Is Owning an Condo in Tokyo Expensive?

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.

Condo in Tokyo expensive

 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.