Tokyo’s high-end market still cheaper than other international cities
According to the Japan Real Estate Institute’s latest report on global real estate prices, an apartment in the wealthy Motoazabu district in Tokyo is cheaper than one in Beijing, Shanghai, Hong Kong, Taipei, Singapore, New York, and London.
Tokyo Apartment Sales in June 2022
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of June 2022:
Japan's rosenka land values increase after 2 years
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.
Redevelopment committee formed for Toranomon high-rise
On June 24, the Tokyo Governor approved the formation of the redevelopment committee for the Toranomon 1 Chome East District Project. This will see a 180-meter tall office tower built just in front of Toranomon Station.
Tokyo apartment asking prices increase for 23rd month
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.
Housing inventory down 44% in Tokyo since start of pandemic
We have about twice as many people looking for houses than apartments, yet detached homes represent less than 15% of total housing inventory (houses and apartments) available for purchase across Tokyo. As a licensed brokerage, we have access to the entire market but cannot stress enough just how hard it is to source homes for clients.
Tokyo apartment prices increase for 25th month
The average sale price of a second-hand apartment in Tokyo’s 23 wards recorded the 25th consecutive year-on-year increase in May, with prices increasing by 10.8% to 876,200 Yen/sqm.