2022 sees even fewer large apartments on the market
Wondering why it’s so tough to find a large-ish apartment in Tokyo? They’re not being built. At least not in any discernible quantity.
Tokyo Apartment Sales in February 2023
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of February 2023:
Tokyu Plaza Ginza sold
On March 3, Tokyu Fudosan Holdings Corporation announced the sale of Tokyu Plaza Ginza. The sale price was not disclosed, although it had a book value of 118.5 billion Yen (US$872 million) as of March 2022. Tokyu is expecting an impairment loss of 21.1 billion Yen for the fiscal year ending March 2023.
Apartment rents in greater Tokyo increase for 3rd month
The average monthly rent of a condominium-type apartment across greater Tokyo (Tokyo, Kanagawa, Saitama, and Chiba prefectures) was 3,391 Yen/sqm in January, up 1.6% from the previous month and the 3rd month in a row to see a month-on-month increase.
Record high apartment prices in Osaka
Rising residential prices are being felt nationwide as construction costs remain high. This year, the most expensive apartment building in the Kansai region will go on sale, creating a new price record.
Why are there over 70 buyers per apartment in Harumi Flag?
With some apartments receiving over 200 purchase applications this month, buyer demand in the Harumi Flag development on Tokyo Bay has been so astonishingly high that NHK sent a journalist out to see what was going on.
An updated look at Tokyo apartment prices since 1992
With the latest data for 2022 released by REINS last month, let’s take a look at the average sale price of a second-hand apartment across greater Tokyo over the past 30 years.