Leasehold apartment building in Monzennakacho sold out 12 months prior to completion
A 12-story apartment building under construction in Tokyo’s Monzennakacho neighborhood has completely sold out within two months of sales. Demand from buyers has been high despite the fact that the building is on leasehold land.
Apartment prices in Minato Ward increased by 96% over past decade
The average reported sale price of a second-hand apartment in Tokyo’s central Minato ward has increased by 96% over the past 10 years, according to REINS.
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: A big city with small apartments
Did you know that less than 3% of the second-hand apartments listed for sale across greater Tokyo in 2021 were over 100 sqm (1,076 sq.ft) in size? And that 0.4% were over 141 sqm (1,517 sq.ft) in size?
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.