The demand from dual-income households has increased along with the construction costs, leading the price of new condos to rise to 62.6 million yen last year. Which beats the 61.2 million yen record set in 1990 (at the time of the peak of the economic bubble).
As more women enter the workforce, dual-income households start to become more common. It is now said that more than two-thirds of all households are two-income families.
This increase in apartment prices is also influenced by the COVID-19 outbreak which caused many companies to make their employees work from home. An increase in the time spent at home made people more interested in improving their living conditions.
Unlike other highly populated areas of the world, it is still comparably easy to buy an apartment even in the heart of Tokyo thanks to the 35-year mortgages with low-interest rates.
Are you thinking of moving Tokyo in the near future? If so, January might be the perfect time for you! Here are a few reasons why:
According to Sanko Estate Co., Ltd.’s market research released earlier in May, the vacancy rate in the five central wards of Tokyo increased 0.04% from the previous month and now is 4.16%. Vacancy rates in Chiyoda, Chuo, Minato, Shinjuku, and Shibuya are said to be slowly going up for the last three month.