Tokyo Residential Market Report 090706_savills
This document was uploaded by user and they confirmed that they have the permission to share it. If you are author or own the copyright of this book, please report to us by using this DMCA report form. Report DMCA
Overview
Download & View Tokyo Residential Market Report 090706_savills as PDF for free.
More details
- Words: 7,674
- Pages: 89
Leading International Property Advisors
For:
Tokyo Residential Market Report July 2009
Tokyo: The World’s Largest City by GDP in 2005 and also in 2020 ($1 Billion at PPPs)
• Tokyo’s GDP was the largest in the world in 2005 worth around 1.2 trillion dollars • It is expected to be at the top of the table in 2020, with a GDP worth 1.6 trillion dollars
2005
2020 (estimate)
r ng k el Lo es nd Ch o n ic a go M P ar ex i i co s Ph i la Ci ty O d elp s W a ka hia as hi / K o n b B u g to n e en D os C Ai re Bo s S a s to n o P D a H o au ll a ng l o s/ F o K on rt g W S h or t an h gh Sa a n Se i Fr ou an l A cis tl a co nt a /O ak l H o and us to n M ia To m i ro M n to os co M w um b M ai ad r D e id tr Is o it ta nb S e ul at tle M B ei j et ro in g M an ila
Lo
sA
Yo
w
Ne
To
ky
o
1,800 1,600 1,400 1,200 1,000 800 600 400 200 0
(Source: United Nations, PｗC, Savills Research & Consultancy)
Population of Tokyo: Growth Expected
Tokyo’s population (including its exterior cities) is projected to increase until 2020, peaking at 13.05 million Tokyo’s population will not decrease to its 2005 level until after 2035 Japan (LHS)
Tokyo (RHS)
(Million) 130.0
(Million) 13.2 13.1 13.0 12.9 12.8 12.7 12.6 12.5 12.4 12.3
125.0 120.0 115.0 110.0 105.0 100.0 2005
2010
2015
2020
2025
2030
(Source: National Institute of Population and Social Security Research, Savills Research & Consultancy)
2035
Tokyo Residential: Beginning Transaction Cap Rate (%)
Studio Residential
•Residential cap rates reached its lowest level in 2007/2H • Currently, beginning transaction cap rates are expected to be between 50 ~100 basis points higher than its 2007/2H level
Family Residential
Luxury Residential (Low Rise)
Luxury Residential (Tower)
20
03 2 0 /1 0 03 / 20 12 04 2 0 /2 04 2 0 /4 04 2 0 /6 0 2 0 4 /8 04 2 0 /1 0 04 / 20 12 05 2 0 /2 05 2 0 /4 05 2 0 /6 0 2 0 5 /8 05 2 0 /1 0 05 / 20 12 06 2 0 /2 06 2 0 /4 06 2 0 /6 0 2 0 6 /8 06 2 0 /1 0 06 / 20 12 07 2 0 /2 07 2 0 /4 07 2 0 /6 0 2 0 7 /8 07 2 0 /1 0 07 / 20 12 08 2 0 /2 08 2 0 /4 08 2 0 /6 0 2 0 8 /8 08 2 0 /1 0 08 / 20 12 09 2 0 /2 09 /4
7.2 7.0 6.8 6.6 6.4 6.2 6.0 5.8 5.6 5.4 5.2 5.0 4.8 4.6 4.4 4.2
(Source: Japan Real Estate Institute, Savills Research & Consultancy)
Tokyo Residential - Major Investment Transactions
Property
Purchasing Price Price per Tsubo Location
Cap Rate (estimate)
Transaction Date Purchaser
Lietocourt Arx Tower
Cosmos Nishiojima Grand Stage
Concieria Shibakoen
J-Flats Sangenjaya
¥13,000,000,000
¥710,000,000
¥4,000,000,000
¥871,130,000
¥1,808,660
NA
NA
NA
3-8-1, MInato, Chuo Ward, Tokyo
3-5-20,21, Kitasuna, Koto Ward, Tokyo
6-15-1, Shimbashi, Minato Ward, Tokyo
2-16-9, Sangenjaya, Setagaya Ward, Tokyo
5.4%
7.8%
6.0%
5.2%
February 2009
January 2009
December 2008
December 2008
St. Martins
Star Mica
Sumitomo Forestry
Joint REIT
(Source: Real Capital Analytics, Savills Research & Consultancy)
Tokyo 23 Wards: Chiyoda, Chuo, Minato, Shinjuku Shibuya, Shinagawa, Meguro, Ota, Setagaya, Nakano, Suginami, Bunkyo, Toshima, Nerima, Itabashi, Kita, Koto, Sumida, Arakawa, Adachi, Katsushika, Edogawa Area (sq.km) Population (persons) Day Time Population (persons) No. of Households Population Density persons/sq.km
587 7,654,272 11,143,712 4,352,894 13,031
Dwellings by Type of Building Detached Houses Tenament Houses Apartments 1-2 Stories 3-5 Stories 6-10 Stories 11 Stories and Over Other
Total 996,250 68,050 2,754,940 669,090 1,078,460 564,250 442,620 23,170
(Source: National Institute of Population and Social Security Research, Savills Research & Consultancy)
Population of Tokyo 23 Wards:
•Population of Tokyo’s 23 wards is expected to grow continuously until around 2020 •Tokyo 23 wards’ population is expected to decrease to below 2005 levels by 2035
(Persons)
Tokyo 23 Wards
8,800,000 8,750,000 8,700,000 8,650,000 8,600,000 8,550,000 8,500,000 8,450,000 8,400,000 2005
2010
2015
2020
2025
2030
2035
(Source: Ministry of Internal Affairs, at home, Savills Research & Consultancy)
Tokyo 23 Ward: Rental Level Sized 80 sq.m. Or Larger
•Rental Levels peaked in 2008/1H •Number of contracted units peaked in 2005/2H Rate of decrease between peak and 2008/2H - Rental Level→0.16% - Number of Units→30.94%
(Yen) Rent per Month per Tsubo (LHS)
No. of Units (RHS)
15,500
1,600
15,000
1,400
14,500
1,200
14,000
1,000
13,500
800
13,000
600
12,500 12,000
400
11,500
200
11,000
0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Tokyo 23 Ward: Rental Level Sized 40 – 80 sq.m.
•Rental Levels in 2008/2H was the highest in the past 5 years. Rental levels increased by 2.89% on a Y-o-Y basis. •Number of contracted units peaked in 2006/1H Rate of decrease between peak and 2008/2H was 40.40%
(Yen)
Rent per Month per Tsubo (LHS)
No. of Units (RHS) 9,000
11,500
8,000 11,000
7,000 6,000
10,500
5,000 10,000
4,000 3,000
9,500
2,000
9,000
1,000 0
8,500 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Tokyo 23 Ward: Rental Level Sized 40 or smaller
•Rental Levels peaked in 2007/2H •Number of contracted units peaked in 2005/1H Rate of decrease between peak and 2008/2H - Rental Level→28.21% - Number of Units→51.60%
(Yen)
Rent per Month per Tsubo (LHS)
No. of Units (RHS)
14,000
20,000 18,000
12,000
16,000 14,000
10,000 8,000
12,000 10,000
6,000
8,000 6,000
4,000
4,000 2,000
2,000
0
0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Central 5 Wards: Chiyoda, Chuo, Minato, Shinjuku, Shibuya Area (sq.km) 75.47 Population (persons) 825,627 Day Time Population (persons) 3,722,952 No. of Households 482,090 Population Density persons/sq.km 52,530
Shinjuku Ward
Chiyoda Ward
Shibuya Ward Chuo Ward
Dwellings by Type of Building Detached Houses Tenament Houses Apartments 1-2 Stories 3-5 Stories 6-10 Stories 11 Stories and Over Other
Total 56,760 8,870 347,030 43,430 106,310 92,250 105,030 7,990
Minato Ward
(Source: Ministry of Internal Affairs, at home, Savills Research & Consultancy)
Central 5 Wards: Population of Chiyoda, Chuo, Minato, Shinjuku & Shibuya Wards
•Population of the central 5 wards is expected to grow continuously until around 2025 •The population of Chiyoda Ward is expected to grow continuously until around 2030 •The population of Chuo and Minato wards is expected to grow continuously until around 2035
Chiyoda (LHS) Shinjuku (LHS)
(Persons)
Chuo (LHS) Shibuya (LHS)
Minato (LHS) Total (RHS)
(Persons) 940,000 920,000 900,000 880,000 860,000 840,000 820,000 800,000 780,000
350,000 300,000 250,000 200,000 150,000 100,000 50,000 0 2005
2010
2015
2020
2025
2030
(Source: National Institute of Population and Social Security Research, Savills Research & Consultancy)
2035
Chiyoda Ward: Rental Level Sized 80 sq.m. Or Larger (Yen)
•Rental Levels peaked in 2008/1H •Number of contracted units peaked in 2006/1H Rate of decrease between peak and 2008/2H - Rental Level→9.28% - Number of Units→48.91% Rent per Month per Tsubo (LHS)
No. of Units (RHS)
25,000
100 90
20,000
80 70
15,000
60 50
10,000
40 30
5,000
20 10
0
0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Chiyoda Ward: Rental Level Sized 40 – 80 sq.m. (Yen)
•Rental Levels peaked in 2008/1H •Number of contracted units peaked in 2006/1H Rate of decrease between peak and 2008/2H - Rental Level→6.98% - Number of Units→61.54% Rent per Month per Tsubo (LHS)
No. of Units (RHS)
15,500
250
15,000 200
14,500 14,000
150
13,500 100
13,000 12,500
50
12,000 0
11,500 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Chiyoda Ward: Rental Level Sized 40 or smaller
•Rental Levels peaked in 2006/1H •Number of contracted units peaked in 2005/2H Rate of decrease between peak and 2008/2H - Rental Level→2.46% - Number of Units→60.49%
(Yen)
Rent per Month per Tsubo (LHS)
No. of Units (RHS)
14,400
350
14,200
300
14,000 13,800
250
13,600 13,400
200
13,200
150
13,000 100
12,800 12,600
50
12,400
0
12,200 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
•Rental Levels peaked in 2007/1H
Chuo Ward: Rental Level Sized 80 sq.m. Or Larger
•Number of contracted units peaked in 2008/1H Rate of decrease between peak and 2008/2H - Rental Level→10.23% - Number of Units→34.29%
(Yen)
Rent per Month per Tsubo (LHS)
No. of Units (RHS)
16,000
120
14,000
100
12,000 80
10,000 8,000
60
6,000
40
4,000 20
2,000
0
0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Chuo Ward: Rental Level Sized 40 – 80 sq.m.
(Yen)
•Rental Levels peaked in 2007/2H •Number of contracted units peaked in 2008/1H Rate of decrease between peak and 2008/2H - Rental Level→4.07% - Number of Units→26.78% Rent per Month per Tsubo (LHS)
No. of Units (RHS)
13,500
600
13,000
500
12,500
400
12,000 300 11,500 200
11,000 10,500
100
10,000
0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Chuo Ward: Rental Level Sized 40 sq.m. or Smaller
•Rental Levels peaked in 2007/2H •Number of contracted units peaked in 2005/1H Rate of decrease between peak and 2008/2H - Rental Level→3.92% - Number of Units→61.62% Rent per Month per Tsubo (LHS)
(Yen)
No. of Units (RHS)
14,600
700
14,400
600
14,200 14,000
500
13,800
400
13,600 13,400
300
13,200
200
13,000
100
12,800
0
12,600 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
•Rental levels peaked in 2008/1H
Minato Ward: Rental Level Sized 80 sq.m. Or Larger
•Number of units contracted peaked in 2007/H1 •Rate of decrease between peak and 2008/2H •- Rental Level→6.13% •- Number of Units→11.42% Rent per Month per Tsubo (LHS)
(Yen)
No. of Units (RHS)
19,500 19,000 18,500 18,000 17,500 17,000 16,500 16,000 15,500 15,000 14,500 14,000
450 400 350 300 250 200 150 100 50 0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Minato Ward: Rental Level Sized 40 – 80 sq.m.
•Rental levels peaked in 2007/2H •Number of units contracted peaked in 2007/H1 •Rate of decrease between peak and 2008/2H •- Rental Level→6.82％ •- Number of Units→12.43% Rent per Month per Tsubo (LHS)
(Yen)
No. of Units (RHS)
16,000
1,000 900
15,500
800
15,000
700
14,500
600 500
14,000
400
13,500
300 200
13,000
100 0
12,500 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
•Rental levels peaked in 2008/1H •Number of units contracted peaked in 2005/1H •Rate of decrease between peak and 2008/2H •- Rental Levels→4.42％ •- Number of Units→48.61%
Minato Ward: Rental Level Sized 40 sq.m. Or Smaller (Yen)
Rent per Month per Tsubo (LHS)
No. of Units (RHS)
16,000 15,800 15,600 15,400 15,200 15,000
1,200 1,000 800 600
14,800 14,600 14,400 14,200 14,000 13,800
400 200 0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
•Rental levels peaked in 2007/1H
Shinjuku Ward: Rental Level Sized 80 sq.m. Or Larger
•Number of units contracted peaked in 2005/1H •Rate of decrease between peak and 2008/2H •- Rental Level→9.66% •- Number of Units→41.30% Rent per Month per Tsubo (LHS)
No. of Units (RHS)
(Yen) 16,000
100 90 80 70 60 50 40 30 20 10 0
14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Shinjuku Ward: Rental Level Sized 40 – 80 sq.m.
•Rental levels peaked in 2007/1H •Number of units contracted peaked in 2007/1H •Rate of decrease between peak and 2008/2H •- Rental Level→2.10％ •- Number of Units→28.42% Rent per Month per Tsubo (LHS)
No. of Units (RHS)
(Yen) 14,000
450
12,000
400 350
10,000
300
8,000
250
6,000
200 150
4,000
100
2,000
50 0
0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
•Rental levels peaked in 2007/1H
Shinjuku Ward: Rental Level Sized 40 sq.m. Or Smaller
•Number of units contracted peaked in 2005/1H •Rate of decrease between peak and 2008/2H •- Rental Level→4.76％ •- Number of Units→52.44% Rent per Month per Tsubo (LHS)
(Yen)
No. of Units (RHS)
13,800 13,600 13,400 13,200 13,000 12,800 12,600 12,400 12,200 12,000 11,800
1,600 1,400 1,200 1,000 800 600 400 200 0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
•Rental levels peaked in 2008/1H
Shibuya Ward: Rental Level Sized 80 sq.m. Or Larger
•Number of units contracted peaked in 2003/2H •Rate of decrease between peak and 2008/2H •- Rental Level→6.64％ •- Number of Units→37.50% Rent per Month per Tsubo (LHS)
(Yen)
No. of Units (RHS)
17,500
250
17,000 200
16,500 16,000
150
15,500 15,000
100
14,500 14,000
50
13,500 0
13,000 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Shibuya Ward: Rental Level Sized 40 – 80 sq.m.
•Rental levels in 2008/2H was the highest in the past 5 years. Rental levels increased by 5.06% on a Y-o-Y basis •Number of units contracted peaked in 2005/1H •Rate of decrease between peak and 2008/2H was 45.22%
Rent per Month per Tsubo (LHS)
(Yen)
No. of Units (RHS)
16,000
700
15,500
600
15,000 14,500
500
14,000
400
13,500
300
13,000 12,500
200
12,000
100
11,500
0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
•Rental levels in 2008/2H was the highest in the past 5 years. Rental levels increased by 0.35% on a Y-o-Y basis
Shibuya Ward: Rental Level Sized 40 sq.m. Or Smaller
•Number of units contracted peaked in 2005/2H •Rate of decrease between peak and 2008/2H was 51.76% Rent per Month per Tsubo (LHS)
(Yen)
No. of Units (RHS)
15,500
1,200
15,000
1,000
14,500
800
14,000
600
13,500
400
13,000
200
12,500
0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Jyonan District: Shinagawa, Meguro, Ota & Setagaya Wards Setagaya Ward
Area (sq.km) 154.96 Population (persons) 2,093,228 Day Time Population (persons) 2,169,603 No. of Households 1,096,464 Population Density persons/sq.km 13,508
Meguro Ward Shinagawa Ward
Dwellings by Type of Building Detached Houses Tenament Houses Apartments 1-2 Stories 3-5 Stories 6-10 Stories 11 Stories and Over Other
Total 252,510 17,780 694,020 196,120 320,450 117,070 59,670 2,660
Ota Ward
(Source: Ministry of Internal Affairs, at home, Savills Research & Consultancy)
Jyonan District: Population of Shinagawa, Meguro, Ota & Setagaya Wards (Persons)
Shinagawa (LHS)
Meguro (LHS)
•Population of the Jyonan District is expected to grow continuously until around 2020 •Population of Meguro and Setagaya wards is expected to peak at around 2025 •Population of Shinagawa and Ota wards is expected to peak before 2015 Ota (LHS)
Setagaya (LHS)
Total (RHS)
(Persons) 2,200,000
900,000 800,000
2,180,000
700,000 600,000
2,160,000
500,000
2,140,000
400,000 2,120,000
300,000 200,000
2,100,000 2005
2010
2015
2020
2025
2030
(Source: National Institute of Population and Social Security Research, Savills Research & Consultancy)
2035
Shinagawa Ward: Rental Level Sized 80 sq.m. Or Larger
•Rental levels peaked in 2007/2H •Rate of decrease between peak and 2008/2H was 7.54% •Number of units contracted peaked in 2006/1H •Rate of decrease between peak and 2008/2H was 81.08% Rent per Month per Tsubo (LHS)
(Yen)
No. of Units (RHS)
18,000
160
16,000
140
14,000
120
12,000
100
10,000
80
8,000
60
6,000 4,000
40
2,000
20
0
0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Shinagawa Ward: Rental Level Sized 40 - 80 sq.m.
•Rental levels peaked in 2008/1H •Number of units contracted peaked in 2007/1H •Rate of decrease between peak and 2008/2H - Rental Level→6.38％ - Number of Units→48.85% Rent per Month per Tsubo (LHS)
(Yen)
No. of Units (RHS)
14,000
400
12,000
350 300
10,000
250
8,000
200 6,000
150
4,000
100
2,000
50 0
0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Shinagawa Ward: Rental Level Sized 40 sq.m. Or Smaller (Yen)
•Rental levels peaked in 2008/1H •Number of units contracted peaked in 2007/1H Rate of decrease between peak and 2008/2H - Rental Level→2.87％ - Number of Units→54.12% Rent per Month per Tsubo (LHS)
No. of Units (RHS)
13,000
1,200
12,800 1,000
12,600 12,400
800
12,200 600
12,000 11,800
400
11,600 11,400
200
11,200 0
11,000 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Meguro Ward: Rental Level Sized 80 sq.m. Or Larger
•Rental levels peaked in 2008/1H •Number of units contracted peaked in 2005/1H •Rate of decrease between peak and 2008/2H - Rental Level→0.17% - Number of Units→51.67%
(Yen)
Rent per Month per Tsubo (LHS)
No. of Units (RHS)
16,000
140
14,000
120
12,000
100
10,000
80
8,000 60
6,000
40
4,000
20
2,000 0
0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Meguro Ward: Rental Level Sized 40 – 80 sq.m.
•Rental levels peaked in 2008/1H •Number of units contracted peaked in 2005/1H •Rate of decrease between peak and 2008/2H - Rental Level→5.33% - Number of Units→28.57%
Rent per Month per Tsubo (LHS)
(Yen)
No. of Units (RHS)
13,500
350
13,000
300
12,500
250
12,000
200
11,500
150
11,000
100
10,500
50
10,000
0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Meguro Ward: Rental Level Sized 40 sq.m. Or Smaller
•Rental levels peaked in 2008/1H •Number of units contracted peaked in 2005/1H •Rate of decrease between peak and 2008/2H - Rental Level→1.56% - Number of Units→52.42%
(Yen)
Rent per Month per Tsubo (LHS)
No. of Units (RHS) 800
14,000 13,800
700
13,600 13,400
600
13,200 13,000
500 400
12,800 12,600
300
12,400 12,200
200 100
12,000 11,800
0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Ota Ward: Rental Level Sized 80 sq.m. Or Larger
•Rental Levels in 2008/2H was the highest in the past 5 years. Rental levels increased by 6.17% on a Y-o-Y basis •Number of contracted units peaked in 2005/1H Rate of decrease between peak and 2008/2H - Number of units→48.39%
(Yen)
Rent per Month per Tsubo (LHS)
No. of Units (RHS)
12,000
70
10,000
60 50
8,000
40 6,000 30 4,000
20
2,000
10 0
0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Ota Ward: Rental Level Sized 40 – 80 sq.m.
•Rental Levels peaked in 2007/2H •Number of contracted units peaked in 2006/1H •Rate of decrease between peak and 2008/2H - Rental Level→4.04% - Number of Units→57.22% Rent per Month per Tsubo (LHS)
(Yen)
No. of Units (RHS)
9,000
600
8,800
500
8,600
400
8,400
300
8,200
200
8,000
100 0
7,800 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Ota Ward: Rental Level Sized 40 sq.m. Or Smaller
•Rental Levels peaked in 2007/2H •Number of contracted units peaked in 2005/1H Rate of decrease between peak and 2008/2H - Rental Level→3.14% - Number of Units→51.23%
(Yen)
Rent per Month per Tsubo (LHS)
No. of Units (RHS)
11,400
1,600
11,200
1,400 1,200
11,000
1,000
10,800
800 10,600
600
10,400
400
10,200
200
10,000
0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Setagaya Ward: Rental Level Sized 80 sq.m. Or Larger
•Rental Levels peaked in 2008/1H •Number of contracted units peaked in 2005/2H Rate of decrease between peak and 2008/2H - Rental Level→1.08% - Number of Units→65.37% Rent per Month per Tsubo (LHS)
(Yen)
No. of Units (RHS)
14,000
300
12,000
250
10,000
200
8,000 150 6,000 100
4,000
50
2,000 0
0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Setagaya Ward: Rental Level Sized 40 – 80 sq.m.
•Rental levels in 2008/2H was the highest in the past 5 years. Rental levels increased by 4.25% on a Y-o-Y basis •Number of units contracted peaked in 2004/1H Rate of decrease between peak and 2008/2H - Number of Units→53.28% Rent per Month per Tsubo (LHS)
(Yen)
No. of Units (RHS)
10,800 10,600 10,400 10,200 10,000 9,800 9,600 9,400 9,200 9,000 8,800 8,600
1,000 900 800 700 600 500 400 300 200 100 0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Setagaya Ward: Rental Level Sized 40 sq.m. Or Smaller
•Rental Levels peaked in 2007/2H •Number of contracted units peaked in 2004/1H Rate of decrease between peak and 2008/2H - Rental Level→1.88% - Number of Units→65.25%
(Yen)
Rent per Month per Tsubo (LHS)
No. of Units (RHS)
12,400
2,500
12,200
2,000
12,000 11,800
1,500
11,600
1,000
11,400 500
11,200 11,000
0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Jyosai District: Nakano & Suginami Area (sq.km) Population (persons) Day Time Population (persons) No. of Households Population Density persons/sq.km
Nakano Ward
49.61 826,197 725,015 465,962 16,654 Suginami Ward
Dwellings by Type of Building Detached Houses Tenament Houses Apartments 1-2 Stories 3-5 Stories 6-10 Stories 11 Stories and Over Other
Total 103,130 11,120 298,320 128,460 119,940 39,680 9,840 1,830
(Source: Ministry of Internal Affairs, at home, Savills Research & Consultancy)
Jyosai District: Population of Nakano & Suginami (Persons)
•Population of the Jyosai District is expected to peak at around 2015 •Population of Nakano Ward is expected to peak at around 2010 •Population of Suginami Ward is expected to peak at around 2015 Nakano (LHS)
Suginami (LHS)
(Persons)
Total (RHS)
600,000
860,000
550,000
850,000
500,000
840,000
450,000
830,000
400,000
820,000
350,000
810,000
300,000
800,000
250,000
790,000 2005
2010
2015
2020
2025
2030
(Source: National Institute of Population and Social Security Research, Savills Research & Consultancy)
2035
Nakano Ward: Rental Level 80 sq.m. Or Larger
•Rental Levels peaked in 2005/1H •Number of contracted units peaked in 2005/2H Rate of decrease between peak and 2008/2H - Rental Level→6.24% - Number of Units→54.17%
(Yen)
Rent per Month per Tsubo (LHS)
No. of Units (RHS)
9,500
30
9,000
25 20
8,500
15 8,000
10
7,500
5
7,000
0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Nakano Ward: Rental Level Sized 40 – 80 sq.m.
•Rental Levels in 2008/2H was the highest in the past five years. Rental levels increased by 5.29% on a Y-o-Y basis •Number of contracted units peaked in 2004/1H Rate of decrease between peak and 2008/2H - Number of units→63.06% Rent per Month per Tsubo (LHS)
(Yen)
No. of Units (RHS)
10,200
350
10,000
300
9,800
250
9,600
200
9,400
150
9,200 9,000
100
8,800
50
8,600
0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Nakano Ward: Rental Level Sized 40 sq.m. Or Smaller
•Rental Levels peaked in 2008/1H •Number of contracted units peaked in 2004/1H Rate of decrease between peak and 2008/2H - Rental Level→0.70% - Number of Units→62.90% Rent per Month per Tsubo (LHS)
(Yen)
No. of Units (RHS)
11,400
1,000 900 800 700 600
11,200
500 400
12,000 11,800 11,600
300 200 100 0
11,000 10,800 10,600 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Suginami Ward: Rental Level Sized 80 sq.m. Or Larger
•Rental levels in 2008/2H was the highest in the past 5 years. Rental levels increased by 12.72% on a Y-on-Y basis •Number of contracted units peaked in 2004/1H Rate of decrease between peak and 2008/2H - Number of Units→83.02% Rent per Month per Tsubo (LHS)
(Yen)
No. of Units (RHS)
12,000
60
10,000
50
8,000
40
6,000
30
4,000
20
2,000
10 0
0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Suginami Ward: Rental Level Sized 40 – 80 sq.m.
•Rental levels in 2008/2H was the highest in the past 5 years. Rental levels increased by 3.77% on a Y-on-Y basis •Number of contracted units peaked in 2004/1H Rate of decrease between peak and 2008/2H - Number of Units→71.72%
(Yen)
Rent per Month per Tsubo (LHS)
No. of Units (RHS)
9,600
450 400 350 300 250 200 150 100 50 0
9,400 9,200 9,000 8,800 8,600 8,400 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Suginami Ward: Rental Level Sized 40 sq.m. Or Smaller
•Rental Levels peaked in 2007/2H •Number of contracted units peaked in 2005/2H Rate of decrease between peak and 2008/2H - Rental Level→2.04% - Number of Units→66.35% Rent per Month per Tsubo (LHS)
(Yen)
No. of Units (RHS)
11,900
1,400
11,800
1,200
11,700
1,000
11,600
800
11,500 600
11,400
400
11,300 11,200
200
11,100
0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Jyohoku District: Bunkyo, Toshima, Nerima, Itabashi, Kita & Taito
Itabashi Ward Kita Ward
Nerima Ward
Area (sq.km) 135.32 Population (persons) 2,110,284 Day Time Population (persons) 2,312,486 No. of Households 1,083,801 Population Density persons/sq.km 97,010
Toshima Ward Bunkyo Ward Taito Ward
Dwellings by Type of Building Detached Houses Tenament Houses Apartments 1-2 Stories 3-5 Stories 6-10 Stories 11 Stories and Over Other
Total 261,370 18,260 690,130 176,190 267,390 136,940 109,620 6,210
(Source: Ministry of Internal Affairs, at home, Savills Research & Consultancy)
Jyohoku District: Population of Bunkyo, Toshima, Nerima, Itabashi & Kita (Persons)
•Population of the Jyohoku District is expected to peak at around 2020 •Population of Bunkyo and Nerima wards is expected to peak at around 2025 •Population of Toshima, Itabashi, Kita and Taito wards is expected to peak between 2010 - 2015
Bunkyo (LHS)
Toshima (LHS)
Nerima (LHS)
Kita (LHS)
Taito (LHS)
Total (RHS)
Itabashi (LHS)
(Persons) 2,250,000
800,000 700,000
2,200,000
600,000 500,000
2,150,000
400,000
2,100,000
300,000 2,050,000
200,000
2,000,000
100,000 2005
2010
2015
2020
2025
2030
(Source: National Institute of Population and Social Security Research, Savills Research & Consultancy)
2035
Bunkyo Ward: Rental Level Sized 80 sq.m. Or Larger
•Rental Levels peaked in 2007/2H •Number of contracted units peaked in 2003/2H Rate of decrease between peak and 2008/2H - Rental Level→9.39% - Number of Units→51.28% Rent per Month per Tsubo (LHS)
(Yen)
No. of Units (RHS) 45 40 35 30 25 20 15 10 5 0
11,400 11,200 11,000 10,800 10,600 10,400 10,200 10,000 9,800 9,600 9,400 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
•Rental Levels in 2008/2H was the highest in the past 5 Bunkyo Ward: years. Rental levels increased by 4.30% on a Y-o-Y Rental Level basis. Sized 40 – 80 Sq.m. •Number of contracted units peaked in 2006/1H Rate of decrease between peak and 2008/2H - Number of Units→63.80% Rent per Month per Tsubo (LHS)
(Yen)
No. of Units (RHS)
11,500
300
11,000
250
10,500
200
10,000
150
9,500
100
9,000
50
8,500
0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Bunkyo Ward: Rental Level Sized 40 sq.m. Or Smaller
•Rental levels peaked in 2008/1H •Number of contracted units peaked in 2005/1H •Rate of decrease between peak and 2008/2H • - Rental Levels→2.09% - Number of Units→65.92%
(Yen)
Rent per Month per Tsubo (LHS)
No. of Units (RHS)
12,600
800
12,500 12,400
700
12,300 12,200
500
600
12,100
400
12,000 11,900
300
11,800 11,700
100
200
0
11,600 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Toshima Ward: Rental Level Sized 80 sq.m. Or Larger
•Rental Levels and number of contracted units both peaked in 2007/1H Rate of decrease between peak and 2008/2H - Rental Level→22.97% - Number of Units→69.23% Rent per Month per Tsubo (LHS)
(Yen)
No. of Units (RHS)
12,000
30
10,000
25
8,000
20
6,000
15
4,000
10
2,000
5
0
0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Toshima Ward: Rental Level Sized 40 – 80 sq.m.
•Rental Levels peaked in 2005/2H •Number of contracted units peaked in 2007/1H Rate of decrease between peak and 2008/2H - Rental Level→2.19% - Number of Units→41.67% Rent per Month per Tsubo (LHS)
(Yen)
No. of Units (RHS)
10,200 10,000 9,800 9,600 9,400 9,200 9,000 8,800 8,600 8,400 8,200
350 300 250 200 150 100 50 0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Toshima Ward: Rental Level Sized 40 sq.m. Or Smaller
•Rental Levels peaked in 2008/1H •Number of contracted units peaked in 2006/1H Rate of decrease between peak and 2008/2H - Rental Level→1.59% - Number of Units→58.82%
(Yen)
Rent per Month per Tsubo (LHS)
No. of Units (RHS) 1,200
11,800 11,700 11,600 11,500 11,400 11,300 11,200 11,100 11,000 10,900 10,800 10,700
1,000 800 600 400 200 0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Nerima Ward: Rental Level Sized 80 sq.m. Or Larger
•Rental Levels peaked in 2003/2H •Number of contracted units peaked in 2005/2H Rate of decrease between peak and 2008/2H - Rental Level→14.40% - Number of Units→91.67%
Rent per Month per Tsubo (LHS)
(Yen)
No. of Units (RHS)
8,000 7,000 6,000 5,000 4,000 3,000
30 25 20 15 10
2,000 1,000 0
5 0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
•Rental Levels peaked in 2006/1H Nerima Ward: •Number of contracted units peaked in 2006/1H Rental Level Sized 40 – 80 sq.m. Rate of decrease between peak and 2008/2H - Rental Level→1.79% - Number of Units→61.09%
Rent per Month per Tsubo (LHS)
(Yen)
No. of Units (RHS) 600
7,600 7,500 7,400 7,300 7,200 7,100 7,000 6,900 6,800 6,700
500 400 300 200 100 0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Nerima Ward: Rental Level Sized 40 sq.m. Or Smaller
•Rental Levels peaked in 2007/2H •Number of contracted units peaked in 2005/1H Rate of decrease between peak and 2008/2H - Rental Level→4.02% - Number of Units→64.71% Rent per Month per Tsubo (LHS)
(Yen)
No. of Units (RHS)
10,600 10,500 10,400 10,300 10,200 10,100 10,000 9,900 9,800 9,700 9,600
1,000 900 800 700 600 500 400 300 200 100 0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Itabashi Ward: Rental Level Sized 80 sq.m. Or Larger
•Rental Levels peaked in 2007/1H •Number of contracted units peaked in 2005/2H Rate of decrease between peak and 2008/2H - Rental Level→9.51% - Number of Units→75.00%
Rent per Month per Tsubo (LHS)
(Yen)
No. of Units (RHS) 14
8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0
12 10 8 6 4 2 0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Itabashi Ward: Rental Level Sized 40 – 80 sq.m.
•Rental Levels peaked in 2008/1H •Number of contracted units peaked in 2004/1H Rate of decrease between peak and 2008/2H - Rental Level→5.85% - Number of Units→61.38%
Rent per Month per Tsubo (LHS)
(Yen)
No. of Units (RHS)
8,500
400 350 300 250 200 150 100 50 0
8,000 7,500 7,000 6,500 6,000 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Itabashi Ward: Rental Level Sized 40 sq.m. Or Smaller
•Rental Levels peaked in 2007/2H •Number of contracted units peaked in 2006/1H Rate of decrease between peak and 2008/2H - Rental Level→2.08% - Number of Units→51.01%
(Yen)
Rent per Month per Tsubo (LHS)
No. of Units (RHS)
10,400
1,000 900 800 700 600 500 400 300 200 100 0
10,200 10,000 9,800 9,600 9,400 9,200 9,000 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Kita Ward: Rental Level Sized 80 sq.m. Or Larger
•Rental Levels peaked in 2005/1H •Number of contracted units peaked in 2007/1H Rate of decrease between peak and 2008/2H - Rental Level→24.56% - Number of Units→73.68%
Rent per Month per Tsubo (LHS)
(Yen)
No. of Units (RHS)
10,000
20
8,000
15
6,000 10 4,000 2,000
5
0
0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Kita Ward: Rental Level Sized 40 – 80 sq.m.
Rental Levels and number of contracted units both peaked in 2008/1H Rate of decrease between peak and 2008/2H - Rental Level→3.84% - Number of Units→67.50%
Rent per Month per Tsubo (LHS)
(Yen)
No. of Units (RHS)
9,000
250
8,500
200
8,000
150
7,500
100
7,000
50
6,500
0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Kita Ward: Rental Level Sized 40 sq.m. Or Smaller
•Rental Levels peaked in 2007/2H •Number of contracted units peaked in 2004/1H Rate of decrease between peak and 2008/2H - Rental Level→4.58% - Number of Units→60.45% Rent per Month per Tsubo (LHS)
(Yen)
No. of Units (RHS)
10,800
600
10,600
500
10,400
400
10,200
300
10,000
200
9,800
100
9,600
0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Taito Ward: Rental Level Sized 80 sq.m. Or Larger
•Rental Levels peaked in 2005/2H •Number of contracted units peaked in 2006/2H Rate of decrease between peak and 2008/2H - Rental Level→41.28% - Number of Units→96.88%
(Yen)
Rent per Month per Tsubo (LHS)
No. of Units (RHS)
12,000
35 30 25 20 15 10 5 0
10,000 8,000 6,000 4,000 2,000 0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Taito Ward: Rental Level Sized 40 – 80 sq.m.
•Rental Levels in 2008/2H was the highest in the past 5 years. Rental levels increased by 1.22% on a Y-o-Y basis. •Number of contracted units peaked in 2006/1H Rate of decrease between peak and 2008/2H - Number of Units→41.83%
(Yen)
Rent per Month per Tsubo (LHS)
No. of Units (RHS)
10,500
300
10,000
250
9,500
200
9,000
150
8,500
100
8,000
50
7,500
0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Taito Ward: Rental Level Sized 40 sq.m. Or Smaller
•Rental Levels peaked in 2007/1H •Number of contracted units peaked in 2006/1H Rate of decrease between peak and 2008/2H - Rental Level→1.82% - Number of Units→53.31%
(Yen)
Rent per Month per Tsubo (LHS)
No. of Units (RHS)
11,600
800
11,400 11,200
700 600
11,000
500
10,800
400
10,600
300
10,400
200
10,200 10,000
100 0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Jyoto District: Koto, Sumida, Arakawa, Adachi, Katsushika & Edogawa Area (sq.km) 172.02 Population (persons) 1,798,936 Day Time Population (persons) 2,213,656 No. of Households 1,224,577 Population Density persons/sq.km 273,145
Adachi Ward
Katsushika Ward
Arakawa Ward Sumida Ward Edogawa Ward
Dwellings by Type of Building Detached Houses Tenament Houses Apartments 1-2 Stories 3-5 Stories 6-10 Stories 11 Stories and Over Other
Total 322,480 12,020 725,440 124,890 264,370 178,310 158,460 4,480
Koto Ward
(Source: Ministry of Internal Affairs, at home, Savills Research & Consultancy)
Jyoto District: Population of Koto, Sumida, Arakawa, Adachi, Katsushika & Edogawa (Persons)
•Population of the Jyoto District is expected to peak at around 2015 •Population of Koto, Sumida, and Arakawa wards is expected to peak at around 2020 •Population of Adachi and Katsushika wards is expected to peak before 2010 •Population of Edogawa Ward is expected to peak at around 2035
Sumida (LHS)
Koto (LHS)
Arakawa (LHS)
Katsushika (LHS)
Edogawa (LHS)
Total (RHS)
Adachi (LHS) (Persons)
700,000
2,650,000
600,000
2,600,000
500,000
2,550,000
400,000 2,500,000
300,000 200,000
2,450,000
100,000
2,400,000 1
2
3
4
5
6
(Source: National Institute of Population and Social Security Research, Savills Research & Consultancy)
7
Koto Ward: Rental Level Sized 80 sq.m. Or Larger
•Rental Levels peaked in 2007/1H •Number of contracted units peaked in 2007/1H Rate of decrease between peak and 2008/2H - Rental Level→7.19% - Number of Units→68.89%
(Yen)
Rent per Month per Tsubo (LHS)
No. of Units (RHS)
50 45 40 35 30 25 20 15 10 5 0
12,000 10,000 8,000 6,000 4,000 2,000 0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Koto Ward: Rental Level Sized 40 – 80 sq.m.
•Rental Levels peaked in 2008/1H •Number of contracted units peaked in 2005/1H Rate of decrease between peak and 2008/2H - Rental Level→2.24% - Number of Units→36.46%
Rent per Month per Tsubo (LHS)
(Yen)
No. of Units (RHS)
10,000
300
8,000
250 200
6,000
150 4,000
100
2,000
50
0
0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Koto Ward: Rental Level Sized 40 sq.m. Or Smaller
Rental levels in 2008/2H was the highest in the past 5 years. Rental levels increased by 8.22% on a Y-o-Y basis. Number of contracted units peaked in 2008/1H Rate of decrease between peak and 2008/2H - Number of Units→18.14%
(Yen)
Rent per Month per Tsubo (LHS)
No. of Units (RHS)
12,000
800 700
11,500
600 500
11,000
400 10,500
300 200
10,000
100 0
9,500 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Sumida Ward: Rental Level Sized 80 sq.m. Or Larger
•Rental Levels peaked in 2008/1H •Number of contracted units peaked in 2006/2H Rate of decrease between peak and 2008/2H - Rental Level→45.05% - Number of Units→71.43%
(Yen)
Rent per Month per Tsubo (LHS)
No. of Units (RHS)
10,000
8 7 6 5 4 3 2 1 0
8,000 6,000 4,000 2,000 0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Sumida Ward: Rental Level Sized 40 – 80 sq.m.
Rental levels in 2008/2H was the highest in the past 5 years. Rental levels increased by 9.76% on a Y-o-Y basis. Number of contracted units peaked in 2006/1H Rate of decrease between peak and 2008/2H - Number of Units→30.68%
(Yen)
Rent per Month per Tsubo (LHS)
No. of Units (RHS)
10,000
300
8,000
250 200
6,000
150 4,000
100
2,000
50 0
0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Sumida Ward: Rental Level Sized 40 sq.m. Or Smaller
•Rental Levels peaked in 2008/1H •Number of contracted units peaked in 2007/1H Rate of decrease between peak and 2008/2H - Rental Level→4.77% - Number of Units→46.50%
Rent per Month per Tsubo (LHS)
(Yen)
No. of Units (RHS) 700 600
12,000 11,500
500
11,000
400
10,500
300 200
10,000 9,500
100 0
9,000 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Arakawa Ward: Rental Level Sized 80 sq.m. Or Larger
•Rental Levels peaked in 2008/1H •Number of contracted units peaked in 2007/1H Rate of decrease between peak and 2008/2H - Rental Level→9.25% - Number of Units→80.00%
(Yen)
Rent per Month per Tsubo (LHS)
No. of Units (RHS)
10,000
12
8,000
10 8 6
6,000 4,000
4 2 0
2,000 0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Arakawa Ward: Rental Level Sized 40 – 80 sq.m.
•Rental Levels peaked in 2004/2H •Number of contracted units peaked in 2004/2H Rate of decrease between peak and 2008/2H - Rental Level→4.83% - Number of Units→54.66%
Rent per Month per Tsubo (LHS)
(Yen)
No. of Units (RHS) 200
8,400 8,200 8,000 7,800 7,600 7,400 7,200 7,000
150 100 50 0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Arakawa Ward: Rental Level Sized 40 sq.m. Or Smaller
•Rental Levels and number of contracted units both peaked in in 2005/1H Rate of decrease between peak and 2008/2H - Rental Level→7.83% - Number of Units→35.08%
(Yen)
Rent per Month per Tsubo (LHS)
No. of Units (RHS)
11,000
350 300 250 200 150 100 50 0
10,500 10,000 9,500 9,000 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Adachi Ward: Rental Level Sized 80 sq.m. Or Larger
•Rental Levels peaked in 2007/2H •Number of contracted units peaked in 2007/2H Rate of decrease between peak and 2008/2H - Rental Level→9.34% - Number of Units→98.63%
Rent per Month per Tsubo (LHS)
(Yen)
No. of Units (RHS)
8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0
80 70 60 50 40 30 20 10 0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Adachi Ward: Rental Level Sized 40 – 80 sq.m.
•Rental Levels peaked in 2007/2H •Number of contracted units peaked in 2007/2H Rate of decrease between peak and 2008/2H - Rental Level→5.93% - Number of Units→62.86%
(Yen)
Rent per Month per Tsubo (LHS)
No. of Units (RHS)
6,800 6,600 6,400 6,200 6,000 5,800 5,600 5,400 5,200
350 300 250 200 150 100 50 0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Adachi Ward: Rental Level Sized 40 sq.m. Or Smaller
•Rental Levels peaked in 2006/2H •Number of contracted units peaked in 2005/1H Rate of decrease between peak and 2008/2H - Rental Level→1.66% - Number of Units→49.36%
Rent per Month per Tsubo (LHS)
(Yen)
No. of Units (RHS)
9,200 9,000
500 400
8,800 8,600
300
8,400 8,200
200 100
8,000 7,800
0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Katsushika Ward: Rental Level Sized 80 sq.m. Or Larger
•Rental Levels peaked in 2007/2H •Number of contracted units peaked in 2005/2H Rate of decrease between peak and 2008/2H - Rental Level→37.57% - Number of Units→75.00%
(Yen)
Rent per Month per Tsubo (LHS)
No. of Units (RHS)
8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0
10 8 6 4 2 0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Katsushika Ward: Rental Level Sized 40 – 80 sq.m.
•Rental Levels peaked in 2008/1H •Number of contracted units peaked in 2006/1H Rate of decrease between peak and 2008/2H - Rental Level→3.24% - Number of Units→65.00%
(Yen)
Rent per Month per Tsubo (LHS)
No. of Units (RHS)
6,600
300
6,500 6,400 6,300
250 200 150
6,200 6,100
100 50
6,000 5,900
0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Katsushika Ward: Rental Level Sized 40 sq.m. Or Smaller
•Rental Levels peaked in 2007/1H •Number of contracted units peaked in 2006/1H Rate of decrease between peak and 2008/2H - Rental Level→2.41% - Number of Units→61.59%
Rent per Month per Tsubo (LHS)
(Yen)
No. of Units (RHS)
9,400 9,200
350 300
9,000
250
8,800
200
8,600 8,400
150 100
8,200 8,000
50 0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Edogawa Ward: Rental Level Sized 80 sq.m. Or Larger
•Rental Levels peaked in 2005/1H •Number of contracted units peaked in 2007/1H Rate of decrease between peak and 2008/2H - Rental Level→24.56% - Number of Units→73.68%
(Yen)
Rent per Month per Tsubo (LHS)
No. of Units (RHS)
10,000
20
8,000
15
6,000 10 4,000 2,000
5
0
0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Edogawa Ward: Rental Level Sized 40 – 80 sq.m.
•Rental Levels and number of contracted units both peaked in 2008/1H Rate of decrease between peak and 2008/2H - Rental Level→3.84% - Number of Units→67.50%
Rent per Month per Tsubo (LHS)
(Yen)
No. of Units (RHS)
9,000
250
8,500
200
8,000
150
7,500
100
7,000
50
6,500
0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Edogawa Ward: Rental Level Sized 40 sq.m. Or Smaller
•Rental Levels peaked in 2007/2H •Number of contracted units peaked in 2004/1H Rate of decrease between peak and 2008/2H - Rental Level→4.58% - Number of Units→60.45%
(Yen)
Rent per Month per Tsubo (LHS)
No. of Units (RHS)
10,800
600
10,600
500
10,400
400
10,200
300
10,000
200
9,800
100
9,600
0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
For:
Tokyo Residential Market Report July 2009
Tokyo: The World’s Largest City by GDP in 2005 and also in 2020 ($1 Billion at PPPs)
• Tokyo’s GDP was the largest in the world in 2005 worth around 1.2 trillion dollars • It is expected to be at the top of the table in 2020, with a GDP worth 1.6 trillion dollars
2005
2020 (estimate)
r ng k el Lo es nd Ch o n ic a go M P ar ex i i co s Ph i la Ci ty O d elp s W a ka hia as hi / K o n b B u g to n e en D os C Ai re Bo s S a s to n o P D a H o au ll a ng l o s/ F o K on rt g W S h or t an h gh Sa a n Se i Fr ou an l A cis tl a co nt a /O ak l H o and us to n M ia To m i ro M n to os co M w um b M ai ad r D e id tr Is o it ta nb S e ul at tle M B ei j et ro in g M an ila
Lo
sA
Yo
w
Ne
To
ky
o
1,800 1,600 1,400 1,200 1,000 800 600 400 200 0
(Source: United Nations, PｗC, Savills Research & Consultancy)
Population of Tokyo: Growth Expected
Tokyo’s population (including its exterior cities) is projected to increase until 2020, peaking at 13.05 million Tokyo’s population will not decrease to its 2005 level until after 2035 Japan (LHS)
Tokyo (RHS)
(Million) 130.0
(Million) 13.2 13.1 13.0 12.9 12.8 12.7 12.6 12.5 12.4 12.3
125.0 120.0 115.0 110.0 105.0 100.0 2005
2010
2015
2020
2025
2030
(Source: National Institute of Population and Social Security Research, Savills Research & Consultancy)
2035
Tokyo Residential: Beginning Transaction Cap Rate (%)
Studio Residential
•Residential cap rates reached its lowest level in 2007/2H • Currently, beginning transaction cap rates are expected to be between 50 ~100 basis points higher than its 2007/2H level
Family Residential
Luxury Residential (Low Rise)
Luxury Residential (Tower)
20
03 2 0 /1 0 03 / 20 12 04 2 0 /2 04 2 0 /4 04 2 0 /6 0 2 0 4 /8 04 2 0 /1 0 04 / 20 12 05 2 0 /2 05 2 0 /4 05 2 0 /6 0 2 0 5 /8 05 2 0 /1 0 05 / 20 12 06 2 0 /2 06 2 0 /4 06 2 0 /6 0 2 0 6 /8 06 2 0 /1 0 06 / 20 12 07 2 0 /2 07 2 0 /4 07 2 0 /6 0 2 0 7 /8 07 2 0 /1 0 07 / 20 12 08 2 0 /2 08 2 0 /4 08 2 0 /6 0 2 0 8 /8 08 2 0 /1 0 08 / 20 12 09 2 0 /2 09 /4
7.2 7.0 6.8 6.6 6.4 6.2 6.0 5.8 5.6 5.4 5.2 5.0 4.8 4.6 4.4 4.2
(Source: Japan Real Estate Institute, Savills Research & Consultancy)
Tokyo Residential - Major Investment Transactions
Property
Purchasing Price Price per Tsubo Location
Cap Rate (estimate)
Transaction Date Purchaser
Lietocourt Arx Tower
Cosmos Nishiojima Grand Stage
Concieria Shibakoen
J-Flats Sangenjaya
¥13,000,000,000
¥710,000,000
¥4,000,000,000
¥871,130,000
¥1,808,660
NA
NA
NA
3-8-1, MInato, Chuo Ward, Tokyo
3-5-20,21, Kitasuna, Koto Ward, Tokyo
6-15-1, Shimbashi, Minato Ward, Tokyo
2-16-9, Sangenjaya, Setagaya Ward, Tokyo
5.4%
7.8%
6.0%
5.2%
February 2009
January 2009
December 2008
December 2008
St. Martins
Star Mica
Sumitomo Forestry
Joint REIT
(Source: Real Capital Analytics, Savills Research & Consultancy)
Tokyo 23 Wards: Chiyoda, Chuo, Minato, Shinjuku Shibuya, Shinagawa, Meguro, Ota, Setagaya, Nakano, Suginami, Bunkyo, Toshima, Nerima, Itabashi, Kita, Koto, Sumida, Arakawa, Adachi, Katsushika, Edogawa Area (sq.km) Population (persons) Day Time Population (persons) No. of Households Population Density persons/sq.km
587 7,654,272 11,143,712 4,352,894 13,031
Dwellings by Type of Building Detached Houses Tenament Houses Apartments 1-2 Stories 3-5 Stories 6-10 Stories 11 Stories and Over Other
Total 996,250 68,050 2,754,940 669,090 1,078,460 564,250 442,620 23,170
(Source: National Institute of Population and Social Security Research, Savills Research & Consultancy)
Population of Tokyo 23 Wards:
•Population of Tokyo’s 23 wards is expected to grow continuously until around 2020 •Tokyo 23 wards’ population is expected to decrease to below 2005 levels by 2035
(Persons)
Tokyo 23 Wards
8,800,000 8,750,000 8,700,000 8,650,000 8,600,000 8,550,000 8,500,000 8,450,000 8,400,000 2005
2010
2015
2020
2025
2030
2035
(Source: Ministry of Internal Affairs, at home, Savills Research & Consultancy)
Tokyo 23 Ward: Rental Level Sized 80 sq.m. Or Larger
•Rental Levels peaked in 2008/1H •Number of contracted units peaked in 2005/2H Rate of decrease between peak and 2008/2H - Rental Level→0.16% - Number of Units→30.94%
(Yen) Rent per Month per Tsubo (LHS)
No. of Units (RHS)
15,500
1,600
15,000
1,400
14,500
1,200
14,000
1,000
13,500
800
13,000
600
12,500 12,000
400
11,500
200
11,000
0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Tokyo 23 Ward: Rental Level Sized 40 – 80 sq.m.
•Rental Levels in 2008/2H was the highest in the past 5 years. Rental levels increased by 2.89% on a Y-o-Y basis. •Number of contracted units peaked in 2006/1H Rate of decrease between peak and 2008/2H was 40.40%
(Yen)
Rent per Month per Tsubo (LHS)
No. of Units (RHS) 9,000
11,500
8,000 11,000
7,000 6,000
10,500
5,000 10,000
4,000 3,000
9,500
2,000
9,000
1,000 0
8,500 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Tokyo 23 Ward: Rental Level Sized 40 or smaller
•Rental Levels peaked in 2007/2H •Number of contracted units peaked in 2005/1H Rate of decrease between peak and 2008/2H - Rental Level→28.21% - Number of Units→51.60%
(Yen)
Rent per Month per Tsubo (LHS)
No. of Units (RHS)
14,000
20,000 18,000
12,000
16,000 14,000
10,000 8,000
12,000 10,000
6,000
8,000 6,000
4,000
4,000 2,000
2,000
0
0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Central 5 Wards: Chiyoda, Chuo, Minato, Shinjuku, Shibuya Area (sq.km) 75.47 Population (persons) 825,627 Day Time Population (persons) 3,722,952 No. of Households 482,090 Population Density persons/sq.km 52,530
Shinjuku Ward
Chiyoda Ward
Shibuya Ward Chuo Ward
Dwellings by Type of Building Detached Houses Tenament Houses Apartments 1-2 Stories 3-5 Stories 6-10 Stories 11 Stories and Over Other
Total 56,760 8,870 347,030 43,430 106,310 92,250 105,030 7,990
Minato Ward
(Source: Ministry of Internal Affairs, at home, Savills Research & Consultancy)
Central 5 Wards: Population of Chiyoda, Chuo, Minato, Shinjuku & Shibuya Wards
•Population of the central 5 wards is expected to grow continuously until around 2025 •The population of Chiyoda Ward is expected to grow continuously until around 2030 •The population of Chuo and Minato wards is expected to grow continuously until around 2035
Chiyoda (LHS) Shinjuku (LHS)
(Persons)
Chuo (LHS) Shibuya (LHS)
Minato (LHS) Total (RHS)
(Persons) 940,000 920,000 900,000 880,000 860,000 840,000 820,000 800,000 780,000
350,000 300,000 250,000 200,000 150,000 100,000 50,000 0 2005
2010
2015
2020
2025
2030
(Source: National Institute of Population and Social Security Research, Savills Research & Consultancy)
2035
Chiyoda Ward: Rental Level Sized 80 sq.m. Or Larger (Yen)
•Rental Levels peaked in 2008/1H •Number of contracted units peaked in 2006/1H Rate of decrease between peak and 2008/2H - Rental Level→9.28% - Number of Units→48.91% Rent per Month per Tsubo (LHS)
No. of Units (RHS)
25,000
100 90
20,000
80 70
15,000
60 50
10,000
40 30
5,000
20 10
0
0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Chiyoda Ward: Rental Level Sized 40 – 80 sq.m. (Yen)
•Rental Levels peaked in 2008/1H •Number of contracted units peaked in 2006/1H Rate of decrease between peak and 2008/2H - Rental Level→6.98% - Number of Units→61.54% Rent per Month per Tsubo (LHS)
No. of Units (RHS)
15,500
250
15,000 200
14,500 14,000
150
13,500 100
13,000 12,500
50
12,000 0
11,500 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Chiyoda Ward: Rental Level Sized 40 or smaller
•Rental Levels peaked in 2006/1H •Number of contracted units peaked in 2005/2H Rate of decrease between peak and 2008/2H - Rental Level→2.46% - Number of Units→60.49%
(Yen)
Rent per Month per Tsubo (LHS)
No. of Units (RHS)
14,400
350
14,200
300
14,000 13,800
250
13,600 13,400
200
13,200
150
13,000 100
12,800 12,600
50
12,400
0
12,200 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
•Rental Levels peaked in 2007/1H
Chuo Ward: Rental Level Sized 80 sq.m. Or Larger
•Number of contracted units peaked in 2008/1H Rate of decrease between peak and 2008/2H - Rental Level→10.23% - Number of Units→34.29%
(Yen)
Rent per Month per Tsubo (LHS)
No. of Units (RHS)
16,000
120
14,000
100
12,000 80
10,000 8,000
60
6,000
40
4,000 20
2,000
0
0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Chuo Ward: Rental Level Sized 40 – 80 sq.m.
(Yen)
•Rental Levels peaked in 2007/2H •Number of contracted units peaked in 2008/1H Rate of decrease between peak and 2008/2H - Rental Level→4.07% - Number of Units→26.78% Rent per Month per Tsubo (LHS)
No. of Units (RHS)
13,500
600
13,000
500
12,500
400
12,000 300 11,500 200
11,000 10,500
100
10,000
0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Chuo Ward: Rental Level Sized 40 sq.m. or Smaller
•Rental Levels peaked in 2007/2H •Number of contracted units peaked in 2005/1H Rate of decrease between peak and 2008/2H - Rental Level→3.92% - Number of Units→61.62% Rent per Month per Tsubo (LHS)
(Yen)
No. of Units (RHS)
14,600
700
14,400
600
14,200 14,000
500
13,800
400
13,600 13,400
300
13,200
200
13,000
100
12,800
0
12,600 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
•Rental levels peaked in 2008/1H
Minato Ward: Rental Level Sized 80 sq.m. Or Larger
•Number of units contracted peaked in 2007/H1 •Rate of decrease between peak and 2008/2H •- Rental Level→6.13% •- Number of Units→11.42% Rent per Month per Tsubo (LHS)
(Yen)
No. of Units (RHS)
19,500 19,000 18,500 18,000 17,500 17,000 16,500 16,000 15,500 15,000 14,500 14,000
450 400 350 300 250 200 150 100 50 0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Minato Ward: Rental Level Sized 40 – 80 sq.m.
•Rental levels peaked in 2007/2H •Number of units contracted peaked in 2007/H1 •Rate of decrease between peak and 2008/2H •- Rental Level→6.82％ •- Number of Units→12.43% Rent per Month per Tsubo (LHS)
(Yen)
No. of Units (RHS)
16,000
1,000 900
15,500
800
15,000
700
14,500
600 500
14,000
400
13,500
300 200
13,000
100 0
12,500 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
•Rental levels peaked in 2008/1H •Number of units contracted peaked in 2005/1H •Rate of decrease between peak and 2008/2H •- Rental Levels→4.42％ •- Number of Units→48.61%
Minato Ward: Rental Level Sized 40 sq.m. Or Smaller (Yen)
Rent per Month per Tsubo (LHS)
No. of Units (RHS)
16,000 15,800 15,600 15,400 15,200 15,000
1,200 1,000 800 600
14,800 14,600 14,400 14,200 14,000 13,800
400 200 0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
•Rental levels peaked in 2007/1H
Shinjuku Ward: Rental Level Sized 80 sq.m. Or Larger
•Number of units contracted peaked in 2005/1H •Rate of decrease between peak and 2008/2H •- Rental Level→9.66% •- Number of Units→41.30% Rent per Month per Tsubo (LHS)
No. of Units (RHS)
(Yen) 16,000
100 90 80 70 60 50 40 30 20 10 0
14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Shinjuku Ward: Rental Level Sized 40 – 80 sq.m.
•Rental levels peaked in 2007/1H •Number of units contracted peaked in 2007/1H •Rate of decrease between peak and 2008/2H •- Rental Level→2.10％ •- Number of Units→28.42% Rent per Month per Tsubo (LHS)
No. of Units (RHS)
(Yen) 14,000
450
12,000
400 350
10,000
300
8,000
250
6,000
200 150
4,000
100
2,000
50 0
0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
•Rental levels peaked in 2007/1H
Shinjuku Ward: Rental Level Sized 40 sq.m. Or Smaller
•Number of units contracted peaked in 2005/1H •Rate of decrease between peak and 2008/2H •- Rental Level→4.76％ •- Number of Units→52.44% Rent per Month per Tsubo (LHS)
(Yen)
No. of Units (RHS)
13,800 13,600 13,400 13,200 13,000 12,800 12,600 12,400 12,200 12,000 11,800
1,600 1,400 1,200 1,000 800 600 400 200 0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
•Rental levels peaked in 2008/1H
Shibuya Ward: Rental Level Sized 80 sq.m. Or Larger
•Number of units contracted peaked in 2003/2H •Rate of decrease between peak and 2008/2H •- Rental Level→6.64％ •- Number of Units→37.50% Rent per Month per Tsubo (LHS)
(Yen)
No. of Units (RHS)
17,500
250
17,000 200
16,500 16,000
150
15,500 15,000
100
14,500 14,000
50
13,500 0
13,000 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Shibuya Ward: Rental Level Sized 40 – 80 sq.m.
•Rental levels in 2008/2H was the highest in the past 5 years. Rental levels increased by 5.06% on a Y-o-Y basis •Number of units contracted peaked in 2005/1H •Rate of decrease between peak and 2008/2H was 45.22%
Rent per Month per Tsubo (LHS)
(Yen)
No. of Units (RHS)
16,000
700
15,500
600
15,000 14,500
500
14,000
400
13,500
300
13,000 12,500
200
12,000
100
11,500
0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
•Rental levels in 2008/2H was the highest in the past 5 years. Rental levels increased by 0.35% on a Y-o-Y basis
Shibuya Ward: Rental Level Sized 40 sq.m. Or Smaller
•Number of units contracted peaked in 2005/2H •Rate of decrease between peak and 2008/2H was 51.76% Rent per Month per Tsubo (LHS)
(Yen)
No. of Units (RHS)
15,500
1,200
15,000
1,000
14,500
800
14,000
600
13,500
400
13,000
200
12,500
0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Jyonan District: Shinagawa, Meguro, Ota & Setagaya Wards Setagaya Ward
Area (sq.km) 154.96 Population (persons) 2,093,228 Day Time Population (persons) 2,169,603 No. of Households 1,096,464 Population Density persons/sq.km 13,508
Meguro Ward Shinagawa Ward
Dwellings by Type of Building Detached Houses Tenament Houses Apartments 1-2 Stories 3-5 Stories 6-10 Stories 11 Stories and Over Other
Total 252,510 17,780 694,020 196,120 320,450 117,070 59,670 2,660
Ota Ward
(Source: Ministry of Internal Affairs, at home, Savills Research & Consultancy)
Jyonan District: Population of Shinagawa, Meguro, Ota & Setagaya Wards (Persons)
Shinagawa (LHS)
Meguro (LHS)
•Population of the Jyonan District is expected to grow continuously until around 2020 •Population of Meguro and Setagaya wards is expected to peak at around 2025 •Population of Shinagawa and Ota wards is expected to peak before 2015 Ota (LHS)
Setagaya (LHS)
Total (RHS)
(Persons) 2,200,000
900,000 800,000
2,180,000
700,000 600,000
2,160,000
500,000
2,140,000
400,000 2,120,000
300,000 200,000
2,100,000 2005
2010
2015
2020
2025
2030
(Source: National Institute of Population and Social Security Research, Savills Research & Consultancy)
2035
Shinagawa Ward: Rental Level Sized 80 sq.m. Or Larger
•Rental levels peaked in 2007/2H •Rate of decrease between peak and 2008/2H was 7.54% •Number of units contracted peaked in 2006/1H •Rate of decrease between peak and 2008/2H was 81.08% Rent per Month per Tsubo (LHS)
(Yen)
No. of Units (RHS)
18,000
160
16,000
140
14,000
120
12,000
100
10,000
80
8,000
60
6,000 4,000
40
2,000
20
0
0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Shinagawa Ward: Rental Level Sized 40 - 80 sq.m.
•Rental levels peaked in 2008/1H •Number of units contracted peaked in 2007/1H •Rate of decrease between peak and 2008/2H - Rental Level→6.38％ - Number of Units→48.85% Rent per Month per Tsubo (LHS)
(Yen)
No. of Units (RHS)
14,000
400
12,000
350 300
10,000
250
8,000
200 6,000
150
4,000
100
2,000
50 0
0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Shinagawa Ward: Rental Level Sized 40 sq.m. Or Smaller (Yen)
•Rental levels peaked in 2008/1H •Number of units contracted peaked in 2007/1H Rate of decrease between peak and 2008/2H - Rental Level→2.87％ - Number of Units→54.12% Rent per Month per Tsubo (LHS)
No. of Units (RHS)
13,000
1,200
12,800 1,000
12,600 12,400
800
12,200 600
12,000 11,800
400
11,600 11,400
200
11,200 0
11,000 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Meguro Ward: Rental Level Sized 80 sq.m. Or Larger
•Rental levels peaked in 2008/1H •Number of units contracted peaked in 2005/1H •Rate of decrease between peak and 2008/2H - Rental Level→0.17% - Number of Units→51.67%
(Yen)
Rent per Month per Tsubo (LHS)
No. of Units (RHS)
16,000
140
14,000
120
12,000
100
10,000
80
8,000 60
6,000
40
4,000
20
2,000 0
0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Meguro Ward: Rental Level Sized 40 – 80 sq.m.
•Rental levels peaked in 2008/1H •Number of units contracted peaked in 2005/1H •Rate of decrease between peak and 2008/2H - Rental Level→5.33% - Number of Units→28.57%
Rent per Month per Tsubo (LHS)
(Yen)
No. of Units (RHS)
13,500
350
13,000
300
12,500
250
12,000
200
11,500
150
11,000
100
10,500
50
10,000
0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Meguro Ward: Rental Level Sized 40 sq.m. Or Smaller
•Rental levels peaked in 2008/1H •Number of units contracted peaked in 2005/1H •Rate of decrease between peak and 2008/2H - Rental Level→1.56% - Number of Units→52.42%
(Yen)
Rent per Month per Tsubo (LHS)
No. of Units (RHS) 800
14,000 13,800
700
13,600 13,400
600
13,200 13,000
500 400
12,800 12,600
300
12,400 12,200
200 100
12,000 11,800
0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Ota Ward: Rental Level Sized 80 sq.m. Or Larger
•Rental Levels in 2008/2H was the highest in the past 5 years. Rental levels increased by 6.17% on a Y-o-Y basis •Number of contracted units peaked in 2005/1H Rate of decrease between peak and 2008/2H - Number of units→48.39%
(Yen)
Rent per Month per Tsubo (LHS)
No. of Units (RHS)
12,000
70
10,000
60 50
8,000
40 6,000 30 4,000
20
2,000
10 0
0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Ota Ward: Rental Level Sized 40 – 80 sq.m.
•Rental Levels peaked in 2007/2H •Number of contracted units peaked in 2006/1H •Rate of decrease between peak and 2008/2H - Rental Level→4.04% - Number of Units→57.22% Rent per Month per Tsubo (LHS)
(Yen)
No. of Units (RHS)
9,000
600
8,800
500
8,600
400
8,400
300
8,200
200
8,000
100 0
7,800 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Ota Ward: Rental Level Sized 40 sq.m. Or Smaller
•Rental Levels peaked in 2007/2H •Number of contracted units peaked in 2005/1H Rate of decrease between peak and 2008/2H - Rental Level→3.14% - Number of Units→51.23%
(Yen)
Rent per Month per Tsubo (LHS)
No. of Units (RHS)
11,400
1,600
11,200
1,400 1,200
11,000
1,000
10,800
800 10,600
600
10,400
400
10,200
200
10,000
0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Setagaya Ward: Rental Level Sized 80 sq.m. Or Larger
•Rental Levels peaked in 2008/1H •Number of contracted units peaked in 2005/2H Rate of decrease between peak and 2008/2H - Rental Level→1.08% - Number of Units→65.37% Rent per Month per Tsubo (LHS)
(Yen)
No. of Units (RHS)
14,000
300
12,000
250
10,000
200
8,000 150 6,000 100
4,000
50
2,000 0
0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Setagaya Ward: Rental Level Sized 40 – 80 sq.m.
•Rental levels in 2008/2H was the highest in the past 5 years. Rental levels increased by 4.25% on a Y-o-Y basis •Number of units contracted peaked in 2004/1H Rate of decrease between peak and 2008/2H - Number of Units→53.28% Rent per Month per Tsubo (LHS)
(Yen)
No. of Units (RHS)
10,800 10,600 10,400 10,200 10,000 9,800 9,600 9,400 9,200 9,000 8,800 8,600
1,000 900 800 700 600 500 400 300 200 100 0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Setagaya Ward: Rental Level Sized 40 sq.m. Or Smaller
•Rental Levels peaked in 2007/2H •Number of contracted units peaked in 2004/1H Rate of decrease between peak and 2008/2H - Rental Level→1.88% - Number of Units→65.25%
(Yen)
Rent per Month per Tsubo (LHS)
No. of Units (RHS)
12,400
2,500
12,200
2,000
12,000 11,800
1,500
11,600
1,000
11,400 500
11,200 11,000
0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Jyosai District: Nakano & Suginami Area (sq.km) Population (persons) Day Time Population (persons) No. of Households Population Density persons/sq.km
Nakano Ward
49.61 826,197 725,015 465,962 16,654 Suginami Ward
Dwellings by Type of Building Detached Houses Tenament Houses Apartments 1-2 Stories 3-5 Stories 6-10 Stories 11 Stories and Over Other
Total 103,130 11,120 298,320 128,460 119,940 39,680 9,840 1,830
(Source: Ministry of Internal Affairs, at home, Savills Research & Consultancy)
Jyosai District: Population of Nakano & Suginami (Persons)
•Population of the Jyosai District is expected to peak at around 2015 •Population of Nakano Ward is expected to peak at around 2010 •Population of Suginami Ward is expected to peak at around 2015 Nakano (LHS)
Suginami (LHS)
(Persons)
Total (RHS)
600,000
860,000
550,000
850,000
500,000
840,000
450,000
830,000
400,000
820,000
350,000
810,000
300,000
800,000
250,000
790,000 2005
2010
2015
2020
2025
2030
(Source: National Institute of Population and Social Security Research, Savills Research & Consultancy)
2035
Nakano Ward: Rental Level 80 sq.m. Or Larger
•Rental Levels peaked in 2005/1H •Number of contracted units peaked in 2005/2H Rate of decrease between peak and 2008/2H - Rental Level→6.24% - Number of Units→54.17%
(Yen)
Rent per Month per Tsubo (LHS)
No. of Units (RHS)
9,500
30
9,000
25 20
8,500
15 8,000
10
7,500
5
7,000
0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Nakano Ward: Rental Level Sized 40 – 80 sq.m.
•Rental Levels in 2008/2H was the highest in the past five years. Rental levels increased by 5.29% on a Y-o-Y basis •Number of contracted units peaked in 2004/1H Rate of decrease between peak and 2008/2H - Number of units→63.06% Rent per Month per Tsubo (LHS)
(Yen)
No. of Units (RHS)
10,200
350
10,000
300
9,800
250
9,600
200
9,400
150
9,200 9,000
100
8,800
50
8,600
0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Nakano Ward: Rental Level Sized 40 sq.m. Or Smaller
•Rental Levels peaked in 2008/1H •Number of contracted units peaked in 2004/1H Rate of decrease between peak and 2008/2H - Rental Level→0.70% - Number of Units→62.90% Rent per Month per Tsubo (LHS)
(Yen)
No. of Units (RHS)
11,400
1,000 900 800 700 600
11,200
500 400
12,000 11,800 11,600
300 200 100 0
11,000 10,800 10,600 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Suginami Ward: Rental Level Sized 80 sq.m. Or Larger
•Rental levels in 2008/2H was the highest in the past 5 years. Rental levels increased by 12.72% on a Y-on-Y basis •Number of contracted units peaked in 2004/1H Rate of decrease between peak and 2008/2H - Number of Units→83.02% Rent per Month per Tsubo (LHS)
(Yen)
No. of Units (RHS)
12,000
60
10,000
50
8,000
40
6,000
30
4,000
20
2,000
10 0
0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Suginami Ward: Rental Level Sized 40 – 80 sq.m.
•Rental levels in 2008/2H was the highest in the past 5 years. Rental levels increased by 3.77% on a Y-on-Y basis •Number of contracted units peaked in 2004/1H Rate of decrease between peak and 2008/2H - Number of Units→71.72%
(Yen)
Rent per Month per Tsubo (LHS)
No. of Units (RHS)
9,600
450 400 350 300 250 200 150 100 50 0
9,400 9,200 9,000 8,800 8,600 8,400 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Suginami Ward: Rental Level Sized 40 sq.m. Or Smaller
•Rental Levels peaked in 2007/2H •Number of contracted units peaked in 2005/2H Rate of decrease between peak and 2008/2H - Rental Level→2.04% - Number of Units→66.35% Rent per Month per Tsubo (LHS)
(Yen)
No. of Units (RHS)
11,900
1,400
11,800
1,200
11,700
1,000
11,600
800
11,500 600
11,400
400
11,300 11,200
200
11,100
0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Jyohoku District: Bunkyo, Toshima, Nerima, Itabashi, Kita & Taito
Itabashi Ward Kita Ward
Nerima Ward
Area (sq.km) 135.32 Population (persons) 2,110,284 Day Time Population (persons) 2,312,486 No. of Households 1,083,801 Population Density persons/sq.km 97,010
Toshima Ward Bunkyo Ward Taito Ward
Dwellings by Type of Building Detached Houses Tenament Houses Apartments 1-2 Stories 3-5 Stories 6-10 Stories 11 Stories and Over Other
Total 261,370 18,260 690,130 176,190 267,390 136,940 109,620 6,210
(Source: Ministry of Internal Affairs, at home, Savills Research & Consultancy)
Jyohoku District: Population of Bunkyo, Toshima, Nerima, Itabashi & Kita (Persons)
•Population of the Jyohoku District is expected to peak at around 2020 •Population of Bunkyo and Nerima wards is expected to peak at around 2025 •Population of Toshima, Itabashi, Kita and Taito wards is expected to peak between 2010 - 2015
Bunkyo (LHS)
Toshima (LHS)
Nerima (LHS)
Kita (LHS)
Taito (LHS)
Total (RHS)
Itabashi (LHS)
(Persons) 2,250,000
800,000 700,000
2,200,000
600,000 500,000
2,150,000
400,000
2,100,000
300,000 2,050,000
200,000
2,000,000
100,000 2005
2010
2015
2020
2025
2030
(Source: National Institute of Population and Social Security Research, Savills Research & Consultancy)
2035
Bunkyo Ward: Rental Level Sized 80 sq.m. Or Larger
•Rental Levels peaked in 2007/2H •Number of contracted units peaked in 2003/2H Rate of decrease between peak and 2008/2H - Rental Level→9.39% - Number of Units→51.28% Rent per Month per Tsubo (LHS)
(Yen)
No. of Units (RHS) 45 40 35 30 25 20 15 10 5 0
11,400 11,200 11,000 10,800 10,600 10,400 10,200 10,000 9,800 9,600 9,400 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
•Rental Levels in 2008/2H was the highest in the past 5 Bunkyo Ward: years. Rental levels increased by 4.30% on a Y-o-Y Rental Level basis. Sized 40 – 80 Sq.m. •Number of contracted units peaked in 2006/1H Rate of decrease between peak and 2008/2H - Number of Units→63.80% Rent per Month per Tsubo (LHS)
(Yen)
No. of Units (RHS)
11,500
300
11,000
250
10,500
200
10,000
150
9,500
100
9,000
50
8,500
0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Bunkyo Ward: Rental Level Sized 40 sq.m. Or Smaller
•Rental levels peaked in 2008/1H •Number of contracted units peaked in 2005/1H •Rate of decrease between peak and 2008/2H • - Rental Levels→2.09% - Number of Units→65.92%
(Yen)
Rent per Month per Tsubo (LHS)
No. of Units (RHS)
12,600
800
12,500 12,400
700
12,300 12,200
500
600
12,100
400
12,000 11,900
300
11,800 11,700
100
200
0
11,600 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Toshima Ward: Rental Level Sized 80 sq.m. Or Larger
•Rental Levels and number of contracted units both peaked in 2007/1H Rate of decrease between peak and 2008/2H - Rental Level→22.97% - Number of Units→69.23% Rent per Month per Tsubo (LHS)
(Yen)
No. of Units (RHS)
12,000
30
10,000
25
8,000
20
6,000
15
4,000
10
2,000
5
0
0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Toshima Ward: Rental Level Sized 40 – 80 sq.m.
•Rental Levels peaked in 2005/2H •Number of contracted units peaked in 2007/1H Rate of decrease between peak and 2008/2H - Rental Level→2.19% - Number of Units→41.67% Rent per Month per Tsubo (LHS)
(Yen)
No. of Units (RHS)
10,200 10,000 9,800 9,600 9,400 9,200 9,000 8,800 8,600 8,400 8,200
350 300 250 200 150 100 50 0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Toshima Ward: Rental Level Sized 40 sq.m. Or Smaller
•Rental Levels peaked in 2008/1H •Number of contracted units peaked in 2006/1H Rate of decrease between peak and 2008/2H - Rental Level→1.59% - Number of Units→58.82%
(Yen)
Rent per Month per Tsubo (LHS)
No. of Units (RHS) 1,200
11,800 11,700 11,600 11,500 11,400 11,300 11,200 11,100 11,000 10,900 10,800 10,700
1,000 800 600 400 200 0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Nerima Ward: Rental Level Sized 80 sq.m. Or Larger
•Rental Levels peaked in 2003/2H •Number of contracted units peaked in 2005/2H Rate of decrease between peak and 2008/2H - Rental Level→14.40% - Number of Units→91.67%
Rent per Month per Tsubo (LHS)
(Yen)
No. of Units (RHS)
8,000 7,000 6,000 5,000 4,000 3,000
30 25 20 15 10
2,000 1,000 0
5 0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
•Rental Levels peaked in 2006/1H Nerima Ward: •Number of contracted units peaked in 2006/1H Rental Level Sized 40 – 80 sq.m. Rate of decrease between peak and 2008/2H - Rental Level→1.79% - Number of Units→61.09%
Rent per Month per Tsubo (LHS)
(Yen)
No. of Units (RHS) 600
7,600 7,500 7,400 7,300 7,200 7,100 7,000 6,900 6,800 6,700
500 400 300 200 100 0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Nerima Ward: Rental Level Sized 40 sq.m. Or Smaller
•Rental Levels peaked in 2007/2H •Number of contracted units peaked in 2005/1H Rate of decrease between peak and 2008/2H - Rental Level→4.02% - Number of Units→64.71% Rent per Month per Tsubo (LHS)
(Yen)
No. of Units (RHS)
10,600 10,500 10,400 10,300 10,200 10,100 10,000 9,900 9,800 9,700 9,600
1,000 900 800 700 600 500 400 300 200 100 0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Itabashi Ward: Rental Level Sized 80 sq.m. Or Larger
•Rental Levels peaked in 2007/1H •Number of contracted units peaked in 2005/2H Rate of decrease between peak and 2008/2H - Rental Level→9.51% - Number of Units→75.00%
Rent per Month per Tsubo (LHS)
(Yen)
No. of Units (RHS) 14
8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0
12 10 8 6 4 2 0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Itabashi Ward: Rental Level Sized 40 – 80 sq.m.
•Rental Levels peaked in 2008/1H •Number of contracted units peaked in 2004/1H Rate of decrease between peak and 2008/2H - Rental Level→5.85% - Number of Units→61.38%
Rent per Month per Tsubo (LHS)
(Yen)
No. of Units (RHS)
8,500
400 350 300 250 200 150 100 50 0
8,000 7,500 7,000 6,500 6,000 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Itabashi Ward: Rental Level Sized 40 sq.m. Or Smaller
•Rental Levels peaked in 2007/2H •Number of contracted units peaked in 2006/1H Rate of decrease between peak and 2008/2H - Rental Level→2.08% - Number of Units→51.01%
(Yen)
Rent per Month per Tsubo (LHS)
No. of Units (RHS)
10,400
1,000 900 800 700 600 500 400 300 200 100 0
10,200 10,000 9,800 9,600 9,400 9,200 9,000 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Kita Ward: Rental Level Sized 80 sq.m. Or Larger
•Rental Levels peaked in 2005/1H •Number of contracted units peaked in 2007/1H Rate of decrease between peak and 2008/2H - Rental Level→24.56% - Number of Units→73.68%
Rent per Month per Tsubo (LHS)
(Yen)
No. of Units (RHS)
10,000
20
8,000
15
6,000 10 4,000 2,000
5
0
0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Kita Ward: Rental Level Sized 40 – 80 sq.m.
Rental Levels and number of contracted units both peaked in 2008/1H Rate of decrease between peak and 2008/2H - Rental Level→3.84% - Number of Units→67.50%
Rent per Month per Tsubo (LHS)
(Yen)
No. of Units (RHS)
9,000
250
8,500
200
8,000
150
7,500
100
7,000
50
6,500
0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Kita Ward: Rental Level Sized 40 sq.m. Or Smaller
•Rental Levels peaked in 2007/2H •Number of contracted units peaked in 2004/1H Rate of decrease between peak and 2008/2H - Rental Level→4.58% - Number of Units→60.45% Rent per Month per Tsubo (LHS)
(Yen)
No. of Units (RHS)
10,800
600
10,600
500
10,400
400
10,200
300
10,000
200
9,800
100
9,600
0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Taito Ward: Rental Level Sized 80 sq.m. Or Larger
•Rental Levels peaked in 2005/2H •Number of contracted units peaked in 2006/2H Rate of decrease between peak and 2008/2H - Rental Level→41.28% - Number of Units→96.88%
(Yen)
Rent per Month per Tsubo (LHS)
No. of Units (RHS)
12,000
35 30 25 20 15 10 5 0
10,000 8,000 6,000 4,000 2,000 0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Taito Ward: Rental Level Sized 40 – 80 sq.m.
•Rental Levels in 2008/2H was the highest in the past 5 years. Rental levels increased by 1.22% on a Y-o-Y basis. •Number of contracted units peaked in 2006/1H Rate of decrease between peak and 2008/2H - Number of Units→41.83%
(Yen)
Rent per Month per Tsubo (LHS)
No. of Units (RHS)
10,500
300
10,000
250
9,500
200
9,000
150
8,500
100
8,000
50
7,500
0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Taito Ward: Rental Level Sized 40 sq.m. Or Smaller
•Rental Levels peaked in 2007/1H •Number of contracted units peaked in 2006/1H Rate of decrease between peak and 2008/2H - Rental Level→1.82% - Number of Units→53.31%
(Yen)
Rent per Month per Tsubo (LHS)
No. of Units (RHS)
11,600
800
11,400 11,200
700 600
11,000
500
10,800
400
10,600
300
10,400
200
10,200 10,000
100 0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Jyoto District: Koto, Sumida, Arakawa, Adachi, Katsushika & Edogawa Area (sq.km) 172.02 Population (persons) 1,798,936 Day Time Population (persons) 2,213,656 No. of Households 1,224,577 Population Density persons/sq.km 273,145
Adachi Ward
Katsushika Ward
Arakawa Ward Sumida Ward Edogawa Ward
Dwellings by Type of Building Detached Houses Tenament Houses Apartments 1-2 Stories 3-5 Stories 6-10 Stories 11 Stories and Over Other
Total 322,480 12,020 725,440 124,890 264,370 178,310 158,460 4,480
Koto Ward
(Source: Ministry of Internal Affairs, at home, Savills Research & Consultancy)
Jyoto District: Population of Koto, Sumida, Arakawa, Adachi, Katsushika & Edogawa (Persons)
•Population of the Jyoto District is expected to peak at around 2015 •Population of Koto, Sumida, and Arakawa wards is expected to peak at around 2020 •Population of Adachi and Katsushika wards is expected to peak before 2010 •Population of Edogawa Ward is expected to peak at around 2035
Sumida (LHS)
Koto (LHS)
Arakawa (LHS)
Katsushika (LHS)
Edogawa (LHS)
Total (RHS)
Adachi (LHS) (Persons)
700,000
2,650,000
600,000
2,600,000
500,000
2,550,000
400,000 2,500,000
300,000 200,000
2,450,000
100,000
2,400,000 1
2
3
4
5
6
(Source: National Institute of Population and Social Security Research, Savills Research & Consultancy)
7
Koto Ward: Rental Level Sized 80 sq.m. Or Larger
•Rental Levels peaked in 2007/1H •Number of contracted units peaked in 2007/1H Rate of decrease between peak and 2008/2H - Rental Level→7.19% - Number of Units→68.89%
(Yen)
Rent per Month per Tsubo (LHS)
No. of Units (RHS)
50 45 40 35 30 25 20 15 10 5 0
12,000 10,000 8,000 6,000 4,000 2,000 0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Koto Ward: Rental Level Sized 40 – 80 sq.m.
•Rental Levels peaked in 2008/1H •Number of contracted units peaked in 2005/1H Rate of decrease between peak and 2008/2H - Rental Level→2.24% - Number of Units→36.46%
Rent per Month per Tsubo (LHS)
(Yen)
No. of Units (RHS)
10,000
300
8,000
250 200
6,000
150 4,000
100
2,000
50
0
0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Koto Ward: Rental Level Sized 40 sq.m. Or Smaller
Rental levels in 2008/2H was the highest in the past 5 years. Rental levels increased by 8.22% on a Y-o-Y basis. Number of contracted units peaked in 2008/1H Rate of decrease between peak and 2008/2H - Number of Units→18.14%
(Yen)
Rent per Month per Tsubo (LHS)
No. of Units (RHS)
12,000
800 700
11,500
600 500
11,000
400 10,500
300 200
10,000
100 0
9,500 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Sumida Ward: Rental Level Sized 80 sq.m. Or Larger
•Rental Levels peaked in 2008/1H •Number of contracted units peaked in 2006/2H Rate of decrease between peak and 2008/2H - Rental Level→45.05% - Number of Units→71.43%
(Yen)
Rent per Month per Tsubo (LHS)
No. of Units (RHS)
10,000
8 7 6 5 4 3 2 1 0
8,000 6,000 4,000 2,000 0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Sumida Ward: Rental Level Sized 40 – 80 sq.m.
Rental levels in 2008/2H was the highest in the past 5 years. Rental levels increased by 9.76% on a Y-o-Y basis. Number of contracted units peaked in 2006/1H Rate of decrease between peak and 2008/2H - Number of Units→30.68%
(Yen)
Rent per Month per Tsubo (LHS)
No. of Units (RHS)
10,000
300
8,000
250 200
6,000
150 4,000
100
2,000
50 0
0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Sumida Ward: Rental Level Sized 40 sq.m. Or Smaller
•Rental Levels peaked in 2008/1H •Number of contracted units peaked in 2007/1H Rate of decrease between peak and 2008/2H - Rental Level→4.77% - Number of Units→46.50%
Rent per Month per Tsubo (LHS)
(Yen)
No. of Units (RHS) 700 600
12,000 11,500
500
11,000
400
10,500
300 200
10,000 9,500
100 0
9,000 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Arakawa Ward: Rental Level Sized 80 sq.m. Or Larger
•Rental Levels peaked in 2008/1H •Number of contracted units peaked in 2007/1H Rate of decrease between peak and 2008/2H - Rental Level→9.25% - Number of Units→80.00%
(Yen)
Rent per Month per Tsubo (LHS)
No. of Units (RHS)
10,000
12
8,000
10 8 6
6,000 4,000
4 2 0
2,000 0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Arakawa Ward: Rental Level Sized 40 – 80 sq.m.
•Rental Levels peaked in 2004/2H •Number of contracted units peaked in 2004/2H Rate of decrease between peak and 2008/2H - Rental Level→4.83% - Number of Units→54.66%
Rent per Month per Tsubo (LHS)
(Yen)
No. of Units (RHS) 200
8,400 8,200 8,000 7,800 7,600 7,400 7,200 7,000
150 100 50 0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Arakawa Ward: Rental Level Sized 40 sq.m. Or Smaller
•Rental Levels and number of contracted units both peaked in in 2005/1H Rate of decrease between peak and 2008/2H - Rental Level→7.83% - Number of Units→35.08%
(Yen)
Rent per Month per Tsubo (LHS)
No. of Units (RHS)
11,000
350 300 250 200 150 100 50 0
10,500 10,000 9,500 9,000 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Adachi Ward: Rental Level Sized 80 sq.m. Or Larger
•Rental Levels peaked in 2007/2H •Number of contracted units peaked in 2007/2H Rate of decrease between peak and 2008/2H - Rental Level→9.34% - Number of Units→98.63%
Rent per Month per Tsubo (LHS)
(Yen)
No. of Units (RHS)
8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0
80 70 60 50 40 30 20 10 0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Adachi Ward: Rental Level Sized 40 – 80 sq.m.
•Rental Levels peaked in 2007/2H •Number of contracted units peaked in 2007/2H Rate of decrease between peak and 2008/2H - Rental Level→5.93% - Number of Units→62.86%
(Yen)
Rent per Month per Tsubo (LHS)
No. of Units (RHS)
6,800 6,600 6,400 6,200 6,000 5,800 5,600 5,400 5,200
350 300 250 200 150 100 50 0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Adachi Ward: Rental Level Sized 40 sq.m. Or Smaller
•Rental Levels peaked in 2006/2H •Number of contracted units peaked in 2005/1H Rate of decrease between peak and 2008/2H - Rental Level→1.66% - Number of Units→49.36%
Rent per Month per Tsubo (LHS)
(Yen)
No. of Units (RHS)
9,200 9,000
500 400
8,800 8,600
300
8,400 8,200
200 100
8,000 7,800
0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Katsushika Ward: Rental Level Sized 80 sq.m. Or Larger
•Rental Levels peaked in 2007/2H •Number of contracted units peaked in 2005/2H Rate of decrease between peak and 2008/2H - Rental Level→37.57% - Number of Units→75.00%
(Yen)
Rent per Month per Tsubo (LHS)
No. of Units (RHS)
8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0
10 8 6 4 2 0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Katsushika Ward: Rental Level Sized 40 – 80 sq.m.
•Rental Levels peaked in 2008/1H •Number of contracted units peaked in 2006/1H Rate of decrease between peak and 2008/2H - Rental Level→3.24% - Number of Units→65.00%
(Yen)
Rent per Month per Tsubo (LHS)
No. of Units (RHS)
6,600
300
6,500 6,400 6,300
250 200 150
6,200 6,100
100 50
6,000 5,900
0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Katsushika Ward: Rental Level Sized 40 sq.m. Or Smaller
•Rental Levels peaked in 2007/1H •Number of contracted units peaked in 2006/1H Rate of decrease between peak and 2008/2H - Rental Level→2.41% - Number of Units→61.59%
Rent per Month per Tsubo (LHS)
(Yen)
No. of Units (RHS)
9,400 9,200
350 300
9,000
250
8,800
200
8,600 8,400
150 100
8,200 8,000
50 0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Edogawa Ward: Rental Level Sized 80 sq.m. Or Larger
•Rental Levels peaked in 2005/1H •Number of contracted units peaked in 2007/1H Rate of decrease between peak and 2008/2H - Rental Level→24.56% - Number of Units→73.68%
(Yen)
Rent per Month per Tsubo (LHS)
No. of Units (RHS)
10,000
20
8,000
15
6,000 10 4,000 2,000
5
0
0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Edogawa Ward: Rental Level Sized 40 – 80 sq.m.
•Rental Levels and number of contracted units both peaked in 2008/1H Rate of decrease between peak and 2008/2H - Rental Level→3.84% - Number of Units→67.50%
Rent per Month per Tsubo (LHS)
(Yen)
No. of Units (RHS)
9,000
250
8,500
200
8,000
150
7,500
100
7,000
50
6,500
0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Edogawa Ward: Rental Level Sized 40 sq.m. Or Smaller
•Rental Levels peaked in 2007/2H •Number of contracted units peaked in 2004/1H Rate of decrease between peak and 2008/2H - Rental Level→4.58% - Number of Units→60.45%
(Yen)
Rent per Month per Tsubo (LHS)
No. of Units (RHS)
10,800
600
10,600
500
10,400
400
10,200
300
10,000
200
9,800
100
9,600
0 2003/2H
2004/1H
2004/2H
2005/1H
2005/2H
2006/1H
(Source: Residential Index Forum, Savills Research & Consultancy)
2006/2H
2007/1H
2007/2H
2008/1H
2008/2H
Related Documents
Tokyo Residential Market Report 090706_savills
June 2020 4
Tokyo
August 2019 42
Tokyo
May 2020 26
Tokyo
November 2019 33
Tokyo
August 2019 39
Tokyo
November 2019 29More Documents from ""
Cap Rate Dicount Reasonableness
June 2020 3
Tokyo Residential Market Report 090706_savills
June 2020 4
Understanding Cap Rates
June 2020 2
Why Hospitals Don't Learn From Failures_03-059
June 2020 2