Luxury housing in Tokyo still remains the cheapest amongst the top global cities by a long shot, and it has only become cheaper as the year progresses.
As of October, a luxury condo in Tokyo’s high-end Motoazabu neighborhood is 62% cheaper than its equivalent in Hong Kong. Back in April the price difference was 59%. It’s also 51% cheaper than one in London, compared with a 45% price difference in April.
Tokyo’s luxury housing market is currently cheaper than Hong Kong, London, Taipei, Shanghai, New York, Singapore, Beijing, and Sydney.
It’s also cheap on the rental side, although it has outranked a few other international cities. Compared to New York, luxury apartment rents in Tokyo are 62% cheaper (they were 60% cheaper in April). They were also 61% cheaper than in London, and 37% cheaper than Singapore.
In recent years, foreign and domestic developers and investors have made moves to capitalize on the price gap for Tokyo’s luxury market both with condo projects and luxury rental buildings. The comparatively low pricing of luxury real estate and the very limited supply has created competitive market conditions supported by domestic buyers and renters.
Source: Japan Real Estate Institute, November 29, 2023.
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