How has Tokyo's rental market changed since the pandemic
News reports are still coming out about an exodus from Tokyo as the coronavirus pandemic continues, but has this had any effect on the real estate market in Tokyo’s 23 wards?
Same day sellout in Brillia Tower Dojima
One of the most luxurious apartment towers to be built in Osaka is already proving a hit with buyers with all apartments released in the first round of sales receiving purchase applications.
Second-hand apartment transactions reach record high in 2021
According to REINS, a total of 39,812 second-hand apartments were reported to have sold across greater Tokyo in 2021, up 11.1% from 2020 and the highest level on record. Second-hand apartment transactions have exceeded those of new apartments, with the total supply of brand-new apartments in 2021 at 33,636 units. The myth of buyers only preferring new construction is well and truly ancient.
New apartment prices in Tokyo’s 23 wards still not at bubble high, but close
In 2021 the average price of a brand new apartment released for sale across greater Tokyo reached the highest level in history, beating a record high set during the asset bubble years of the late 1980s and early 1990s.
Tokyo apartment prices increase for 20th month
The average reported sale price per square meter for a second-hand apartment across greater Tokyo increased for the 20th month in a row in December. Last month, the average sale price was 641,700 Yen/sqm, up 5.3% from the previous month and up 11.6% from December 2020.
Our Japan Property Market Report for 2021
2021 saw much of the country in a state or semi-state of emergency for most of the year. Nevertheless, the Nikkei stock index ended the year at the highest level seen since 1989. The real estate market also steamed ahead as buyers appeared to be unfazed by the pandemic. For most sectors of the real estate market, conditions remained somewhat similar to 2020. Residential prices continued to rise as inventory dwindled. Rental prices diverged as larger apartments saw rents rise while smaller studios saw rents fall.
Please feel free to view or download the PDF of our annual Japan Property Market Report, linked below.
Tokyo Apartment Sales in December 2021
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of December 2021: