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EXISTING CONDOMINIUMS RECORDS LOWEST OF CLOSING AMOUNT IN THE METROPOLITAN AREA DUE TO THE CORONAVIRUS

May 15th, 2020. REINS (Real Estate Information Network System) has announced the April 2020 real estate market trends of the metropolitan area.

According to REINS the number of properties closing for second handed condominiums in the metropolitan area has taken a massive hit, decreasing property closing to 1,629 (52.6% down from same month last year), due to the Coronavirus pandemic. This decrease is a record high from any other month of May since REINS inaugurated in 1990. Even by region, Tokyo, 812 properties (55.3% down), Saitama prefecture 223 (40.8% down), Chiba prefecture 204 (52.7% down), Kanagawa prefecture 390 (52.1% down), resulting in a large decrease for all areas of more than 40% compared to same month last year.

Property value of 1 square meter has declined to 508,000yen (4.5% down), recording a decrease of 5.9% down from last month, a first decline for 15 months since January 2019. Average closing value was 32.10 million yen (5.8% down). Number of new properties on market was 14,445 (18% down), recording continuously low for eight months. Existing properties was 46,251(2.0% down), recording continuously low for five months.

Existing house property closing was 686 (41.5% down), a drastic decline and the highest since REINS started. Average closing value was 27.22 million yen (12.5% down), continuously decreasing last year’s record since last month.

Real Estate index Price, overall house value index climbs for 55month

October 15th
 
, the MLIT(The ministry of Land, information, transport and tourism)
 
has announced, 2019 July real estate index(housing) and the second quarter index (Commercial real estate). The
index is 100 for the 10-year average.
The same month overall housing index was 113.6(+1.5% same month of last year), index climbing for 55 months,
residential housing 101.1 (+2.5%), single-family house 101.7 (-0.9%), condominium 145.5(+2.5%).
 
By metropolitan area; South Kanto area overall housing index was 116.3 (+1.4), residential 103.1 (-1.3%), single-
family house 100.9(-3.1%), condominium 141.5 (+3.8%). Nagoya area; overall housing index was 108.2(+1.2%),
 
residential 95.1(-6.0%), single-family house 105.4(+4.7%), condominium 148.9(-0.2). Keihanshin area; overall
housing index was 116.8(+0.3%), residential 109.3 (-3.9%), single-family house 100.9 (-1.1%),
condominium148.9(+0.3%).
Tokyo area, overall housing index was 124.1(+0.4%), residential 103.9(-7.6%), single-family house 106.8(-3.6%),
condominium 146.6(+3.8%). On the other hand, commercial real estate for 2019 January to July’s overall real estate
index was 121.9(-1.1%).

Tokyo 23 wards rises +0.1% making 3.646yen/m2.

By major 3 metropolitan areas and major cities/ transition of monthly rent of condominiums

In May cosmopolitan area risen +1.1% making 2,927yen/㎡ compared to previous year same month. Tokyo 23 wards shows continuous rise, however, substantially is a flat transition. Kinki area shows a decrease after 5 months. Chubu area down turning. Net trend remains steady.

2019 May, metropolitan rent for condominium has sustained an upward trend of +1.1% making 2,927yen/㎡ on the surface, result due to decrease of cases of surrounding 3 prefectures and an increase of higher rent level cases in Tokyo. By prefecture, Tokyo had a small decline of -0.5% making 3,459yen /㎡. Kanagawa(-0.9%, 2,154yen/㎡), and Chiba (-0.9%, 1,619yen/㎡) has also shown a 1% decrease from the influence of its main administrative district market price fall. In addition, Saitama has shown an up rise of +0.1% making 1,661/㎡, however, considering the rejuvenation of an average built, substantially the trend is flat to weak transition.

Kinki area has shown a decreased of -0.7% making 1.880/㎡ first time after 5 months from the influence of flat to weak transition of its main area. Osaka, a flat trend making 2,130yen/㎡, stopping the uptrend since the beginning of the year. On the other hand, Hyogo has continuously decreased since the previous month with a wider rate of decline. In addition, rent itself is below level compared to the beginning of the year.

Chubu area -1.6%making 1,767yen/㎡, Aichi -1.4% making 1,813yen/㎡, both appeared decrease from the increase cases of older built. Nonetheless, the net trend remains steady for these areas. Source:

Tokyo Kankei