The average price of a sq.m Apartment of Yamaguchi Hofu-Shi, in 2016 was 193,443 JPY/sq.m. The market value represents a decrease of 112,235 JPY (-36.7%) compared to 1 year ago and a transition to a dramatic market. 10 properties exchanged hands ( The market value represents an increase of 6 (+150.0%) compared to 1 year ago and a transition to a dramatic market.).
The average age of the real estate was 13.3 years old (a +146.5% increase compared to the 5.4 years old of last year.). The average size of the real estate was 71.5 sq.m (a -4.7% decrease compared to the 75.0 sq.m of last year.).
One distinguishing feature of recent real-estate transactions was a dramatic decrease in transactions involving locations relatively near to the station less than six minutes by foot from the station.
Causes of price decreases
- A dramatic increase in average age of the building (representing 5.4 years old in 2015 and 13.3 years old in 2016; +146.5%)
- A dramatic increase in average distance from the station (representing 5.8 min in 2015 and 11.1 min in 2016; +93.0%)
- A dramatic decrease in transactions involving locations relatively near to the station less than six minutes by foot from the station (representing 50.0% of total transactions in 2015 and 30.0% of total transactions in 2016)
The highest Apartment market value is 八王子 at 275,000 JPY/sq.m. On the other hand, those with the lowest market value is 高倉 at 93,846 JPY/sq.m.
In accordance with the aging of buildings, the area whose values were most likely to decline was the 上天神町 at -85.2% (The rate of decline after 30 years). On the other hand, market values along the 緑町 was the most resistant to decline at -50.2% (The same rate).
Data regarding the market value and its changes of Apartment in Hofu-Shi were calculated using data on the sales of 61 properties provided by the MLIT Japan.