Central Tokyo condo prices top ¥100 mil again in 2024

Average price for standard new flat in my 25 kw away from Paris area is well over 50 millions.

So over 100 million is cheap for any central area flat.

Mostly foreigners buy them, since Japan population is dropping like a rock (1 million less per year for at least the next generation)

I would much rather prefer living out by the water somewhere @ Choshi .

Or down in Kanagawa by the water, anywhere but CENTRAL Tokyo.

…how about next door to an Onsen in Yamanashi ?

"There were no new super-high-end properties actively sought out by wealthy buyers, but rising costs pushed up the overall prices," said an official of the research firm.

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Could Tokyo be losing its Mojo?

It appears so….

Add in costs like "Body Corporate fees " to get a realistic idea of real pricing.

My condo was managed by a major player, they doubled body corp. fees and when I did a little digging, I saw their company website indicated profits had shifted from sales of new units to body corporate fees being the major earner.

This news site indicates that building of new units is dropping , so buyer beware of those fees.

In our West Hyogo seaside location, you could buy 3-4, 4LDK houses for ¥100 million.

In our West Hyogo seaside location, you could buy 3-4, 4LDK houses for ¥100 million.

.

There’s a reason for that.

There aren’t any jobs there, transport is limited and nightlife and attractions?

Well, most people are in bed by 8pm…

How ordinary Japanese can pay that, with stagnant wages?

https://www.straitstimes.com/business/japan-s-era-of-stagnant-salaries-steady-prices-and-mortgages-that-never-go-up-is-over

kurisupisuToday  07:58 am JST

In our West Hyogo seaside location, you could buy 3-4, 4LDK houses for ¥100 million.

.

There’s a reason for that.

There aren’t any jobs there, transport is limited and nightlife and attractions?

Little unemployment. Buses and trains. Most people have 2-3 cars. People have large homes and gardens. There are nearby bars and nightclubs if that is your thing.

Well, most people are in bed by 8 pm…

I am in bed by 11 pm. Later if there is a football game like tonight.

There are many benefits to living in a clean environment with fresh fish and fresh foods. The children play outside.

We are happy we moved from Kobe.

No thanks. Once that earthquake and tsunami comes it, waterfront property and high rises will really feel the affect more than others.

How ordinary Japanese can pay that, with stagnant wages?

The average cost of a home in Tokyo is $330,000. Perhaps not buying a condo for $650,000 would be advisable. The average cost of a home in Toronto, Canada is s $1.5 Million. It's impossible to find a condo for $650,000 in Toronto. Along with stagnant wages there are stagnant housing costs which means ordinary Japanese can buy a home...while ordinary Canadians can't.

What are the sizes of the condos you are talking about here? 1LDK, 2LDK, 3LDK?

Central Tokyo prices are the reference and reflect the economy, bullish or not.

Otherwise, like major cities in the world, the common Joe can only dream about it.

Leaving 70km from Tokyo, a new condo or house in my city is around 35 millions. If ready for a two + two hours commute a day .

Do they at least have proper insulation and double glazed windows?

These surveys do not compare like with like. The recent boom in "superlux" pushes up the average price. Your two bed skybox in Nerima is not now worth ¥100 million.

Only twenty odd thousand new apartments for a city of multimillions. They are only building them for rich people, so affordability for ordinary people is irrelevant.

Once upon a time, prim and proper newlyweds would have to move into a newbuild to start their lives together in the prim and proper way. Presumably this has ended up in the cultural dustbin like "marry by 25 or be an unsold Christmas cake".

Spain is introducing big new taxes on foreign owners to combat rising prices, so this is possible if the political will is there.

Add in costs like "Body Corporate fees " to get a realistic idea of real pricing.

Exactly. You bought the house and somehow it feels like you're still paying rent. Somehow, these corporations manage to justify a JPY150,000 management fee for a fully paid apartment. Ridiculous.

Justasking...yep....all the fellow owners here are VERY elderly ,dont make a "stink " about unfair practices etc.

Our building does not employ a gardener so in summer its like living in the African savannah....without the lions of course.

Toilet in the gym out of service for more than 1 year.

Ours is for sale at a cheeky 6 million yen.

WA4; sure overlooking the 500m open space of the kanagawa fraction of the cost and rail stations nearby, I refuse to believe a high-rise apartment is worth that much, tho' cheaper than many on HK island. just demonstrates the current wealth distribution fact of our planet.

grc; thanks for the education, but economics, be it Adam Smith or J.M.Keynes is about supply and demand, Smith ok stick with one city. Keynes more macro. consider the world as the market. I once had an interesting 'lesson' from a real estate lady Why do the wealthy want to live high in the clouds. a/c turned to max in the humidity?? her answer, cannot hear traffic, cannot hear, trains, cannot hear street noise. An ivory tower separating them from mere mortals! how does your economics add-up?

Share price records highest level, number of wealth class at Japan is 2nd in whole world, on the other hand, private food-aid facilities for poverty class continue to increase, now beyond 10000.

It symbolizes such inequality of present Japan.

Too much money for a small box that depreciates overtime

Well, it's the price of living in one of the best neighborhoods in the world to live..

Like it or not..

Too much money for a small box that depreciates overtime

In other words..

"Ohhhh I wanted to live there but I don't have the money.."

LOL

Tokyo is really lucky they only have to deal with any minor inconveniences of being a popular tourist destination with so-called 'over tourism'.

If they ever have fo deal with what a lot of the world already deals with in 'over immigration', housing prices will sky rocket, there would be even more congestion and they would find people not all assimilating into the culture on a much larger scale.

the complaining would be priceless to watch though.

wallace Jan. 25 08:08 am JST

In our West Hyogo seaside location, you could buy 3-4, 4LDK houses for ¥100 million.

> Little unemployment. Buses and trains. Most people have 2-3 cars. People have large homes and gardens. There are nearby bars and nightclubs if that is your thing.

> There are many benefits to living in a clean environment with fresh fish and fresh foods. The children play outside.

> We are happy we moved from Kobe.

I can only agree to your comment. If you can do it, move away from the large cities.

Much better living quality and buying your own accommodation is much cheaper, for sure at least 4 to 5 times cheaper than in Tokyo. You do not need really move into rural area. Just near a smaller city it is OK already.

To move out of Tokyo was the best decision for us.

For yen 100 million you can buy a very large property, house or condominium in the area I am living now.

About us, we are only two persons, children grown up, not living with us. My wife and I were moving after my retirement from Tokyo to Okayama/Kurashiki suburb area, we bought 7 years ago a second-hand condominium unit, which was constructed only 5 years ago at that time, very good condition, nice view to forest, river, hills, not far away from the sea.

We paid yen 22 million. We have a 70 sqm corner unit, which has additionally a balcony of 30 sqm with roof, therefore totally 100 sqm. Maintenance is very good, the building is always kept clean and anything broken will be quickly repaired, service fees monthly including repair fond are between yen 20.000,- and yen 30.000,- and we also have a garage inside the building, with lights and security camera, monthly fee yen 8000,-, totally for our 2 cars and parking for my motorcycle is additionally yen 300,-.

There are about 30 buses per day passing by very near the building every day for the city center, yen 80,- per ride for senior residents. Supermarket, drug store and home center and also medical clinics are all within walking distance of a few minutes away from our condominium.

About jobs, we are retired and do not work anymore. However I have to admit, while there are plenty of simple irregular jobs around, payment is very low, just something like elderly care, harvest of fruits, cashier in a supermarket etc.

Yohan

Thank you. we are semi-retired so our location is good for that.

WA4TKGJ

I would much rather prefer living out by the water somewhere @ Choshi .

Or down in Kanagawa by the water, anywhere but CENTRAL Tokyo.

I am in central Tokyo, and I love the convenience. And fwiw, my little neighbourhood feels like a country village. Except that within a short walk, I can be in the bustle of the big town. It is the chaotic variety that makes Tokyo great. No "zoning" laws here, afaik. I would hate to be in one of those planned large "new towns" with their architectural sterility. I would agree that all these residential concrete silos springing up in the center are soul-crushing abominations. There should be a building height limit here.

No "zoning" laws here, afaik.

Yes, this is why most Japanese towns and cities look so horrible to the eye. You'll have some houses (some brand new, others crumbling, vermin-infested hovels) next to a school (which looks like a prison), across from a plastics factory, down the road from a park (with sand instead of grass, naturally!), next to a scrapyard, across from a small shop. It's so poorly planned out.

As the society ages and passes away over the next couple decades, demand for condos should decrease as real-estate prices plummet. It’s only natural.

David Brent

Yes, this is why most Japanese towns and cities look so horrible to the eye.

Horrible to they, but good for the residents. Nature is chaotic, and not organized like military barracks.

It's so poorly planned out.

...and thank you so much for keeping the planners away. Look at the inhuman disasters they create anywhere where a "good looking" sterile artificial order is imposed on people, from American high-rise slum "sanitation" projects to "the line" in Saudi Arabia. No thanks.

Had a new ‘condominium’ in Kobe for a while, views of the sea and the hills. It was ok for what it was, but no garden, no elbow room, and not too much storage space. We paid for a spot in the parking lot nearby, but there was no space for visitors. I used to wonder what we would do if someone’s apartment caught fire, above, below or to either side. And we had to be careful not to make too much noise for others below or to the sides. The wife was not happy to pay the monthly residents’ fees or the occasional demands to share the costs of repainting or reroofing.

Shortly after we sold and moved to a more spacious house in the countryside, the Kansai earthquake happened, and we were both sorry and glad to be out of the city environment.