Tokyo sees highest increase in luxury residential pricing in Asia in 2022
According to the Knight Frank Prime International Residential Index for 2022, Tokyo saw the highest rate of growth in Asia with a 22.8% annual increase. It was also ranked 4th globally, behind Dubai (+44.2%), Aspen (+27.6%), and Riyadh (+25.0%).
Tokyo’s newest and most expensive apartments
Although it is still decades behind, Tokyo’s luxury* property market is finally starting to catch up with its international counterparts. Several new projects in the city center have lifted the bar for pricing and design.
How much can you expect to pay?
Mita Garden Hills selected as name of new luxury project in central Tokyo
Mita Garden Hills is now the official name of the large-scale luxury condominium project being developed by Mitsui Fudosan Residential and Mitsubishi Estate Residence in Minato's Mita neighborhood. This is the second ‘Garden Hills’ since Hiroo Garden Hills was developed in the 1980s.
Japan's tallest tower tops out in Toranomon
The 64-story skyscraper in the Toranomon-Azabudai Project topped out at 330 meters on April 21. This is now the tallest building in Japan, exceeding Osaka’s 300-meter tall Abeno Harukas building.
Tokyo Apartment Sales in March 2022
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of March 2022:
Same-day sellout for luxury homes in Seijo
An enclave of brand-new luxury detached houses in the Seijo neighborhood in Tokyo went on sale at the end of January, with all five homes selling out. The average price per house was around 230 million Yen (approx. US$2.15 million), with the most expensive home priced at 270 million Yen.
Toranomon Hills Residential Tower reaches completion
The newest building in the Toranomon Hills area officially reached completion on January 20, 2022. Toranomon Hills Residential Tower is a 220-meter tall, 54-story luxury apartment tower developed by Mori Building. Residents will be able to move in from May.
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.
Luxury apartment sales surge in Tokyo
The luxury condominium market in Tokyo has been surging in the face of the pandemic.
Wellith One Aoyama
KITA AOYAMA, MINATO-KU, TOKYO
BUILT IN 2019 | 15 UNITS | 7 FLOORS
| SIZE RANGE: | 178.74 ~ 441.67 m² (747 ~ 1,339 ft²) |
| AVERAGE PRICE: | ¥3,000,000/m² |