Japan’s new apartment price to income ratio increases for 7th year

In 2018, the average price of a brand-new apartment across Japan was 8.09 times the average annual income. This is a 0.28 point increase from 2017 and the 7th year in a row to record a year-on-year increase in the multiple. For second-hand apartments, the nationwide ratio was 5.47, up 0.17 points from 2017 and the 6th year in a row to see an increase. 

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Tokyo Bayside population continues to grow

While regional areas in Japan are suffering from a declining population, other districts, such as those in Tokyo’s bayside area, are struggling to control a surge in new residents. In 2019, Koto Ward’s population reached 518,000, an 80,000 increase over the past 10 years. Neighboring Chuo Ward’s population bottomed out at 72,000 in 1997 but now sits at 167,000. Numerous high-rise apartment towers and a desire to be closer to one’s office have been the main drivers behind the population growth.

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