2017-11-07

Review on Average House Price in Japan (2017)

  • Advice

Average home prices vary by country. In some countries, the house price is climbing, including Japan which is still considered an affordable market. Japan’s housing market might be confusing for some people, where the average house price does not go through extreme price fluctuations. From Q1 to Q2 2017, the overall residential property price in Japan showed a 0.37% increase.

Average House Prices in Japan Overview

The common house types in Japan are single family detached homes (一戸建て ikkodate) and condominium (マンション manshon). The overview of the average house price in Japan for 2017 is shown below:

Month

Secondhand House Price (¥)

Newly Built House Price (¥)

Greater Tokyo

Kansai

Chubu

Greater Tokyo

Kansai

Chubu

Fukuoka

Jan-17

 31,000,000 

 24,330,000 

 21,120,000 

 34,950,000 

 29,500,000 

 29,300,000 

 26,340,000 

Feb-17

 31,730,000 

 24,570,000 

 20,200,000 

 34,840,000 

 29,640,000 

 29,190,000 

 26,680,000 

Mar-17

 31,680,000 

 23,920,000 

 20,380,000 

 35,240,000 

 29,500,000 

 29,490,000 

 26,650,000 

Apr-17

 31,730,000 

 24,310,000 

 20,010,000 

 35,300,000 

 30,160,000 

 29,580,000 

 27,470,000 

May-17

 31,830,000 

 23,410,000 

 19,850,000 

 35,320,000 

 30,000,000 

 29,250,000 

 27,380,000 

Jun-17

 30,940,000 

 22,480,000 

 20,080,000 

 34,600,000 

 29,250,000 

 29,060,000 

 26,710,000 

Jul-17

 29,260,000 

 23,100,000 

 20,420,000 

 34,150,000 

 28,800,000 

 29,580,000 

 27,380,000 

Aug-17

 29,490,000 

 23,430,000 

 20,750,000 

 34,100,000 

 28,940,000 

 29,680,000 

 27,280,000 

Sep-17

 30,180,000 

 23,450,000 

 19,940,000 

 34,710,000 

 29,020,000 

 29,200,000 

 26,800,000 

Source: Kantei Market Report 2017

The average house price shows relatively steady for all regions. Market in Greater Tokyo and Kansai area are showing growth, while Chubu region and Fukuoka Prefecture are showing an unnoticeable price decline.

Average House Price in Tokyo

As the capital city of Japan, Tokyo has the highest average house price all over Japan. Here is the recap of the average house price in Tokyo.

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Condominium


Source: Real Estate Market Information 2017


The data shows that the latest average price for a newly built condominium in Tokyo Metropolis is JP¥ 3,542,000 per tsubo or USD 9,427 per square meter. The price shows a rise in the last quarter of 2016, following the price fall in the first quarter. However, Tokyo still has the highest property price in Japan.

For secondhand condominium units in Tokyo Metropolis, the average price is JP¥ 2,954,500 per tsubo or USD 7,863 per square meter. The market condition of secondhand condominium shows a relatively slow growth in the price. The secondhand price doesn’t show too much difference, with only 17% lower than the average price on newly built. With a rather stable market condition, the secondhand market seems more promising to the buyer.

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Detached House

Month

Average House Price (¥)

Secondhand

Newly Built

Jan-17

 100,820,000 

58,510,000 

Feb-17

 99,280,000 

58,720,000 

Mar-17

 93,720,000 

61,210,000 

Apr-17

 104,210,000 

57,980,000 

May-17

 94,020,000 

60,270,000 

Jun-17

 97,110,000 

60,180,000 

Jul-17

 87,080,000 

60,720,000 

Aug-17

 89,300,000 

60,470,000 

Sep-17

 90,480,000 

62,710,000 

Source: Kantei Market Report 2017

The current market for Tokyo Metropolis house price is remain buoyant, with current average price JP¥ 62,710,000 for newly built detached house and JP¥ 90,480,000 for secondhand detached house. The price is showing a raise in the last month of 3rd quarter of 2017.

Average House Price in Osaka

Osaka is the second biggest metropolitan city in Japan. Osaka is the second most attractive city to live in. The international airport and tourist attractions are some of the reasons to live in Osaka. Here is the recap of the average house price in Osaka for both condominium and detached house.

Condominium


Source: Real Estate Market Information 2017

The data shows that the latest average price for a newly built condominium in Osaka City is JP¥ 2,290,000 per tsubo or USD 6,095 per square meter. The price shows the highest price in the past decade. As the price in Osaka grows steadily, it shows a good opportunity to invest in a growing market.

For secondhand condominium units in Osaka City, the average price is JP¥ 1,759,500 per tsubo or USD 4,683 per square meter. Just like Tokyo, the market condition of secondhand condominium shows a relatively slow growth in price. Unlike Tokyo, the gap from secondhand market and newly built market is quite bigger at 23%. With the overall growing condition for both markets, the Osaka real estate market is considered bullish.

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Detached House

Month

Average House Price (¥)

Secondhand

Newly Built

Jan-17

 41,250,000 

41,660,000 

Feb-17

 43,820,000 

43,000,000 

Mar-17

 37,800,000 

41,380,000 

Apr-17

 43,000,000 

40,020,000 

May-17

 39,270,000 

41,690,000 

Jun-17

 40,250,000 

43,560,000 

Jul-17

 45,970,000 

38,490,000 

Aug-17

 42,410,000 

39,050,000 

Sep-17

 37,940,000 

35,930,000 

Source: Kantei Market Report 2017

The current market for Osaka City house price is fluctuated, with current average price JP¥ 35,930,000 for newly built detached house and JP¥ 37,940,000 for secondhand detached house. The average price for newly build is showing a fall as the lowest in 2017, while the secondhand market is slightly higher than its lowest market condition in May 2017.



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