Market Trends

Price of a New House in Tokyo Suburbs Up 11.6% YoY in January

The price of a newly constructed house listed for sale in the Tokyo suburbs (outside of the 23-wards but still within the administrative boundaries of Tokyo) rose to 40,580,000 yen ($353,000), a year-on-year increase of 11.6%, the highest year-on-year rise of any of the markets tracked by Tokyo Kantei in its January survey.

The monthly survey covers residential houses listed for sale in major markets around the country, which meet the following criteria: 1) floor area of 100-sqm to 300-sqm (1,076-sqft to 3,229-sqft), 2) located within a 30-minute walk or 20-minute bus ride to the nearest train station 3) wooden construction and 4) where the owner has ownership rights to both the land and house.

Greater Tokyo Area

For the greater Tokyo area as a whole (which includes Tokyo and the prefectures of Chiba, Saitama, and Kanagawa), the average price of a newly constructed house in January was 33,990,000 yen, a slight (+0.3%) increase compared to December.

Tokyo Kantei points out that prices in the greater Tokyo area have been on a slightly increasing trend since September 2015.

For Tokyo City (which includes the 23-wards plus the surrounding suburbs), the average price reached 44,720,000 yen, a year-on-year increase of 9.4% and a increase of 1.0% compared to December.

Except for Kanagawa prefecture, average prices in greater Tokyo rose in January.

Tokyo 23 Wards: 57,420,000 yen (flat v. last month, up 9.6% year-on-year)

Kanagawa Prefecture: 37,270,000 yen (down -0.7% v. last month, up +1.2% year-on-year)

Chiba Prefecture: 28,210,000 yen (up 1.4% v. last month, +4.0% year-on-year)

Saitama Prefecture: 30,00,000 yen (up 0.6% v. last month, +4.0% year-on-year)

Kinki Area

In the Kinki region (which includes Osaka, Hyogo, and Kyoto prefectures), the average price of a new house rose 2.1% to 30,080,000 yen.

Breakdown for Kinki by major market:

Osaka Prefecture: 31,940,000 yen (up +2.% v. last month, up +4.5% year-on-year)

Hyogo Prefecture: 30,0390,000 yen (up +6.1% v. last month, down -0.6% year-on-year), the first increase in five months

Kyoto Prefecture: 32,520,000 yen (down -1.6% v. last month, up 0.8% year-on-year), the fourth consecutive month of decreases

Kobe: 35,440,000 yen (up 1.5% v. last month, down -1.3% year-on-year)

Aichi and Fukuoka

Average price of a new house listed for sale in January by major market in Aichi and Fukuoka prefectures:

Aichi Prefecture: 31,260,000 yen (up +1.0% v. last month, up +1.5% year-on-year). Prices in Aichi are holding at around the 30 to 32 million yen mark.

Fukuoka Prefecture: 25,460,000 yen (up 1.3% v. last month, up 0.3% year-on-year), for two consecutive months of increases.

Nagoya: 37,200,000 yen (down -0.7% v. last month, up +4.5% year-on-year)

Fukuoka City: 31,370,000 yen (down -3.8% v. last month, up +4.0% year-on-year)

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