1. housing market ・・・・・・ p3 · 2020-01-06 · trend monthly april 2019 edition *...

## April

1. Housing market ・・・・・・ P3

(1). Listing volume

1. REINS registered properties ・・・・・・ P4

2. REINS inventory ・・・・・・ P4

(2). Contracts concluded

1. REINS contracts concluded ・・・・・・ P5

2. Registered transfer of titles due to purchase and sale ・・・・・・ P5

(3). Price trends

1. REINS contract unit price, Unit price per sqm ・・・・・・ P6

2. Officially published land prices ・・・・・・ P7

3. JREI home price indices ・・・・・・ P8

4. Property price indices ・・・・・・ P9

(4). New home market

1. Condominiums for sale in Greater Tokyo area ・・・・・・ P10

・・・・・・ P10

3. Average price of condominiums in Greater Tokyo area ・・・・・・ P11

4. New home construction starts ・・・・・・ P11

(5). Mortgage interest rates ・・・・・・ P12

・・・・・・ P13

(1). Office leasing

1. Vacancy rates of office buildings in central 5 wards of Tokyo ・・・・・・ P14

2. Rents of office buildings in central 5wards of Tokyo ・・・・・・ P14

(2). Construction

1. Value of construction orders received ・・・・・・ P15

2. Construction materials price index, Construction cost deflator ・・・・・・ P15

(3). Investment

1. TSE REIT index ・・・・・・ P16

List of sources ・・・・・・ P17

2. Office building and new construction markets

2. Contract conclusion rate and inventory of condominiums in Greater Tokyo area

Table of Contents

Ｐ2

Trend Monthly

April 2019 edition

* JREI：Japan Real Estate Institute

*　JHFA：Japan Housing Finance Agency

1. Housing market

Ｐ3

As of Results

REINS information content Registered properties March 29,957Year-on-year

change4.61%

Unsold inventory March 85,772Year-on-year

change7.93%

REINS contracts concluded Condominiums March 4,117Year-on-year

change7.80%

Land/Detached Houses March 2,045Year-on-year

change10.30%

Total (units) March 6,162Year-on-year

change8.62%

February 47,011Year-on-year

change3.23%

REINS average contract price Condominiums (10,000 yen) March 3,490Month-on-month

change0.32%

Detached houses (10,000 yen) March 3,182Month-on-month

change1.86%

Land (10,000 yen) March 2,996Month-on-month

change△ 2.73%

REINS contracts concluded Condominiums (10,000 yen/sqm) March 54.0Month-on-month

change1.33%

Unit price sqm Land (10,000 yen/sqm) March 20.6Month-on-month

change△ 2.87%

January 92.1Month-on-month

change0.47%

November 142.6Month-on-month

change△ 0.29%

Officially published land prices Residential land January, 2019 - Year-on-year 1.30%

Commercial land January, 2019 - Year-on-year 4.70%

New home construction starts Nationwide (dwellings) February 71,966Year-on-year

change4.19%

Condominiums in Greater Tokyo area Condominiums supplied (units) March 3,337Year-on-year

change△ 7.74%

Contract conclusion rate March 72.2%Year-on-year

change△ 2.50pt

Inventory (units) March 8,267Month-on-month

change△ 3.56%

Unsold inventory after completion (units) March 3,825Month-on-month

change0.68%

Average price (10,000 yen) March 6,552Month-on-month

change4.13%

Average sqm unit price (10,000 yen/sqm) March 94.7Month-on-month

change3.95%

as of April 1 2.475%Month-on-month

change0.00pt


change0.00pt


change0.03pt


change0.00pt

as of December 19, 2008 0.30%Month-on-month

change0.00pt

Price

tre

nds

Summary Year-on-year, Month-on-month change

Lis

ting

volu

me

Registered transfer of titles due to purchase and sale (Nationwide)

JREI home price indices *

(December 1, 2000 = 100)(Greater Tokyo area)

Property price indices(Residential)

(2010 average = 100)(Nationwide)

Contr

act

s

concl

uded

New

hom

e m

ark

et

Mort

gage inte

rest

rate

s

Bank variable interest rate (%) (Sumitomo Mitsui Banking Corporation)

Bank (10-year) fixed rate (%) (Sumitomo Mitsui Banking Corporation)

JHFA standard interest rate(%)　*

Long-term prime rate (%)

Official discount rate (%)

* Minus 1% or lower Higher than minus 1% to under 1% 1% or higher

Minus 0.01pt or lower Higher than minus 0.01pt to under 0.01pt 0.01pt or higher

Trend Monthly

April 2019 edition

(Unit: units) (Unit: %)

*Sales of new homes and condo.’s are excluded.

*Land: Sales of land within a range of 100 to 200 sqm are counted.




(1). Listing volume; 1. REINS registered properties

(1). Listing volume; 2. REINS inventory

Ｐ4

74,09479,473

85,772

△30%

△20%

△10%

0%

10%

20%

30%

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3

FY2016 FY2017 FY2018

Unsold properties(LHS) Year-on-year change(RHS)

25,95528,637 29,957

△30%

△20%

△10%

0%

10%

20%

30%

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3

FY2016 FY2017 FY2018

Registered properties(LHS) Year-on-year change(RHS)

Trend Monthly

April 2019 edition





(2). Contracts concluded; 1. REINS contracts concluded

(2). Contracts concluded; 2.Registered transfer of titles due to purchase and sale (Nationwide)

Ｐ5

3,7193,819 4,117

1,900

1,8542,045

5,6195,673 6,162

△20%

△10%

0%

10%

20%

-1,000

1,000

3,000

5,000

7,000

3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3

FY2016 FY2017 FY2018

Land and detached houses CondominiumsYear-on year change/Condominiums Year-on-year change/Land and detached housesYear-on year/Total

46,817 45,53947,011

△15%

△10%

△5%

0%

5%

10%

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2

FY2016 FY2017 FY2018

Registered transfer of title(LHS) Year-on-year change(RHS)

Trend Monthly

April 2019 edition

(Unit: 10,000 yen) (Unit: 10,000 yen/sqm)



(3). Price trends; 1. REINS contract unit price, Unit price per sqm

Ｐ6

3,1453,369 3,490

3,0633,275

3,182

2,8593,096 2,996

49.352.1 54.0

19.721.1 20.6

15

20

25

30

35

40

45

50

55

60

1,500

2,000

2,500

3,000

3,500

4,000

4,500

3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3

FY2016 FY2017 FY2018

①Contract price (condominiums)(LHS) ②Contract price (detached houses)(LHS)

③Contract price (land)(LHS) Unit price/sqm (condominiums)(RHS)

Unit price/sqm (land)(RHS)

③

① ①

②②

②

③③

①

Trend Monthly

April 2019 edition

(Unit: %)

*Officially published land prices are the prices of standardized values published late March annually by the Land

Appraisal Committee of the Ministry of Land, Infrastructure, Transport and Tourism in accordance with the Public

Notice of Land Prices Act. The Land Appraisal Committee determines and publishes normal prices based on appraisals

by real estate appraisers and others of benchmark locations selected across the nation as of January 1 each year.

Ｐ7

(3). Price trends; 2. Officially published land prices (Greater Tokyo area)

■Changes over the last five years.

△40

△20

0

20

40

60

80

1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018

Residential land Commercial land

1.3

4.7

△2

0

2

4

6

Jan. '15 Jan. '16 Jan. '17 Jan. '18 Jan. '19

Residential land Commercial land

Trend Monthly

April 2019 edition

(January 2000 = 100)

※Total：Average of Greater Tokyo area（Tokyo・Kanagawa・Chiba・Saitama）

(January 2000 = 100)

※Total：Average of Greater Tokyo area（Tokyo・Kanagawa・Chiba・Saitama)

■Changes over the last two years.

(3). Price trends; 3. JREI home price indices

Ｐ8

0

20

40

60

80

100

120

140

160

1995/4 1997/4 1999/4 2001/4 2003/4 2005/4 2007/4 2009/4 2011/4 2013/4 2015/4 2017/4

Greater Total Tokyo

88.1 90.5 92.1

95.9 98.4

100.8

60

70

80

90

100

110

1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1

FY2016 FY2017 FY2018

Greater Total Tokyo

Tokyo

Greater Total

Trend Monthly

April 2019 edition

(2010 average = 100)

※South Kanto area：Tokyo・Kanagawa・Chiba・Saitama

※Nagoya：Aichi・Gifu・Mie

※Kyoto-Osaka-Kobe area：Osaka・Hyogo・Kyoto

(2010 average = 100)

*Real estate prices indexed monthly, classified nationally, by block and by metropolitan area based on price data of almost

300,000 dwelling and condominium transactions conducted over 12 months.

*Real estate prices indexed monthly, classified nationally, by block and by metropolitan area based on price data of almost

300,000 dwelling and condominium transactions conducted over 12 months.

Ｐ9

(3). Price trends; 4. Real estate price index（mansion）（Hokkaido・Tohoku・Chugoku・Kyushu）

(3). Price trends; 4. Real estate price index（mansion）（South Kanto area・Nagoya・Kyoto-Osaka-Kobe area）

90

100

110

120

130

140

150

160

11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11

FY2016 FY2017 FY2018

South Kanto area Nagoya area Kyoto-Osaka-Kobe area

80

100

120

140

160

180

200

220

11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11

FY2016 FY2017 FY2018

Hokkaido area Tohoku area Chugoku area Kyushu-Okinawa area

Trend Monthly

April 2019 edition

(Unit: units)


Ｐ10

(4). New home market; 1. Condominium sales in Greater Tokyo area

(4). New home market; 2. Contract conclusion rate and inventory of condominiums in Greater Tokyo area

3,4083,617

3,337

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3

FY2016 FY2017 FY2018

6,749 6,498

8,267

3,320 3,3763,825

66.2%74.7%

72.2%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3

FY2016 FY2017 FY2018

Total inventory(LHS) Unsold inventory after completion(LHS) Contract conclusion rate (RHS)

Trend Monthly

April 2019 edition

(Unit: 10,000 yen) (Unit: 10,000 yen/sqm)

(Unit: units)

(4). New home market; 4. Transition of new housing construction work starting（Countrywide・Tokyo area）

Ｐ11

(4). New home market; 3. Average price of condominiums in Greater Tokyo area

70,91269,071

71,966

25,17024,232 25,042

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2

FY2016 FY2017 FY2018

Countrywide Tokyo area

5,588

6,220

6,552

79.0

90.7

94.7

60

70

80

90

100

3,000

3,500

4,000

4,500

5,000

5,500

6,000

6,500

7,000

3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3

FY2016 FY2017 FY2018

Average price(LHS) Unit price/sqm(RHS)

Trend Monthly

April 2019 edition

(Unit: %)

*Bank interest rates:Those by Sumitomo Mitsui Banking Corporation are shown here. as of April 1, 2019

*Rate as of 1st of each month

(5). Mortgage interest rates

Ｐ12

2.475

3.3

1.23

1

0.30.0

1.0

2.0

3.0

4.0

5.0

6.0

4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4

FY2017 FY2018 FY2019

①Bank/Variable ②Bank/10 year fixed ③JHFA

④Long-term prime rate ⑤Official discount rate

⑤

④

①

③

②

Trend Monthly

April 2019 edition

■Office building, new construction markets

Ｐ13

2. Office building and new construction markets

Month, year Results

New buildings (%) March 2.90%Month-on-month

change△ 0.27pt

Existing buildings (%) March 1.74%Month-on-month

change△ 0.01pt

Overall average (%) March 1.78%Month-on-month

change0.00pt

Average rent New buildings (yen/3.31sqm) March 30,354Year-on-year

change10.73%

Existing buildings (yen/3.31sqm) March 20,855Year-on-year

change7.10%

Overall average (yen/3.31sqm) March 21,134Year-on-year

change7.28%

February 1,205,498Year-on-year

change△ 3.39%

March 112.8Month-on-month

change0.36%

January 112.1Month-on-month

change△ 2.44%

Inve

stm

ent

TSE REIT Index March 1,907Month-on-month

change3.10%

Value of construction orders received (million yen)

Construction Materials Price Index (FY2010 = 100)

Construction Cost Deflator(FY2011 = 100)

Summary Year-on-year, Month-on-month change

Leas

ing

Const

ruct

ion

Vacancy rate in

central 5 wards of

Tokyo

* Minus 1% or lower Higher than minus 1% to under 1% 1% or higher

Minus 0.01pt or lower Higher than minus 0.01pt to under 0.01pt 0.01pt or higher

Trend Monthly

April 2019 edition

(Unit: %)

*New buildings: Buildings completed less than one year ago.

(Unit: yen/3.31sqm per month)

Ｐ14

*Survey subject: Same as above.

*New buildings:Same as above.

(1). Office leasing; 2.Rents in central 5 wards of Tokyo

(1). Office leasing; 1. Vacancy rate in central 5 wards of Tokyo

*Survey subject: Large rental office buildings with standard floor space exceeding 331sqm in Tokyo business district

(Chiyoda ward, Chuo ward, Minato ward, Shinjuku ward, and Shibuya ward)

19.51%

8.90%

2.90%

3.25% 2.70% 1.74%

3.60% 2.80%1.78%

0%

5%

10%

15%

20%

25%

30%

35%

3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3

FY2016 FY2017 FY2018

Vacancy rate/new buildings (%) Vacancy rate/existing buildings (%) Vacancy rate/average (%)

28,35727,413

30,354

18,50219,473

20,85518,730 19,699

21,134

10,000

15,000

20,000

25,000

30,000

35,000

3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3

FY2016 FY2017 FY2018

Average rent/new buildings Average rent/existing buildings Average rent/average (yen/3.31sqm)

New buildings

Overall

Existing buildings

New buildings

Overall

Existing buildings

Trend Monthly

April 2019 edition

(Unit: million yen) (Unit: %)

(Construction Materials Price Index: FY2010 average = 100)

(Construction Cost Deflator: FY2011 average = 100)

Ｐ15

(2). Construction; 2. Construction Materials Price Index, Construction Cost Deflator

*Construction Cost Deflator: An index prepared by the Ministry of Land, Infrastructure, Transport and Tourism to convert

nominal construction cost into real construction cost. This is also used as a construction cost index.

(2). Construction; 1. Value of construction orders received

*Value of construction orders received: Total value of orders received by Japan's 50 largest construction companies.

Both private sector construction and public works projects by national and local governments are included.

102.5

108.9112.8106.6

108.9111.3

90

95

100

105

110

115

120

2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3

FY2016 FY2017 FY2018

Construction Materials Price Index (Tokyo) Construction Cost Deflator

1,046,7731,247,860

1,205,498

△50%

△30%

△10%

10%

30%

50%

70%

90%

110%

2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2

FY2016 FY2017 FY2018

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

Construction orders received(LHS) Year-on-year change(RHS)

Trend Monthly

April 2019 edition

(TSE REIT Index: End of March 2003 = 1,000; Topix: Jan. 4, 1968 = 100) (Nikkei Stock Price Average values: yen)

Ｐ16

(3). Investment; 1. TSE REIT Index (reference data: Topix, Nikkei Stock Price Average)

1,7761,689

1,907

5,000

10,000

15,000

20,000

25,000

30,000

500

700

900

1,100

1,300

1,500

1,700

1,900

2,100

3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3

FY2016 FY2017 FY2018

TSE REIT Index(LHS) Topix(LHS) Nikkei Stock Price Average(RHS)

Trend Monthly

April 2019 edition

：

： Registration Statistics by Ministry of Justice

Officially published land prices ：

Property Price Index (Residential) ：

JREI Home Price Index ： JREI Home Price Index by Japan Real Estate Institute

Mortgage interest rates ：

：

New home construction starts of dwellings ：

Office vacancy rates/rents ： Office Market Report by Miki Shoji Co., Ltd.

Value of construction orders received ：

Construction Materials Price Index ： Construction Materials Price Index by Economic Research Association

Construction Cost Deflator ：

TSE REIT Index ： Tokyo Stock Exchange, Inc.

Ｐ17

Construction Cost Deflator by Ministry of Land, Infrastructure,

Transport and Tourism

"Market Watch" by Real Estate Information Network for East

Japan

Registered transfer of titles due to purchase and sale

List of sources

REINS registered properties, Stocks, Contracts

concluded, Average contract price

Official Posting of Land Prices by Ministry of Land,

Infrastructure, Transport and Tourism

Property Price Index by Ministry of Land, Infrastructure,

Transport and Tourism

Condominium sales, Price, Contracts conclusion

rate, Stocks

Trends in Development of Condominiums and Homes for Sale

by Real Estate Economic Institute Co., Ltd.

Current Survey of Orders Received for Construction (Top 50

Contractors) by Ministry of Land, Infrastructure, Transport and

Tourism

Various financial institutions. Sumitomo Mitsui Banking

Corporation for Bank interest rates

Statistics on Construction Undertaken by Ministry of Land,

Infrastructure, Transport and Tourism

1. housing market ・・・・・・ p3 · 2020-01-06 · trend monthly april 2019 edition *...

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