Omotesando's real estate market in 2021
Let’s take a quick look at how Omotesando’s residential real estate market for apartments has performed over the past 12 months.
Apartment rents in Tokyo remain flat throughout pandemic
Unlike some other major cities across the world, average apartment rents in Tokyo have remained somewhat flat throughout the pandemic with little volatility.
Tokyo apartment asking prices increase for 19th month
The average asking price of a 70 sqm (753 sq.ft) second-hand apartment in Tokyo’s 23 wards reached 66,700,000 Yen in January 2022. This is a 10.4% increase from January 2021 and the 19th month in a row to record an increase.
The price divide between older and newer apartments
It’s no surprise that all other things being equal, an apartment in an older building is not going to be priced as high as one in a newer, flashier building. What may come as a surprise is just how big that divide can be.
What is the lifespan of a house or apartment in Japan?
Do Japanese homes only last 30 years before they need to be torn down? Will you be kicked out of your apartment when the building reaches a certain age? There are a lot of tropes floating about regarding the lifespan of Japanese buildings, and the majority of these stories are based on incorrect information.
The last Dojunkai house of Ogikubo to be demolished
A traditional Japanese home north of Ogikubo Station will ultimately be demolished as the owner prepares to sell to a real estate developer. The single-family home and garden will be replaced with five new houses.
Greater Tokyo’s apartment market between 2011 and 2021
Apartment prices across the greater Tokyo region have risen by as much as 70% over the past decade and 11% over the past year. The average reported sale price of a second-hand apartment as of December 2021 reached a record high of 641,700 Yen per square meter. That’s a 70.5% increase from the most recent market bottom seen in May 2012.