The average monthly rent of a condominium-type apartment in Tokyo’s 23 wards was 3,835 Yen/sqm in June, down 0.3% from the previous month but up a slight 0.2% from last year. The average apartment size was 51.38 sqm (553 sq.ft).
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This year’s rosenka land tax values were released by the National Tax Agency on July 1, and it’s been a mixed bag with some areas seeing gains and others losses.
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According to Tokyo Kantei, the average asking price of a 70 sqm second-hand apartment in Tokyo’s 23 wards was 67,990,000 Yen (approx. US$502,000) in May 2022, up 0.1% from the previous month and up 7.8% from last year. This is the 23rd month in a row to see an increase.
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The circular Osaka Marubiru office tower in Umeda will be redeveloped, with construction set to start next year.
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A famed temple in Osaka with a history going back over 1,000 years has been put up for a foreclosure auction to be held this month.
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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.
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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.
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In 2020, the average price of a 10-year old second-hand apartment nationwide was 5.92 times the average income, according to a report by Tokyo Kantei. Housing has become more expensive compared to 2019, which had a multiple of 5.52.
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Japan’s Standard Land Prices were announced yesterday by the Ministry of Land, Infrastructure, Transport and Tourism (MLIT). The national average dropped by 0.4% from last year. This is the second year in a row to see a decline, but it is a slight improvement from last year’s 0.6% drop. The nationwide average has been in the negative for 27 of the past 30 years.
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The average asking price of a 70 sqm (753 sq.ft) second-hand apartment in the Tokyo metropolitan area in July has increased month-on-month for the past 13 months. According to Tokyo Kantei, the average asking price was 58,000,000 Yen, up 1.6% from June and up 13.3% from July 2020.
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