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.
Tiny modernist house demolished
A 60-year old modernist home in Tokyo’s Nakano Ward has just been demolished. The ‘SH-60’ house was designed by Kenji Hirose. It had a floor area of just 29 sqm (312 sq.ft) and was designed for a famous painter and illustrator.
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:
Luxury rental apartments added to Torch Tower
A recent use-change will see some luxury rental apartments added to Japan’s tallest tower-to-be. On January 8, the Nikkei Shimbun newspaper reported that the 390-meter tall Torch Tower, on the northern side of Tokyo Station, will have around 50 apartments with monthly rents ranging from 1 ~ 5 million Yen (approx. US$8,650 ~ $43,200). The largest apartment will be in the 400 sqm (4,300 sq.ft) range.
A forecast of the new apartment market in 2022
On December 21, the Real Estate Economic Institute published a forecast of the new apartment market across the greater Tokyo region.
Housing in Tokyo is 30% smaller than the national average
Housing in Tokyo is notoriously small and cramped, and a report issued last year by the Statistics Division of the Tokyo Metropolitan Government proves it.