Developers bow to government pressure to limit speculation on Harumi Flag apartments
Demand for apartments in Harumi Flag has reached such an unprecedented level that the developers have had to quickly implement some changes to quell speculative buyers and satisfy the Tokyo metropolitan government.Read more
Tokyo sees 34% increase in sales of apartments priced over 100 million Yen
According to REINS, a total of 1,867 second-hand apartments were reported to have sold in the Tokyo metropolitan area in March 2023, up 10.4% from the previous month and up 3.4% from last year.Read more
Tokyo Apartment Sales in March 2023
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of March 2023:
Omotesando office building reaches completion
Mitsubishi Estate and Y.K. Goko completed construction of the 3rd MINAMI AOYAMA office building on March 16.
New apartment supply drops 20% in February
According to the Real Estate Economic Institute, 1,821 brand-new apartments were released for sale across greater Tokyo in February, down 20.4% from last year. Read more
Average price of an apartment in Tokyo reaches new record in February
According to Tokyo Kantei, the average asking price for a 70 sqm apartment in Tokyo’s 23 wards was 69,770,000 Yen in February, up 0.5% from the previous month and up 4.1% from last year. This price exceeded a previous record high set last October.
Nationwide land values increase for 2nd year in a row
The nationwide Assessed Land Values (koji-chika), as issued by the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) saw a year-on-year increase in 2023. This is the second year in a row to see an increase. The growth is apparent not only in urban centers, but is also spreading to regional areas as the country emerges from the pandemic.Read more