Sales prices and asking rents for Tokyo apartments reach historic highs

The average asking sales price for a 70-square-meter (754-square-foot) apartment in Tokyo’s 23 wards (23W) reached a record ¥69.77 million (US$530,057) in February, surpassing the previously recorded high from October 2022, according to data firm Tokyo Kantei, as reported by Japan Property Central. The February amount represents a 0.5 percent increase from January 2023 and 4.1 percent gain since 2022.

In Tokyo’s central six wards — Chiyoda, Chuo, Minato, Shinjuku, Bunkyo and Shibuya — the average asking sales price for an apartment in February reached ¥100.38 million (US$762,607), up 0.7 percent from the prior month and up 4.4 percent from last year, primarily because of a large number of luxury listings in the wealthy Chiyoda district on the western side of the Imperial Palace. While there are some indications apartment pricing may be reaching a ceiling, discounting is less apparent as sellers look to the spring sales season.

The average sales price