1. Housing market ・・・・・・ P3 - rehouse.co.jp · 55 1,500 2,000 2,500 3,000 3,500 4,000 4,500 3456789101112123456789101112123 FY2015 FY2016 FY2017 ①Contract price (condominiums)(LHS)

## April

1. Housing market ・・・・・・ P3

(1). Listing volume1. REINS registered properties ・・・・・・ P42. REINS inventory ・・・・・・ P4

(2). Contracts concluded1. REINS contracts concluded ・・・・・・ P52. Registered transfer of titles due to purchase and sale ・・・・・・ P5

(3). Price trends1. REINS contract unit price, Unit price per sqm ・・・・・・ P62. Officially published land prices ・・・・・・ P73. JREI home price indices ・・・・・・ P84. Property price indices ・・・・・・ P9

(4). New home market1. Condominiums for sale in Greater Tokyo area ・・・・・・ P10

・・・・・・ P103. Average price of condominiums in Greater Tokyo area ・・・・・・ P114. New home construction starts ・・・・・・ P11

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

・・・・・・ P13

(1). Office leasing1. Vacancy rates of office buildings in central 5 wards of Tokyo ・・・・・・ P142. Rents of office buildings in central 5wards of Tokyo ・・・・・・ P14

(2). Construction1. Value of construction orders received ・・・・・・ P152. Construction materials price index, Construction cost deflator ・・・・・・ P15

(3). Investment1. 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 MonthlyApril 2018 edition

* JREI：Japan Real Estate Institute * JHFA：Japan Housing Finance Agency

Ｐ3

1. Housing market

As of Results

REINS information content Registered properties March 28,637 Year-on-yearchange

10.3%

Unsold inventory March 79,473 Year-on-yearchange

7.3%

REINS contracts concluded Condominiums March 3,819 Year-on-yearchange

2.69%

Land/Detached Houses March 1,854 Year-on-yearchange

△ 2.42%

Total (units) March 5,673 Year-on-yearchange

0.96%

February 45,539 Year-on-yearchange

△ 2.73%

REINS average contract price Condominiums (10,000 yen) March 3,369 Month-on-monthchange

0.48%

Detached houses (10,000 yen) March 3,275 Month-on-monthchange

2.73%

Land (10,000 yen) March 3,096 Month-on-monthchange

5.45%

REINS contracts concluded Condominiums (10,000 yen/sqm) March 52.1 Month-on-monthchange

1.80%

Unit price sqm Land (10,000 yen/sqm) March 21.1 Month-on-monthchange

5.86%

January 90.4 Month-on-monthchange

△ 0.57%

November 136.9 Month-on-monthchange

1.56%

Officially published land prices Residential land January, 2018 - Year-on-year 1.00%

Commercial land January, 2018 - Year-on-year 3.70%

New home construction starts Nationwide (dwellings) February 69,071 Year-on-yearchange

△ 2.60%

Condominiums in Greater Tokyo area Condominiums supplied (units) March 3,617 Year-on-yearchange

6.13%

Contract conclusion rate March 74.7% Year-on-yearchange

8.50pt

Inventory (units) March 6,498 Month-on-monthchange

△ 0.99%

Unsold inventory after completion (units) March 3,376 Month-on-monthchange

15.78%

Average price (10,000 yen) March 6,220 Month-on-monthchange

1.50%

Average sqm unit price (10,000 yen/sqm) March 90.7 Month-on-monthchange

2.02%

as of April 1 2.475% Month-on-monthchange

0.00pt


0.00pt


0.00pt


0.00pt

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

0.00pt

New

hom

e m

arke

tM

ortg

age

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 (%)

Pric

e tr

ends

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

List

ing

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)

Cont

ract

sco

nclu

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


(Unit: units) (Unit: %)

*Sales of new homes and condo.ʼs 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

74,059 74,09479,473

△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

FY2015 FY2016 FY2017

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

25,85825,955

28,637

△15%

△10%

△5%

0%

5%

10%

15%

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

FY2015 FY2016 FY2017

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

3,5903,719 3,819

1,814 1,900 1,854

5,4045,619 5,673

△20%

△10%

0%

10%

20%

30%

0

2,000

4,000

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

FY2015 FY2016 FY2017

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

46,468

46,817 45,539

△10%

△5%

0%

5%

10%

15%

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

FY2015 FY2016 FY2017

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

3,056 3,1453,369

3,0273,063 3,275

2,941 2,8593,096

47.8 49.3 52.1

20.4 19.7 21.1

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

FY2015 FY2016 FY2017

①Contract price (condominiums)(LHS) ②Contract price (detached houses)(LHS)③Contract price (land)(LHS) Unit price/sqm (condominiums)(RHS)Unit price/sqm (land)(RHS)

③

①①

②② ②

③③

①


(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 LandAppraisal Committee of the Ministry of Land, Infrastructure, Transport and Tourism in accordance with the PublicNotice of Land Prices Act. The Land Appraisal Committee determines and publishes normal prices based on appraisalsby 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 2018

Residential land Commercial land

1.0

3.7

△2

0

2

4

Jan. '14 Jan. '15 Jan. '16 Jan. '17 Jan. '18

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 2017/4

Greater Total Tokyo

87.6 88.1 90.4

96.3 96.0 98.4

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

FY2015 FY2016 FY2017

Greater Total Tokyo

Tokyo

Greater Total


(2010 average = 100)

※South Kanto area：Tokyo・Kanagawa・Chiba・Saitama※Nagoya：Aichi・Gifu・Mie※Kyoto-Osaka-Kobe area：Osaka・Hyogo・Kyoto

(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 almost300,000 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 almost300,000 dwelling and condominium transactions conducted over 12 months.

90

100

110

120

130

140

150

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

FY2015 FY2016 FY2017

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

FY2015 FY2016 FY2017

Hokkaido area Tohoku area Chugoku area Kyushu-Okinawa area


(Unit: units)


(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

2,6933,408 3,617

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

FY2015 FY2016 FY2017

6,0396,749

6,4983,168 3,320 3,376

67.6% 66.2%74.7%

0%10%20%30%40%50%60%70%80%90%100%

1,0002,0003,0004,0005,0006,0007,0008,0009,000

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

FY2015 FY2016 FY2017

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


(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）

72,831

70,912 69,071

26,811 25,170 24,232

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

FY2015 FY2016 FY2017

Countrywide Tokyo area

5,638 5,588

6,220

80.2 79.0

90.7

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

FY2015 FY2016 FY2017

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


(Unit: %)

*Bank interest rates:Those by Sumitomo Mitsui Banking Corporation are shown here. as of April 1, 2018

*Rate as of 1st of each month

(5). Mortgage interest rates

Ｐ12

2.475

3.3

1.25

10.3

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

FY2016 FY2017 FY2018

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

④Long-term prime rate ⑤Official discount rate

⑤④

①③

②


■Office building, new construction markets

2. Office building and new construction markets

Ｐ13

Month, year Results

New buildings (%) March 8.9% Month-on-monthchange

△ 1.10pt

Existing buildings (%) March 2.7% Month-on-monthchange

△ 0.21pt

Overall average (%) March 2.8% Month-on-monthchange

△ 0.23pt

Average rent New buildings (yen/3.31sqm) March 27,413 Year-on-yearchange

△ 3.33%

Existing buildings (yen/3.31sqm) March 19,473 Year-on-yearchange

5.25%

Overall average (yen/3.31sqm) March 19,699 Year-on-yearchange

5.17%

February 1,247,860 Year-on-yearchange

19.21%

March 108.8 Month-on-monthchange

0.37%

January 106.7 Month-on-monthchange

△ 2.56%

Inve

stm

ent

TSE REIT Index March 1,689 Month-on-monthchange

△ 0.72%

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

Leas

ing

Cons

truc

tion

Vacancy rate incentral 5 wards ofTokyo

Value of construction orders received (million yen)

Construction Materials Price Index (FY2010 = 100)

Construction Cost Deflator(FY2011 = 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.

29.4%

19.5%

8.9%

3.8% 3.3% 2.7%

4.3% 3.6% 2.8%

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

FY2015 FY2016 FY2017

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

29,142 28,357 27,413

17,730 18,50219,473

17,973 18,730 19,699

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

FY2015 FY2016 FY2017

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

New buildings

Overall

Existing

New buildings

Overall

Existing


(Unit: million yen) (Unit: %)

(Construction Materials Price Index: FY2010 average = 100)(Construction Cost Deflator: FY2011 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 convertnominal construction cost into real construction cost. This is also used as a construction cost index.

100.4102.6

108.8104.4 104.8106.7

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

FY2015 FY2016 FY2017

Construction Materials Price Index (Tokyo) Construction Cost Deflator

990,637 1,046,7731,247,860

△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

FY2015 FY2016 FY2017

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000Construction 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)

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

Ｐ16

1,8961,776

1,689

5,0007,0009,00011,00013,00015,00017,00019,00021,000

23,00025,000

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

FY2015 FY2016 FY2017

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


：

： 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.

Condominium sales, Price, Contracts conclusionrate, Stocks

Trends in Development of Condominiums and Homes for Saleby Real Estate Economic Institute Co., Ltd.

Current Survey of Orders Received for Construction (Top 50Contractors) by Ministry of Land, Infrastructure, Transport andTourism

Various financial institutions. Sumitomo Mitsui BankingCorporation for Bank interest rates

Statistics on Construction Undertaken by Ministry of Land,Infrastructure, Transport and Tourism

Construction Cost Deflator by Ministry of Land, Infrastructure,Transport and Tourism

"Market Watch" by Real Estate Information Network for EastJapan

Registered transfer of titles due to purchase and sale

List of sources

REINS registered properties, Stocks, Contractsconcluded, 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

Ｐ17

Documents

1. Housing market ・・・・・・ P3 - rehouse.co.jp · 55 1,500 2,000 2,500 3,000 3,500 4,000 4,500 3456789101112123456789101112123 FY2015 FY2016 FY2017 ①Contract price (condominiums)(LHS)