Tokyo apartment prices up 12.2% from last year
The average price of a second-hand apartment sold across greater Tokyo in January reached 41,490,000 Yen, up 10.0% from last year. This is the 20th month in a row to see a year-on-year increase. The average price per square meter was 641,800 Yen, up 11.5% from last year and the 21st month in a row to see an increase.
200 billion Yen redevelopment for Shinjuku West Exit
On February 9, Odakyu Electric Railway announced that it will be working together with Tokyu Land on the 200 billion Yen redevelopment of the former Odakyu Department Store near the west exit of Shinjuku Station.
Tokyo Apartment Sales in January 2022
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of January 2022:
Toranomon Hills Residential Tower reaches completion
The newest building in the Toranomon Hills area officially reached completion on January 20, 2022. Toranomon Hills Residential Tower is a 220-meter tall, 54-story luxury apartment tower developed by Mori Building. Residents will be able to move in from May.
155m tall tower for Dogenzaka, Shibuya
On January 19, the Tokyo Metropolitan Government approved the formation of the redevelopment committee for the Dogenzaka 2 Chome South District Redevelopment. This will see a 155-meter tall tower built near the west exit of Shibuya Station on the Inokashira Line.
Second-hand apartment transactions reach record high in 2021
According to REINS, a total of 39,812 second-hand apartments were reported to have sold across greater Tokyo in 2021, up 11.1% from 2020 and the highest level on record. Second-hand apartment transactions have exceeded those of new apartments, with the total supply of brand-new apartments in 2021 at 33,636 units. The myth of buyers only preferring new construction is well and truly ancient.
New apartment prices in Tokyo’s 23 wards still not at bubble high, but close
In 2021 the average price of a brand new apartment released for sale across greater Tokyo reached the highest level in history, beating a record high set during the asset bubble years of the late 1980s and early 1990s.