The average price of a brand-new apartment in Sapporo reached its highest level on record in 2022. According to the Sapporo-based Housing Distribution Research Institute, the average price reached 47.82 million Yen, up 17% from 2021 and the highest price since record-keeping began in 1989.
The price per square meter also reached a record high of 669,000 Yen, up 8% from 2021, and has doubled over the past decade.
The price growth is due to several factors: high construction costs and redevelopment projects in prime locations that have been attracting wealthy buyers.
Based on data reported by the Construction Research Institute, the raw material index for reinforced concrete housing construction in Sapporo was 156.2 as of December 2020 (2011 = 100), the highest of Japan’s top 10 major cities.
Source: The Hokkaido Shimbun, January 17, 2023.
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