The average price of a sq.m Home of Miyagi Shinkansen Tohoku Shinkansen, in 2017 was 136,466 JPY/sq.m. The market value represents a decrease of 11,463 JPY (-7.7%) compared to 1 year ago and a transition to a bear market. 12 properties exchanged hands ( The market value represents a decrease of 57 (-82.6%) compared to 1 year ago and a transition to a dramatic market.).
The average age of the real estate was 25.0 years old (a +55.2% increase compared to the 16.1 years old of last year.). The average size of the real estate was 244.2 sq.m (a -38.8% decrease compared to the 399.1 sq.m of last year.). The average total floor space of the real estate was 295.4 sq.m (a +17.3% increase compared to the 251.9 sq.m of last year.).
One distinguishing feature of recent real-estate transactions was a dramatic increase in transactions involving relatively old buildings under 40 years old, as well as a dramatic increase in transactions involving locations less than ten minutes by foot from the station.
Causes of price decreases
- A dramatic increase in average age of the building (representing 16.1 years old in 2016 and 25.0 years old in 2017; +55.2%)
- An increase in average distance from the station (representing 39.8 min in 2016 and 45.7 min in 2017; +14.7%)
- A dramatic increase in transactions involving relatively old buildings under 40 years old (representing 25.0% of total transactions in 2016 and 58.3% of total transactions in 2017)
- A dramatic decrease in transactions involving nearly new buildings under 3 years old (representing 40.0% of total transactions in 2016 and 25.0% of total transactions in 2017)
The highest Home market value is Sendai at 266,666 JPY/sq.m. On the other hand, those with the lowest market value is Kurikoma-Kogen at 51,000 JPY/sq.m.
In accordance with the aging of buildings, the stations whose values were most likely to decline was the Furukawa at -50.6% (The rate of decline after 30 years). On the other hand, market values along the Kurikoma-Kogen was the most resistant to decline at -36.2% (The same rate).
Data regarding the market value and its changes of Home in Tohoku Shinkansen were calculated using data on the sales of 1,246 properties provided by the MLIT Japan.