Like other cities across Japan, Sapporo is no stranger to rising home prices. New apartment prices have risen by 37.3% over the past ten years. One new luxury condominium in the city has gone on sale this June with all apartments priced over 200 million Yen.
Prostyle Sapporo Miyanomori is an 11-story terraced apartment building built into the hillside behind the Ariyama Ryokichi Park and Athletic Field. It was designed by Kengo Kuma and features a shared gym, a sauna room in each apartment, large rooftop terraces, and views over the city.
The 20 apartments range in size from around 126 ~ 176 sqm (1,356 ~ 1,894 sq.ft), and all are priced over 200 million Yen. The most expensive apartment, a three-bedroom unit on the 3rd floor, was priced at 390 million Yen (approx. US$3.5 million). This works out to around 2.2 million Yen/sqm (US$1,820/sq.ft), which is similar to pricing in central Tokyo.
The sales team has been receiving about 50 inquiries a month from interested buyers in and outside of Hokkaido.
The average price of a brand-new apartment in Sapporo City has risen from 28.32 million Yen in 2011 to 38.89 million Yen in 2021. Over the same time, the average size of a new apartment has gone from 82 sqm (882 sq.ft) to just 65 sqm (699 sq.ft). In other words, buyers now have to pay 37% more for an apartment that is 20% smaller. As buyers shy away from expensive and small new builds, they are pushing up prices for the second-hand apartment market, with prices of existing apartments increasing by anywhere between 80 ~ 140% since 2011.
Source: Hokkaido News UHB, October 10, 2021.
1,308 total views, 2 views today