
The average asking price of a 70 sqm (753 sq.ft) second-hand apartment across the greater Tokyo region in 2022 climbed 13.2% to 47,160,000 Yen. This was the second year in a row to record double-digit growth.
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The average asking price of a 70 sqm (753 sq.ft) second-hand apartment across the greater Tokyo region in 2022 climbed 13.2% to 47,160,000 Yen. This was the second year in a row to record double-digit growth.
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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.
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Tokyo’s 23 wards were the only area within greater Tokyo to see a year-on-year increase in apartment sales in December, with transactions up 6.6%. Saitama Prefecture saw a 4.2% drop, Chiba saw an 11.2% drop, and Kanagawa saw a 7.4% drop.
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The average asking price of a 70 sqm (753 sq.ft) second-hand apartment in Tokyo’s central wards of Chiyoda, Minato, and Shibuya, has exceeded the 100 million Yen range in November, 2022.
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The following is a selection of apartments that were reported to have sold in central Tokyo during the month of December 2022:
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2022 was a year of turmoil for markets, with interest rate rises, high inflation, and ongoing supply chain disruptions. Japan did not suffer to the same extent, with interest rates and inflation remaining low. The stable domestic conditions favored the real estate market with prices continuing to rise throughout the year.
Please feel free to view or download the PDF of our annual Japan Property Market Report, linked below.
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Apartment prices in central Tokyo hit a new record high in November, with REINS reporting the average reported sale price of a second-hand apartment in the central three wards at 1,627,200 Yen/sqm. This is a 3.3% increase from the previous month and an 18.2% increase from last year. It’s the highest price-per-square-meter on recent record.
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Investors are expecting lower rental yields from office and residential assets in Tokyo. According to the Japan Real Estate Institute’s investors survey published on November 2022, the expected rental yield on Class A office space in Tokyo’s Marunouchi and Otemachi district was 3.2% as of October 2022, down from a 3.3% expected yield in April.
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On November 29, the Japan Real Estate Institute released its six-monthly report on the total earnings rate (rental income and capital gains) of office buildings in central Tokyo.
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Although it is still decades behind, Tokyo’s luxury* property market is finally starting to catch up with its international counterparts. Several new projects in the city center have lifted the bar for pricing and design.
How much can you expect to pay?
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