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Japan’s Housing Market Remains Healthy

The average price of existing condominiums in Tokyo rose by 3.04% during the year to Q1 2019, from y-o-y rises of 0.61% in Q4 2018, 0.22% in Q3 2018, 3.89% in Q2 2018 and 4.59% in Q1 2018. During the latest quarter, existing condo prices increased 2.96%.

Likewise the average price of new condos in Tokyo rose by 3.9% y-o-y in Q1 2019, an improvement from an annual decline of 0.53% in the previous quarter but a slowdown from a growth of 13.56% a year earlier.

Demand and supply rising 

Existing condominium sales in Tokyo rose by 3.8% to 10,313 units in Q1 2019 from a year earlier, according to The Land Institute of Japan, while sales of existing detached houses in Tokyo increased 7.4% y-o-y to 4,948 units over the same period. Likewise, dwelling starts in Japan rose by 5.2% to 215,611 units in Q1 2019 from a year earlier.

Rents, rental yields: poor yields at 2.66%

Tokyo apartment costs are high, at around $16,322 per sq. m.

Japan: typical city centre apartment buying price, monthly rent (120 sq. m)
Buying priceRate per monthYield
Tokyo$1,958,640$4,3462.66%

Recent news: The Japanese economy saw a surprise 2.1% y-o-y growth in Q1 2019, up from an expansion of 1.6% in the previous quarter, thanks to increased government spending. The economy is expected to expand by 1% this year, from annual growth of 0.8% in 2018, 1.9% in 2017, 1% in 2016, 1.4% in 2015, and 0.4% in 2014, amidst the backdrop of uncertain global trade environment caused by the Trans-Pacific trade war, which is heavily impacting China – Japan’s leading trade partner. The impending sales tax hike from 8% to 10% in October 2019 is also expected to weigh on consumer spending this year.

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Source: globalpropertyguide

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