Looking to buy a large apartment in Tokyo? This is why you might be having difficulty
Houses and apartments in Japan are typically on the small side. The standard size of a three-bedroom apartment might be around 70 sqm, and a two-bedroom apartment in the 50 ~ 60 sqm range. Detached homes might be under 100 sqm, spread over three floors and including the car park. There are larger homes and apartments to be found, but buyers need to be aware that the availability of these larger properties is very limited.
Tokyo apartment inventory continues to decline while prices rise
According to REINS, the total number of second-hand apartments sold across greater Tokyo in July saw a year-on-year drop for the first time in five months, while the average sale price per square meter increased for the 15th month in a row.
Average asking price of an apartment in Tokyo hits new historic high
The average asking price of a 70 sqm second-hand apartment across greater Tokyo reached 41,140,000 Yen in June, according to Tokyo Kantei. This is the highest level seen since the company began recording data in 2002, and beating a previous high seen in May.
Asking price of an apartment in Tokyo hits highest level since 2002
Bad news for buyers who decided to sit on the sidelines throughout 2020. According to Tokyo Kantei, the average asking price of a 70-sqm secondhand apartment across greater Tokyo was 40,440,000 Yen in May, up 0.6% from the previous month and up 10.1% from last year. This is the highest level seen since record-keeping began in 2002.
Apartment transactions in January reach all-time high
The second state of emergency issued on January 7 wasn’t enough to slow buying activity this time around, with REINS reporting that 3,480 second-hand apartments were sold across greater Tokyo in January, up 37.3% from the previous month and up 29.9% from January 2020. This is the highest number of transactions seen for the month of January since REINS began reporting data in May 1990.
Quick real estate news summary for the week
Tokyo’s office vacancy rate continues to climb, Hon-Atsugi popular with renters and Kachidoki popular with buyers. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
The most expensive apartments to go on sale in Tokyo over the past 10 years
Over the past few years, Tokyo's luxury real estate market has taken off as developers tap into growing demand for high-end homes.