The Price of Pre-Owned Apartment in the Greater Tokyo Area Declined More Whereas the Rent Remained Weak
Post: Monday September 3, 2012
According to the market price survey conducted every quarter, the recent survey (from April through June, 2012) indicated the market price of the previously owned apartment declined by 1.1% in comparison to preceding quarter. The depreciation of the recent rate was even greater than last quarter, minus 0.5%.
Further, the rent of condominium apartment (per sqm.) in June 2012 was slack in the greater Tokyo area overall, however it was brick in the central Tokyo area.
The rent in greater Tokyo area (2462 yen/sqm. 1.1% less compared to the proceeding month) has declined overall except for Chiba prefecture (1,522 yen/sqm., 0.3% more from the proceeding month). Particularly, the rent in Kanagawa prefecture dropped more significantly (2,128 yen/sqm., 1.2% less from the proceeding month).
Tokyo itself is in the similar status (2,904 yen/sqm., 0.4% less from the proceeding month). The rent in Tokyo 23-wards area declined in all wards (3,011 yen/sqm., 0.3% less from the proceeding month). It is showing a sign of going below 3,000 yen/sqm., however the 6 wards in central Tokyo maintained a higher rate of slightly over 3,500 yen/sqm. during the past year consistently.