for second houses by Japanese and foreign nationals returning home.  In 2021, there will not be the level of avoidance of the showing residence units due to the state of emergency that there was last year, and the number of contracts is not expected to fall significantly. As the number of units offered is increasing, properties that appear to be overvalued in consideration of their location and design are unlikely to be chosen. Demand from wealthy Japanese, the major customers for luxury rental housing, remained strong partly due to high stock prices, and rent per tsubo will not fall significantly, but any reduction of rents in more properties where leasing makes slow progress will put downward pressure on rents. In the used condominium market, the showing occupied units was adversely affected by the COVID-19 pandemic from March 2020. In April and May 2020, after the declaration of a state of emergency, the market took a wait-and-see attitude. From around August, after the state of emergency was ended, the number of contracts recovered to exceed the year-earlier level. As for high-rent condominiums, the wait-and-see attitude continued and investment demand was slow until the summer, but the market for those condominiums recovered from around October. This reflected the resumption of economic activity, particularly the Go To Travel campaign, an increase in motivation to buy homes as people began to rethink their living spaces in view of the prolongation of the COVID-19 pandemic, and the wealth effect of higher stock prices among wealthy Japanese. Despite the COVID-19 pandemic, the number of contracts in 2020 did not fall significantly.  The supply of new condominiums for sale continued to decline in 2020 due to COVID-19. Inventories of used condominiums decreased from around the end of 2019, while demand did not fell significantly. As a result, prices remained high.  In 2021, there is not likely to be a wait-and-see attitude as there was during last year's state of emergency. We expect that the momentum from the end of last year will continue until summer 2021. We expect that prices will remain flat or rise slightly chiefly on the back of financial institutions' steady lending, the expansion of housing loan tax breaks and because the high stock prices and the current monetary policy are expected to continue.
Feb-21
KEN Residential Market Report Vol.41(Feb. 2021) Published.
The vacancy rate of the major three wards in 2020-4th quarter (Oct-Dec) weakened slightly, following the significant deterioration in the previous quarter, while rents posted record levels, exceeding those recorded in 2018-3rd quarter. Under circumstances in which economic activities have been resumed, demand from Japanese renters showed a significant recovery. The number of contracts with foreign workers also increased with eased entry restrictions in November and December.  The three parameters that are needed for high grade residences to have comparative advantages over other properties are said to be location, design and appropriate rents. New contracts continued to land for properties satisfying all three parameters. Actual unit prices of some of these properties exceeded their previous levels. This contributed to the rise in rents. However, properties that are overvalued in light of their location and design tend to remain vacant. Solicitation campaigns and other measures are being taken to deal with those properties.  Going forward, demand from foreign workers cannot be expected due to the second round of entry restrictions associated with the declaration of a state of emergency. Moreover, some properties with increasing vacancies may be forced to adjust rents. Accordingly, we expect that rents will likely hover at lower levels.
Nov-20
KEN Residential Market Report Vol.40(Nov. 2020) Published.
In the third quarter (July-Sep) of 2020, the vacancy rate of the major three wards of Tokyo, which had been improving, rose to nearly the same level as the rate after the Lehman Brothers collapse, when it worsened quarter after quarter. In the preceding quarter, vacancies of compact residences began to increase, whereas the quarter under review saw an overall increase, including vacancies at larger housing units. We view this as the impact of the continuing situation of the cancellation of second home contracts by Japanese nationals as well as the non-arrival of inbound foreign workers. Rents declined modestly both on quarterly and yearly bases. A rise in the percentage of rental contracts for lower unit prices between 300,000 yen and 500,000 yen was one of the factors that led to the decline in the actual price per tsubo.  While vacancies are increasing, properties that are overvalued in light of their location and design are less likely to be chosen. Returning demand from those who are assigned to posts in Tokyo and a recovery in general demand from Japanese renters would be positive factors. Although the number of contracts with foreign renters is currently declining, demand is expected to gradually recover as entry restrictions are loosened more widely for those planning to stay in Japan over the medium to long terms.
Sep-20
Housing Market Index Vol. 39 (First Half of 2020) Published.
In the January-June period of 2020, rents for standard (40 sqm-80 sqm) and small (less than 40 sqm) condominiums, new and used, in Tokyo's 23 wards continued to rise moderately. Rents for large (more than 80 sqm) condominiums fell slightly from record highs in the previous period. The prices of new, large condominiums increased significantly from the previous period, when prices due to a large supply of land on the site of the Olympic Village in Chuo-ku, and the average price rose in the period under review as the total number of contracts decreased and the contracts for high-priced (¥2 million or more per square meter) properties accounted for a higher percentage, about 40%. The prices of new, standard condominiums also climbed from the previous period for the same reason. The prices of new, small condominiums remained about at the same level as record highs in the previous period. The prices of used, large condominiums rose significantly, to their highest levels since the survey began. The prices of used, small condominiums remained roughly flat. The prices of used, standard condominiums hit record highs for the 12th consecutive period.
Aug-20
KEN Residential Market Report Vol.39(Aug. 2020) Published.
In the second quarter (April-June) of 2020, rents in the major three wards of Tokyo rose modestly, helped by high unit price rental agreements for new residences in Shibuya-ku. However, rents in Minato-ku were below 19,000 yen for the second consecutive quarter and rents in Setagaya-ku fell to the 10,000-yen range, with no strength observed. The decline in rental agreements with foreign renters newly assigned to Japan due to the restriction on entering Japan is one of the factors inhibiting unit prices for rents from rising.  Amid the state of emergency declared by the government of Japan, the numbers of rental agreements in April and May fell to approximately 70% of the levels a year ago. Inquiries started to increase at the end of May and the number of rental agreements in June returned to the level of a year ago, contributing to a moderate improvement in the vacancy rate.  Although there is no significant change in lessor attitudes, there are new needs for residential units with larger numbers of rooms and greater floor areas. On the other hand, moves to cancel agreements for renting second homes are in evidence, and it remains to be seen what will happen in the market.
May-20
KEN Residential Market Report Vol.38(May 2020) Published.
In the first quarter (Jan-Mar) of 2020, rents in the major three wards declined moderately from the previous quarter. It is traditionally a period of relocation due to employee transfers and school enrollment and rental agreements for Japanese were no different than past years.  Foreigners, however, saw a significant suspension or postponement of new assignments to Japan due to concerns about the COVID-19 coronavirus. This resulted in a decrease in the number of rental agreements for large residences and those with high rents, compared to past years.  Moreover, it is hard to predict the future course of the coronavirus pandemic and the economic environment. Reflecting the obscured future prospects, demand for relocation to new homes due to tighter budgets is likely to arise in the future. However, as long as the current situation is sustained with high occupancy rates, limited new supply and the small number of properties available for rent, significant declines in rents will be unlikely.
Mar-20
Housing Market Index Vol. 38 (Second Half of 2019) Published.
In the July-December period of 2019, rents for all types of condominiums, new and used, in Tokyo's 23 wards continued to rise moderately. The average price of new, large (80 sqm or more) condominiums decreased due to a large supply of properties whose average price was low. The prices of new, standard (40 sqm-80 sqm) reached the third highest level on record. The prices of small (less than 40 sqm) properties hit record highs since the survey began. The prices of used, large and small condominiums were at their second highest level. The prices of standard condominiums recorded all-time highs.
Feb-20
KEN Residential Market Report Vol.37(Feb. 2020) Published.
The vacancy rate of the major three wards in 2019-4th quarter (Oct-Dec) improved significantly. In Minato-ku, where the improvement has been particularly strong, the performance of the properties in Akasaka and Roppongi areas further improved and there was also the impact of the exclusion, from the aggregate calculation of vacancy rate, of properties with unoccupied rooms due to suspended leasing to prepare them for sale. Rents in the major three wards fell slightly from the previous quarter. Considering that the number of new contracts is at a low during the fourth quarter every year, it was far from the substantial fall seen a year ago, partly reflecting contracts by Japanese renters who fared well with unit prices of 500,000 yen and higher compared with the same periods in recent years. The next quarter is the busy period for Japanese renters and we anticipate good circulation in the market connected with retenanting.
Nov-19
KEN Residential Market Report Vol.36(Nov. 2019) Published.
In the third quarter of 2019, rents in the major three wards were up slightly from the previous quarter. In the quarter under review, contracts by Japanese renters moved beyond the year-ago level, driven by contracts with high unit prices seen around the Shibuya, Ebisu and Yoyogi areas of Shibuya-ku. In contrast, there were fewer rental agreements for foreign tenants than last year, when new assignments were the most active in the past several years, and agreements at high-end prices were also weak. This was one of the factors for the highest price falling short of the level recorded in the same quarter of the previous year. The vacancy rate remained low in the quarter under review. The shortage of properties continued and there is no major change to the policy of raising rents among landlords. Therefore, it is expected that rents will remain flat or rise moderately for the time being.
Sep-19
Housing Market Index Vol. 37 (First Half of 2019) Published.
In the the January-June period of 2019, rents for all types of condominiums, new and old, in Tokyo's 23 wards rose slightly from the previous period and from the previous fiscal year. Rents continued to climb moderately. Rents for large (80 sqm or more) condominiums, new and used, exceeded the all-time highs recorded in the previous period. The prices of new, large condominiums fell short of all-time highs recorded in the previous period, but remained high. The prices of used, large condominiums exceeded all-time highs recorded in the previous period. The prices of standard (40 sqm-80 sqm) condominiums rose for the 13th consecutive period.
Aug-19
KEN Residential Market Report Vol.35(Aug. 2019) Published.
The average rent for the major three wards in 2019-2nd quarter remained at a high level, but declined both quarter on quarter and year on year. The number of contracts was steady, exceeding the results from the period a year ago, since it was a busy period for non-Japanese demand for leasing brokerage services. When looking at the price range, the results reflect the fact that a majority of transactions this period were those with a price range around 300,000 yen to 400,000 yen, while it was common for transactions in past years to be around 800,000 yen or higher. The number of contracts with Japanese renters was almost on par with the level a year ago. Because no large supply of rental properties is expected through 2019, the situation where there is more than one applicant per vacant rental property is likely to last for a while. However, unit price per tsubo in some areas has fallen below the levels of last year, and we believe that the upward trend in rent will start to weaken
May-19
KEN Residential Market Report Vol.34(May 2019) Published.
Rents of the major three wards in 2019-1st quarter saw a complete reversal from a decline in the previous quarter to a rise, as the shortage of properties intensified, while the tendency among lessors to increase asking rents has not changed. In addition, the number of rental agreements with foreign tenants was almost comparable to the level between spring and summer, when expatriates are transferred to Japan. The rise in rents was partly due to a large number of contracts for high-end properties with a high unit price per tsubo, which was uncommon for this time of year. Another factor that helped the rise during the quarter under review was a new supply of properties in conveniently located areas in central Tokyo, including condominium units for rent, which boosted the ratio of contracts with high unit prices.
Mar-19
Housing Market Index Vol. 36 (Second Half of 2018) Published.
In the July-December period of 2018, rents for standard (40 sqm-80 sqm) and small (less than 40 sqm) condominiums, new and used, in Tokyo's 23 wards remained roughly flat. Rents for large (80 sqm or more) condominiums increased. Rents for large condominiums, new and used, exceeded all-time highs recorded in the previous period. The prices of large and standard condominiums, new and used, rose to their highest points since the survey began in 1998.
Feb-19
KEN Residential Market Report Vol.33(Feb. 2019) Published.
Rents in the three major wards in 2018-4th quarter (Oct-Dec) declined. This outcome was influenced by the fewer contracts involving non-Japanese customers for high-end properties with high achieved rents compared to the summer of 2018 and the slower growth in the number of contracts with Japanese customers in higher income brackets, which was solid in the previous year, although non-Japanese customer behaviors continued to be more favorable compared to the previous year. We believe that the sluggish behavior of Japanese customers in higher income brackets was partly due to a further decrease in rental properties. With respect to improvement in the performance of properties, the vacancy rate in Setagaya ward, which lagged behind Minato and Shibuya wards, improved further to decline below the previous market peak. A new supply of properties scheduled in the next fiscal period, albeit not very large, is expected to prompt movement toward relocating to new residences amid the current short supply of properties.
Feb-19
2018 Market Overview and Outlook for 2019
In 2018, rents for luxury rental housing were expected to rise moderately following slight rises from 2016 to 2017, but climbed significantly, 8% from the previous year, in 11 major wards. That reflected tighter supply than expected due to insufficient properties and a recovery in demand from foreign nationals. Rents rose remarkably until summer, to a year-on-year increase of 11%, but the momentum was lost and rents declined until the end of the year. We expect that rents will remain flat in 2019. In 2018, the number of contracts for high-price (¥100 million) used condominiums slowed and decreased 4% year on year. The average contract price increased 8%.The increase was driven by a 9% increase in the average contract price for contracts whose prices were ¥200 million or more. The number of contracts for condominiums whose prices were ¥200 million or more increased more than 20% year on year. REINS and Ken Corporation's data shows that the number of contracts for condominiums whose prices were less than ¥100 million and the average contract price for those condominiums are falling, and the average contract price is likely to be relatively low in 2019. Among used condominiums whose prices are ¥100 million or higher, properties whose conditions were favorable were selected and contracts were concluded at high prices. We expect that the average contract price will remain flat in 2019.
Nov-18
KEN Residential Market Report Vol.32(Nov. 2018) Published.
In the third quarter of 2018, the average rents in the major three wards rose, rallying past the old high in the current market peak. In the quarter under review, although the number of contracts overall failed to achieve the level of a year ago, replacement of tenants in residences with comparatively high rental prices rose out of significant movement among new expats working in Japan, which was a positive factor for the hike in the new contracted unit price. The vacancy rate declined further below the year-ago level, and reflecting multiple applications from customers for a limited number of solicitations, the difference between contracted rents and advertised rents has been diminishing substantially since the beginning of 2018. As there is no new supply of large-scale properties and no sign of slowing demand, we expect that the supply-demand balance will continue to be sustained for the foreseeable future and that rents will remain at high levels supported by high occupancy rates.
Sep-18
Housing Market Index Vol. 35 (First Half of 2018) Published.
In the January-June period of 2018, rents for all types of condominiums in Tokyo's 23 wards, new and used, rose. The prices of new condominiums of all types increased, to record highs since the survey began. The prices of used, standard (40 sqm-80 sqm) condominiums increased for the 11th consecutive period, to record highs. The prices of used, small (less than 40 sqm) rose for the 12th consecutive period, to all-time highs.
Aug-18
KEN Residential Market Report Vol.31(Aug. 2018) Published.
In the second quarter of 2018, the average rent in the major three wards continued to rise significantly from the previous quarter, exceeding the market’s previous high (around 2007 to 2008). In addition to demand from Japanese renters for properties in the high-price range during the quarter, a contributing factor was strong demand from new expats working in Japan. The vacancy rate fell to below 6%, the property occupancy rate was high, and the number of units seeking tenants was small. In particular, a larger number of contracts were signed in the second quarter than in the same quarter last year, the ongoing decline in contract termination was halted, and moving increased. Unlike the trend of moving that was limited to specific new properties supplied during the first quarter, moving in the second quarter increased in a number of areas. More recently, asking rents have been revised not only for high-grade properties and properties in first-class residential areas, but in a wide range of locations and grades. Rents, therefore, are expected to remain in the high-price range for some time.
May-18
KEN Residential Market Report Vol.30(May 2018) Published.
In the first quarter of 2018, rents showed a significant rise to approach the market’s previous high. Given general market sentiment driven by a limited supply, lessees remain compelled to accept higher rents and nonrefundable deposits that are preferential to lessors.  Demand usually becomes strong for condominiums with rents less than 300,000 yen per month during the January-March period every year, as many people relocate for business and children grow from elementary school students into high school students. This demand was not as strong as usual this year. Instead, demand remained strong for those properties with rents in excess of 300,000 yen per month.  It appears that the lessees of luxurious residential properties are apt to move to new places as often as they feel like doing so. This year saw a supply of luxurious properties, which encouraged relocations leaving vacancies in existing properties. Going forward, it is expected that the market will be driven by relocation demand as seen in the period under review.
Mar-18
Housing Market Index Vol. 34 (Second Half of 2017) Published.
In the July-December period of 2017, rents for all types of condominiums in Tokyo's 23 wards, new and used, climbed. The prices of new, large (80 sqm or more) and small (less than 40 sqm) condominiums fell from all-time highs recorded in the previous period and remained high. The prices of standard (40 sqm-80 sqm) hit record highs. The prices of used, standard condominiums rose for the 10th consecutive period, to record highs. The prices of small condominiums increased for the 11th consecutive period, to all-time highs.
Feb-18
KEN Residential Market Report Vol.29(Feb. 2018) Published.
In the fourth quarter of 2017, rents remained at high levels. Rents in Minato-ku, which had risen significantly in the previous period, entered into an adjustment phase, affected by a large increase in rents in Shibuya-ku. In Shibuya-ku, the ratio of low unit-price contracts was low and there were a large number of high unit-price contracts, mainly in Yoyogi Koen and Daikanyama. The vacancy rate improved further from the previous period to a level lower than that around the time of the previous top formation of the market. Looking at Ken Corporation’s contract index, it fell after having peaked in the summer of 2016. However, this was not the result of any slowdown in demand but was rather due to reasons such as (i) the difficulty to relocate at reasonable rates, reflecting comparatively high rent levels; (ii) the limited number of options, attributable to high, nearly full occupancy ratios; and (iii) the limited supply. Although lessees’ willingness is high, this is not being translated into the closing of transactions. Rents for high-grade residences that are highly correlated to stock prices tend to lag about one year behind the stock market. Considering that stock prices are generally booming after beginning to rise around the end of 2016, we expect that rents for high-grade residences will remain high for some time to come.
Jan-18
2017 Market Overview and Outlook for 2018
In 2017, the luxury rental housing market remained strong, reflecting firm demand for high-rent condominiums from Japanese and a recovery in demand for high-rent condominiums from foreign nationals. Rents in the 11 major wards rose slightly, 0.6% year on year. We expect that rents will continue to rise moderately in 2018. The luxury used housing for sale market was strong in 2017 as demand from customers who earned funds in different ways and wanted to have real estate did not decline. Contract prices for used condominiums whose prices were ¥100 million rose 5% year on year. We expect that prices will remain high in 2018. In 2017, the luxury rental housing market remained strong, reflecting firm demand for high-rent condominiums from Japanese and a recovery in demand for high-rent condominiums from foreign nationals. Rents in the 11 major wards rose slightly, 0.6% year on year. We expect that rents will continue to rise moderately in 2018. The luxury used housing for sale market was strong in 2017 as demand from customers who earned funds in different ways and wanted to have real estate did not decline. Contract prices for used condominiums whose prices were ¥100 million rose 5% year on year. We expect that prices will remain high in 2018.
Nov-17
KEN Residential Market Report Vol.28(Nov. 2017) Published.
In the third quarter of 2017, the vacancy rate improved and rents rose relatively sharply. Both the vacancy rate and rents were affected by a significant improvement or rise in Minato-ku. With a small number of vacancies and high rents in the market, the general environment for contracts was unfavorable. In Minato-ku, however, the number of contracts in the quarter rose more than 10% year on year. Contracts at high-end properties accounted for a large percentage. There was a certain amount, albeit not large, of new supply of high-rent properties for Japanese renters. Japanese renters also entered into a certain number of contracts for existing properties. As for foreign renters, demand from families, which had declined last year, recovered. At high-end properties for families, relatively high-rent contracts were concluded. There will be new supply, although the number of units is limited. Given the present vacancy rate, which is sufficiently low, new properties will likely tap into demand, and contracts are expected to be concluded at high rents.
Sep-17
Housing Market Index Vol. 33 (First Half of 2017) Published.
In the January-June period of 2017, rents for large (80 sqm or more) condominiums, new and used, in Tokyo's 23 wards fell. The prices of new, large and small (40 sqm or less) hit record highs since the survey began. The prices of used, standard (40 sqm-80 sqm) and small condominiums are continuing to hit record highs.
Aug-17
KEN Residential Market Report Vol.27(Aug. 2017) Published.
In the second quarter of 2017, the vacancy rate remained largely unchanged, and rents increased slightly. The factors for the increase in rents were a large number of rental agreements for newer properties in Shibuya-ku, a sudden change from the previous quarter, and rental agreements with high unit prices around Shimokitazawa in Setagaya-ku. As indicated by Ken Corporation’s contract index, the number of contracts declined among both Japanese and foreign residents in the quarter under review. While the number of contracts remained unchanged for properties between 300,000 yen and 500,000 yen, that for properties in other price ranges declined year on year across the board. On the other hand, the vacancy rate remained low, and the market was sluggish with few contracts or cancellations. The factors behind this appear to be that renters recognize that they are in a situation where changing properties at a low price is difficult, given a sufficiently high level of rent, and that their choices are few because the occupancy rate of proprieties is as high as full occupancy. We continue to see cases of several applications being made for a property that started looking for a tenant after the former tenant vacated, so that the landlord chose the tenant with better conditions. In the quarter under review, business confidence improved further from the previous quarter, as shown by the Nikkei Stock Average, which exceeded 20,000 yen, and the outlook for corporate earnings also looks promising. Therefore, we expect that rents will continue to show robust tendencies.
Jun-17
While the prices of new and used condominiums are rising, the number of people choosing to buy detached houses is believed to be trending upward. At the sales division of Ken Corporation, requests for used condominiums fell slightly and requests for detached houses increased from May.
May-17
KEN Residential Market Report Vol.26(May 2017) Published.
In the first quarter of 2017, the vacancy rate remained almost unchanged at a low level and rents declined 3.0% compared to the previous quarter. Among the factors influencing this decline was the large number of rental agreements for older properties in the Takanawa area of Minato-ku and in the Hiroo area of Shibuya-ku. We believe rents have been stable at high levels. Looking at Ken Corporation’s contract index, the number of contracts in the quarter under review failed to achieve the level a year ago when there was the large new supply. However, demand remains at a high level, driven by buoyant needs by Japanese renters for properties between 200,000 yen and 300,000 yen and those between 300,000 yen and 500,000 yen. During the quarter under review, stock prices have fared well and business confidence was stable, as shown in the government’s most recent Monthly Economic Report, which noted the recovery in private consumption and improvements in corporate earnings. Due to limited new supply, there will be a favorable environment for maintaining the supply-demand balance and we expect that rents for high-grade residences will remain on a high plateau.
Apr-17
Of the luxury rental housing that Ken Corporation handles, the number of condominium units for rent that used to be condominiums for sale whose prices were ¥100 million or more has been increasing since around 2014. The average contract price is favorable. Condominiums over ¥100 million will continue to be supplied, and their presence is expected to be strong.
Mar-17
Housing Market Index Vol. 32 (Secpmd Half of 2016) Published.
In the July-December period of 2016, rents for large (80 sqm or more) condominiums, new and used, in Tokyo's 23 wards continued to rise. Rents for standard (40 sqm-80 sqm) and small (less than 40 sqm) remained roughly flat. The prices of large and standard condominiums increased, and the prices of small condominiums fell slightly. The prices of used standard and small condominiums hit record highs.
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