Real estate giant HULIC is embarking on a redevelopment project that will see an older office building demolished to make way for a new data center in Nihonbashi.
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Price-earnings ratios for Tokyo apartments in 2021
With rental growth exceeding the increase in sale prices, the average price-earnings ratio (PER) for a brand-new apartment across greater Tokyo in 2021 was 24.56, down slightly from 2020 (24.69) but up from 2019 (24.36). A high PER means a low rental yield.
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Tokyo apartment prices increase for 24th month
The average reported sale price of a second-hand apartment in the Tokyo metropolitan area reached 919,400 Yen/sqm in April. This is a 4.2% increase from March and a 14.1% increase from last year. It’s also the 24th month in a row to see a year-on-year increase in sale prices.
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Japan’s high-rise apartment market from 2022 onwards
The latest report from the Real Estate Economic Institute has estimated that a total of 112,000 apartments in high-rise towers are currently in the pipeline to be built across Japan from 2022 onwards. This is an increase of 17,000 units from last year’s report.
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Tokyo Apartment Sales in April 2022
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of April 2022:
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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.
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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.
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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.
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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.
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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.
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