Apartment asking price in Tokyo climbs for 21st month
According to Tokyo Kantei, the average asking price of a 70 sqm (753 sq.ft) second-hand apartment in Tokyo’s 23 wards climbed for the 21st month in a row to 67,840,000 Yen as of March 2022. This is a 1.2% increase from February and a 10.5% increase from last year.
A brief background of land ownership in Tokyo
Tokyo has origins of inhabitation dating back to 3000 BC. In fact, the Yoyogi-Hachiman Shrine just west of Yoyogi Park in Shibuya has traces of a historic settlement from the middle Jomon period (2500~1500 BC).
By 1800, this was the largest city in the world with a population of over 1 million. The city’s growth and frequent rebuilding over the years, especially during the 20th century, helps to explain why Tokyo is the way it is and how it differs from other international metropolises.
New apartment price in Tokyo hits 31-year high
The average price of a brand-new apartment across greater Tokyo has now exceeded a bubble-era high.
Why Tokyo’s real estate prices did not crash post-Olympics
Over the past few years, more than a few people told us that property prices in Tokyo were artificially inflated by the coming Olympics and that they were going to wait until the games were over to ‘pick up a bargain’. Since the announcement of the Olympics, there were frequent opinion pieces that predicted property prices would crash immediately after the Olympics.
Apple Store Ginza Building to be demolished
The building housing the Apple Store Ginza will be demolished later this year. In 2003, this was the first Apple Store to open in Japan.
Samurai school sold to Tokyo buyer
The operator of a funeral home group has sold a samurai-style school and tourism facility in Fukushima to an individual in Tokyo.
Tokyo apartment prices increase for 23rd month
Despite growing building ages and shrinking apartment sizes, the average price of a second-hand apartment sold in Tokyo last month reached a record high.