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.
Central Tokyo apartment sale prices up 21% y-o-y
According to REINS, the average sale price of a second-hand apartment in Tokyo’s central three wards of Chiyoda, Chuo, and Minato, reached 1,574,500 Yen/sqm in October. This is a 21.1% increase from last year, and a record high. Apartment prices have seen double-digit year-on-year growth for 8 of the 10 months so far in 2022. Sale prices are up 30% since the start of 2020 and have increased by 51% over the past five years.
Apartments continue to become less affordable in 2021
The average price of a 10-year old, 70 sqm second-hand apartment nationwide was 6.54-times times the average annual income in 2021, according to a report by Tokyo Kantei. This is the first time the multiple has exceeded 6 since the research company began recording data in 2008. It is due to the average apartment price increasing by 8.8% to 29.77 million Yen, while the average annual income dropped by 1.5% to 4.55 million Yen.
Tokyo Apartment Sales in October 2022
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of October 2022:
Foreclosure in Niseko sells for 2200% above reserve
A foreclosed block of land in Niseko ended up selling for over 22 times its auction reserve earlier this month. The 1,012 sqm (10,889 sq.ft) lot of non-zoned land is 6.3 kilometers from Niseko Station and in the Annupuri district with the Moiwa and Annupuri ski slopes nearby.