Greater Tokyo’s apartment market between 2011 and 2021
Apartment prices across the greater Tokyo region have risen by as much as 70% over the past decade and 11% over the past year. The average reported sale price of a second-hand apartment as of December 2021 reached a record high of 641,700 Yen per square meter. That’s a 70.5% increase from the most recent market bottom seen in May 2012.
Same-day sellout for luxury homes in Seijo
An enclave of brand-new luxury detached houses in the Seijo neighborhood in Tokyo went on sale at the end of January, with all five homes selling out. The average price per house was around 230 million Yen (approx. US$2.15 million), with the most expensive home priced at 270 million Yen.
Tokyo apartment prices up 12.2% from last year
The average price of a second-hand apartment sold across greater Tokyo in January reached 41,490,000 Yen, up 10.0% from last year. This is the 20th month in a row to see a year-on-year increase. The average price per square meter was 641,800 Yen, up 11.5% from last year and the 21st month in a row to see an increase.
200 billion Yen redevelopment for Shinjuku West Exit
On February 9, Odakyu Electric Railway announced that it will be working together with Tokyu Land on the 200 billion Yen redevelopment of the former Odakyu Department Store near the west exit of Shinjuku Station.
Home loan rates rise as interest rate hits 6 year high
From the beginning of this month, Japan’s main banks have started to increase interest rates offered on home loans. This is due to the worldwide shift towards reducing monetary easing measures that have been in effect since the start of the pandemic. On January 31, Japan’s long-term interest rate reached 0.185%, the highest level in six years.
Tokyo Apartment Sales in January 2022
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of January 2022:
Toranomon Hills Residential Tower reaches completion
The newest building in the Toranomon Hills area officially reached completion on January 20, 2022. Toranomon Hills Residential Tower is a 220-meter tall, 54-story luxury apartment tower developed by Mori Building. Residents will be able to move in from May.