The RECRUIT company (major Japanese real estate advertisement company) released its own survey on people from greater Tokyo area (Tokyo, Kanagawa, Saitama and Chiba) who have purchased the newly built condominiums in 2017.
Over 4700 people responded.
Here is the quick summary of the report.
1. Location of condo purchased
Tokyo’s 23 wards increased its share slightly from 2016 to 43% and
20% of respondents bought condos in “Kanagawa prefecture”. (ranked 2nd next to Tokyo 23 wards)
2. Price
The average purchase price of condos is 54.52 million yen,
(U$500,000), the highest since the survey started in 2001.
3. Trend in each prefecture
The average price in Tokyo 23 wards exceeded 60 million yen (U$545,000) for the first time since the survey began
4. Age
The average age is 38.6 years old and the households with children account for 45%.
5. Income and household
Average households total annual income is 9.44 million yen(U$89,000), Married couples account for 65%
Households with annual income of 10 million yen or more gradually increase, to 36%. 65% of households generate dual income (both husbands and wives working), the highest since the survey began in 2001.
57% of single-person households buy the condominiums within Tokyo 23 wards which is significantly higher than other households.
Condominium
Is it the good time to buy a property in Tokyo ? – Quick recapitulation on condominium market in Tokyo in 2017-
Tokyo kankei (Japan’s institute for real estate study) recently announced
the market report on the condominiums in greater Tokyo area.
We have made the recapitulation of the report for the clients.
I will share a part of our report today.
Both prices of newly built second-hand condominiums and
unit price per square meter has gone up.
New construction projects were supplied mainly in central area of Tokyo
which sharply makes price rise.
The average price in the Tokyo metropolitan area (Tokyo and neighbouring cities) of newly built condominiums was 55.44 million yen, up + 9.0% from the previous year’s 50.87 million yen.
Because it was falling the previous year, it rose for the first time in two years, and the
whole metropolitan area shows a trend of rising again from a high stop.
The reason for price rise was due to the strong tendency of supply to concentrate in central Tokyo.
The average area for each condominium was 63.24 square meters, which was up 3.1% from 61.33 square meters in the previous year.