Central Tokyo apartment prices up 18.7% from last year
In July, the average reported sale price of a second-hand apartment in central Tokyo’s 3 wards of Chiyoda, Chuo, and Minato reached 1,543,800 Yen/sqm, a record high. This is a 7.7% increase from the previous month and an 18.7% increase from last year.
10-fold increase in 100 million Yen + apartment sales in Tokyo
The number of apartments that have sold for over 100 million Yen in the Tokyo metropolitan area has risen 10-fold over the past decade. According to listing database and market information provider REINS, reported transactions in Tokyo reached 1,136 in 2021, up 39.6% from 2020 and up 952% from 2011.
Tokyo Apartment Sales in July 2022
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of July 2022:
Apartments in Tokyo are selling faster and with smaller discounts
Last year, the market for second-hand apartments in the greater Tokyo area saw discounts hit some of the lowest rates on average, while apartments sold in a shorter amount of time.
Tokyo apartment asking prices increase for 24th month
The average asking price of a 70 sqm second-hand apartment in Tokyo’s 23 wards reached 68,400,000 Yen in June, a 0.6% increase from the previous month and 8.1% increase from last year. This is the 24th month in a row to record a month-on-month increase.
New apartment price in Tokyo hits second highest level on record
The average price of a brand-new apartment in greater Tokyo (Tokyo, Kanagawa, Saitama and Chiba Prefectures) in the first half of 2022 has reached the second highest level on record.
Bidding closes on Otemachi Place
Bidding ended for office space in Otemachi Place on July 7, with a little over 10 domestic and foreign buyers expressing interest. The floor space on offer is in the East Tower and the seller is the Ministry of Finance (MOF).
Interested buyers had until July 7 to submit their proposal, which required disclosing information in the event of joint buyers, and an after-purchase management and operation plan.