Tokyo has been known for its priciness. Condos in Tokyo used to be considered the most expensive property in the World too. But thanks to a depreciation of yen and losing slight edges on the country’s competitiveness – this analogy is no longer legitimate.
The graph below shows an average selling price (red) and its average price per square meter for a condominium in Tokyo Metropolitan area (the area also includes neighboring Kanagawa, Saitama and Chiba) from 2004 to 2014.
Data: Land Institute of Japan
The price has been increasing, but its rate is very steady. The latest figure (October 2014) suggests that the average price is JPY 28,120,000. (USD 233,000 – as of December 25, 2014) with an average price per square meter of JPY435,000 (USD 3,610).
If you look at the global market – considering the size of each city, Tokyo’s figures are relative cheap. Hong Kong’s current average price per square meter is JPY 1,576,000 (USD 13,096) – x3.6 higher than Tokyo.
New York City’s (5 boroughs) average price per square meter is JPY 652,000 (USD 5,423) – x1.5 higher.