Tokyo’s newest and most expensive apartments
Although it is still decades behind, Tokyo’s luxury* property market is finally starting to catch up with its international counterparts. Several new projects in the city center have lifted the bar for pricing and design.
How much can you expect to pay?
Japan's property price index illustrates recent growth in house and land prices
On November 30, the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) released the nationwide property price index for the month of August 2022. What is interesting to note is the recent growth in residential land and detached house prices. Both segments had remained somewhat flat for around 10 years, but have seen a surge in price appreciation since mid-2020.
Land prices increase in over 80% of locations
According to the latest quarterly LOOK Report issued by the Ministry of Land, Infrastructure, Transport and Tourism (MLIT), land prices at 81.3% of the surveyed locations saw an increase in the third quarter of 2022. This is the highest share seen since the fourth quarter of 2019.
Panasonic buys back Shiodome office tower
Panasonic Holdings is buying back its office tower in Shiodome. In 2013, the beneficiary rights to the rental income from the building were sold to two funds for 50.7 billion Yen, after the company reported a record loss of 772.1 billion Yen in 2012.
Tokyo Apartment Sales in November 2022
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of November 2022:
160m tall apartment tower for northern side of Atago Green Hills
Atago Green Hills will be getting a new 160-meter-tall apartment tower in the coming years. This project will potentially see a 43-story high-rise on a 2,910 sqm site. Completion could be sometime in the early 2030s.
Apartment asking prices in Tokyo increase for 28th month in a row
The average asking price of a 70 sqm (753 sq.ft) second-hand apartment in Tokyo’s 23 wards reached 69,710,000 Yen in October, up 0.6% from the previous month and up 7.8% from last year. This is the 28th month in a row to see a month-on-month increase. The average building age was 27.6 years.