1. Housing market - rehouse.co.jp · 1. Housing market As of Results REINS information content Registered properties March 25,955 Year-on-year change 0.4% ... 55 1,500 2,000 2,500

## 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

Ｐ2

2. Office building and new construction markets

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

Table of Contents

Trend Monthly

April 2017 edition

* JREI：Japan Real Estate Institute

*　JHFA：Japan Housing Finance Agency

Ｐ3

1. Housing market

As of Results

REINS information content Registered properties March 25,955Year-on-year

change0.4%

Unsold inventory March 74,094Year-on-year

change0.0%

REINS contracts concluded Condominiums March 3,719Year-on-year

change3.59%

Land/Detached Houses March 1,900Year-on-year

change4.74%

Total (units) March 5,619Year-on-year

change3.98%

February 46,817Year-on-year

change0.75%

REINS average contract price Condominiums (10,000 yen) March 3,145Month-on-month

change△ 0.22%

Detached houses (10,000 yen) March 3,063Month-on-month

change△ 0.65%

Land (10,000 yen) March 2,859Month-on-month

change4.73%

REINS contracts concluded Condominiums (10,000 yen/sqm) March 49.3Month-on-month

change△ 0.02%

Unit price sqm Land (10,000 yen/sqm) March 19.7Month-on-month

change4.46%

January 88.1Month-on-month

change0.59%

December 128.0Month-on-month

change△ 1.27%

Officially published land prices Residential land January, 2017 - Year-on-year 0.70%

Commercial land January, 2017 - Year-on-year 3.10%

New home construction starts Nationwide (dwellings) February 70,912Year-on-year

change△ 2.63%

Condominiums in Greater Tokyo area Condominiums supplied (units) March 3,408Year-on-year

change26.55%

Contract conclusion rate March 66.2%Year-on-year

change△ 1.40pt

Inventory (units) March 6,749Month-on-month

change2.35%

Unsold inventory after completion (units) March 3,320Month-on-month

change13.43%

Average price (10,000 yen) March 5,588Month-on-month

change△ 3.54%

Average sqm unit price (10,000 yen/sqm) March 79.0Month-on-month

change△ 7.28%

as of April 1 2.475%Month-on-month

change0.00pt


change0.25pt


change△ 0.06pt


change0.00pt

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

change0.00pt

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 (%)

Price t

rends

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

acts

conclu

ded

* 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 Trend Monthly

April 2017 edition April 2017 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; 2. REINS inventory

Ｐ4

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

68,307 74,059 74,094

△20%

△10%

0%

10%

20%

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

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

FY2014 FY2015 FY2016

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

25,414 25,858 25,955

△15%

△10%

△5%

0%

5%

10%

15%

0

5,000

10,000

15,000

20,000

25,000

30,000

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

FY2014 FY2015 FY2016

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







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

Ｐ5

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

3,728 3,590 3,719

1,692

1,814

1,900

△20%

△10%

0%

10%

20%

30%

40%

0

1,000

2,000

3,000

4,000

5,000

6,000

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

FY2014 FY2015 FY2016

Condominiums Land and detached houses

Year-on year change/Condominiums Year-on-year change/Land and detached houses

Year-on year/Total

42,226

46,468 46,817

△10%

△5%

0%

5%

10%

15%

20%

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

FY2014 FY2015 FY2016

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



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



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

Ｐ6

①3,063

①3,027 ①3,063 ②2,923

②3,056 ②3,145

③2,784 ③2,941 ③2,859

45.3 47.8

49.3

19.5 20.4 19.7 15

20

25

30

35

40

45

50

55

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

FY2014 FY2015 FY2016

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

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

Unit price/sqm (land)(RHS)



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

■Changes over the last five years.

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

*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

△40

△20

0

20

40

60

80

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

Residential land Commercial land

0.7

3.1

△6

△4

△2

0

2

4

Jan. '13 Jan. '14 Jan. '15 Jan. '16 Jan. '17

Residential land Commercial land



(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)

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

Ｐ8

■Changes over the last two years.

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

Greater Total Tokyo

83.8

87.6 88.1

91.0

96.3 96.0

60

70

80

90

100

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

FY2014 FY2015 FY2016

Greater Total Tokyo

Tokyo

Greater Total



(January 2000 = 100) (2010 average = 100)

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

※Nagoya：Aichi・Gifu・Mie

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

(January 2000 = 100) (2010 average = 100)

(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）

Ｐ9

*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.

90.0

100.0

110.0

120.0

130.0

140.0

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

FY2014 FY2015 FY2016

South Kanto area Nagoya area Kyoto-Osaka-Kobe area

80.0

100.0

120.0

140.0

160.0

180.0

200.0

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

FY2014 FY2015 FY2016

Hokkaido area Tohoku area Chugoku area Kyushu-Okinawa area



(2010 average = 100) (Unit: units)

(2010 average = 100) (Unit: units) (Unit: %)

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

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

Ｐ10

4,457

2,693

3,408

0

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

FY2014 FY2015 FY2016

5,218 6,039 6,749

2,040

3,168 3,320

79.6%

67.6% 66.2%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0

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

FY2014 FY2015 FY2016

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



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

(Unit: units)

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

Ｐ11

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

67,552 72,831 70,912

27,114 26,811

25,170

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

FY2014 FY2015 FY2016

Countrywide Tokyo area

5,186

5,638 5,588

73.6

80.2 79.0

40

50

60

70

80

90

100

110

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

FY2014 FY2015 FY2016

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



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

*Bank interest rates:Those by Sumitomo Mitsui Banking Corporation are shown here. as of April 1, 2017

*Rate as of 1st of each month

(Unit: units)

(5). Mortgage interest rates

Ｐ12

3.25

1.29

2.475

0.95

0.3 0.0

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

FY2015 FY2016 FY2017

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

④Long-term prime rate ⑤Official discount rate

⑤

④

③

②

①



■Office building, new construction markets

2. Office building and new construction markets

Ｐ13

Month, year Results

New buildings (%) March 19.5%Month-on-month

change△ 0.23pt

Existing buildings (%) March 3.3%Month-on-month

change0.06pt

Overall average (%) March 3.6%Month-on-month

change△ 0.10pt

Average rent New buildings (yen/3.31sqm) March 28,357Year-on-year

change△ 2.69%

Existing buildings (yen/3.31sqm) March 18,502Year-on-year

change4.35%

Overall average (yen/3.31sqm) March 18,730Year-on-year

change4.21%

February 1,046,773Year-on-year

change5.67%

March 102.2Month-on-month

change0.59%

January 108.2Month-on-month

change△ 1.90%

Invest

ment

TSE REIT Index March 1,776Month-on-month

change△ 2.26%

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

Leasi

ng

Const

ruct

ion

Vacancy rate in

central 5 wards of

Tokyo

Value of construction orders received (million yen)

Construction Materials Price Index (FY2010 = 100)

Construction Cost Deflator(FY2005 = 100)

* 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



(Unit: %)

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

(Unit: yen/3.31sqm per month)

(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)

Ｐ14

*Survey subject: Same as above.

*New buildings:Same as above.

30.4%

29.4%

19.5%

4.7% 3.8% 3.3%

5.3% 4.3% 3.6%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

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

FY2014 FY2015 FY2016

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

26,160 29,142 28,357

16,944 17,730 18,502

17,195 17,973 18,730

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

FY2014 FY2015 FY2016

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



(Unit: million yen) (Unit: %)

(Unit: yen/3.31sqm per month) (Construction Materials Price Index: FY2010 average = 100)

(Construction Cost Deflator: FY2005 average = 100)

(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.

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.

104.6

99.3 102.2

109.4 107.8

108.2

90

95

100

105

110

115

120

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 2 3

FY2014 FY2015 FY2016

Construction Materials Price Index (Tokyo) Construction Cost Deflator

1,130,574

990,637 1,046,773

△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

FY2014 FY2015 FY2016

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

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



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

(Construction Materials Price Index: FY2010 average = 100)

(Construction Cost Deflator: FY2005 average = 100)

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

Ｐ16

1,865 1,896 1,776

5,000

7,000

9,000

11,000

13,000

15,000

17,000

19,000

21,000

23,000

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

FY2014 FY2015 FY2016

TSE REIT Index Topix Nikkei Stock Price Average



(Nikkei Stock Price Average values: yen)

：

： Registration Statistics by Ministry of Justice

Officially published land prices ：

Property Price Index (Residential) ：

JREI Home Price Index ： Japan Real Estate Institute

Mortgage interest rates ：

： Real Estate Economic Institute Co., Ltd.

New home construction starts of dwellings ：

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

Value of construction orders received ：

Construction Materials Price Index ： Economic Research Association

Construction Cost Deflator ：

TSE REIT Index ： Tokyo Stock Exchange, Inc.

Various financial institutions. Sumitomo Mitsui Banking

Corporation for Bank interest rates

Land General Information Library 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





Condominium sales, Price, Contracts conclusion rate, Stocks

Ｐ17

Documents

1. Housing market - rehouse.co.jp · 1. Housing market As of Results REINS information content Registered properties March 25,955 Year-on-year change 0.4% ... 55 1,500 2,000 2,500