Luxury Apartments in Tokyo – International Comparison of the Sales Prices and the Rents

Poste date: Tuesday, July 25, 2023

Is real estate in Tokyo more expensive or less expensive than that in the world’s major cities? (Version of Apartment)

We would like to explain the reason why real estate in Tokyo is highly evaluated and to show the data comparing the sales prices and rents of luxury apartments in central Tokyo with that in the major cities around the world.

The sales prices and the rents of apartments in Tokyo have been on a moderate upward trend in both sales and rental apartments. It is very difficult to predict how long this upward trend will last, but knowing the causes of the price increase and where real estate prices in Tokyo are ranked in the world may be one of the good indicators.

1. What is a reason for rise in the price of luxury apartments in Tokyo?Monetary Easing Policy by the Japanese Government

In December 2022, the Bank of Japan announced an expansion of the range of fluctuations in long-term interest rates, and many financial institutions raised their fixed interest rates in January 2023. But interest rates in Japan are still lower than other developed countries, housing loans are easy to be taken out, so the number of prospective home buyers is increasing, and it is one of the reasons for the price rise.

Increased demand for luxury apartments by wealthy people

Demand for branded condominiums is increasing and pushing up the average unit prices. These apartments come with excellent location such as good view and convenient transportation, and luxurious shared facilities such as swimming pools, sky lounges, and guest rooms, which are desired by power couples with from

Decrease in the supply of new apartments

The supply of new apartments in Tokyo’s 23 wards has been decreasing since the year of 2013, and due to this imbalance between supply and demand, the prices are on an upward trend.
Increased demand from foreign investors

Since real estate in Tokyo is popular among overseas investors, a large amount of overseas investment money is flowing into the market in Japan, which is also one of the reasons for rise in the prices.

Points which real estate in Japan (Tokyo) is highly valued by overseas investors

- Japan has no restrictions on the ownership of real estate by foreigners like in other countries.
Please refer to this link: Can a foreigner purchase property in Japan?

- Japan’s advanced construction technology, energy-saving technology, earthquake countermeasures, facilities and equipment made in Japan, etc. are reliable and highly valued.

- Japan has many unique cultures that have been passed from old times, and that attract foreigners.

- Since many international companies are based in Tokyo, economic growth is expected.

- Tokyo has a well-established transportation infrastructure, living infrastructure, medical system, etc., which make living comfortable.

- Tokyo has places with high asset value and fixed popularity.

- Tokyo is expected to have stable investment due to high rental demands.

- In addition, continuing depreciation of Japanese Yen is a very attractive point for overseas investors.
Please refer to this link: Youtube The Attraction of Buying Tokyo Property

2. Sales prices of apartments in major cities around the world

<<Comparative index for sales prices of apartments in the world’s major cities based on luxury (high-end) residences in each city>> (Motoazabu area, Tokyo in April 2023 = 100.0)

Source: Japan Real Estate Institute (JREI) 20th International Real Estate Price/Rent Index (as of April 2023)

◆The prices of all the global cities in the chart, led by Hong Kong price, have surpassed Tokyo price, being ranked as the 9th highest one among them.

3. Rental prices apartments in major cities around the world

<<Comparative index for rental prices of apartments in the world’s major cities based on luxury (high-end) residences in each city>> (Motoazabu area, Tokyo in April 2023 = 100.0)

Source: Japan Real Estate Institute (JREI) 20th International Real Estate Price/Rent Index (as of April 2023)

◆The rental price in Tokyo is ranked as the 6th highest among all the global cities, although that of Asian cities except Singapore price is lower than Tokyo price.


Sales prices and rents of real estate in Tokyo is on an upward trend, but according to the data introduced above, they are not expensive among the major global cities. When the sales price rises, regular rental price also rises proportionally. Therefore, if the Japanese economy will continue to be stable in the future, both the sales prices and the rental prices may continue to rise moderately.

Exterior of Park Tower Harumi
Sale Property tag

48-story large tower apartment with 1084 total units built in Harumi area. The area is convenient to live within easy access of 3 stations on 2 lines, having large commercial facilities, convenience stores, and various restaurants. The shuttle bus service exclusively for the residents provides direct access to Tsukishima Station and Higashi-Ginza Station. The riverside location and lush greenery arranged like a theme park around the building create a good living environment to enjoy water, green, and expanse of the area. Luxury resort hotel-like facilities are designed for both adults and children to be enjoyed, and various shared services support comfortable life of the residents. Base-isolation structure and Dual Frame System is the first time combination in Japan enhances the building strength against earthquakes. 24hours manned management and other security equipment protect the residents safety and security. The dwelling units offer various sizes from 1LDK to 4LDK coming with the latest room equipment to realize a quality urban living.

JPY 194,800,000

Exterior of The Parkhouse Harumi Tiaro Residence
Sale Property tag

A super-high rise tower apartment in Harumi area. It is one of the Parkhouse branded luxury condominium apartments sold by Mitsubishi Jisho Residence Co., Ltd. Completed by Kajima Corporation. There is a fountain place in the vast green premises. Concierge service and various common use facilities are arranged in the building. The room equipment is all-electrified including a bathroom heater and dryer and a floor heating in a living and dining room. The storage space is abundant in an easy-to-use layout and the balcony is spacious providing good views.

JPY 124,800,000

Exterior of Harumi Island Triton Square View Tower
Sale Property tag

Harumi Island Triton Square View Tower is a large-scale tower apartment building completed in February 1998, with 50 stories and 624 units. It is a landmark in Harumi Triton Square, which has residential and office buildings, various commercial facilities, and a park on the site. The views overlooking Ginza and Tsukiji, Rainbow Bridge, and Tokyo Bay area are attractive. The building was extensively repaired in 2010, and is equipped with auto-locks and 24-hour security to ensure the safety of residents. Triton Square is a convenient place to live with many commercial facilities including a supermarket.

JPY 126,800,000