Land prices increase in over 80% of locations
According to the latest quarterly LOOK Report issued by the Ministry of Land, Infrastructure, Transport and Tourism (MLIT), land prices at 81.3% of the surveyed locations saw an increase in the third quarter of 2022. This is the highest share seen since the fourth quarter of 2019.
Tokyo Apartment Sales in November 2022
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of November 2022:
46 listed companies dispose of real estate in first half of 2022
A total of 46 TSE listed companies reported the sale of domestic real estate holdings in the first half of 2022 (April-September), with Tokyo Shoko Research estimating that the annual number could reach a 15-year high of 100 companies.
Apartment asking prices in Tokyo increase for 28th month in a row
The average asking price of a 70 sqm (753 sq.ft) second-hand apartment in Tokyo’s 23 wards reached 69,710,000 Yen in October, up 0.6% from the previous month and up 7.8% from last year. This is the 28th month in a row to see a month-on-month increase. The average building age was 27.6 years.
Autumn sales sees contract ratio return above 70%
Autumn sales season kicked off last month with 2,768 brand-new apartments released for sale across greater Tokyo, a 36% increase from the previous month and a 34.7% increase from last year.
Tokyo’s rents increase for first time in 6 months
The average monthly rent of a condominium-type apartment in Tokyo’s 23 wards was 3,820 Yen/sqm in October, up 0.6% from the previous month. This is the first month-on-month increase in 6 months. Rents are down 0.3% from last year.
Tokyo tops luxury residential price rises in Asia
Tokyo has seen the highest increase in luxury residential prices in Asia, according to Knight Frank’s Prime Global Cities Index for the third quarter of 2022. It also ranked 3rd worldwide, after Dubai and Miami.