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Japan Times
27-05-2025
- Business
- Japan Times
Luxury Tokyo penthouse sold for over $65 million in new record
A Tokyo penthouse developed by Swedish buyout firm EQT has sold for about ¥9.5 billion ($67 million), shedding light on the cost of buying into the city's booming high-end property market. The four-bedroom apartment at Marq Omotesando One, a luxury low-rise development near the bustling shopping district of Harajuku, went for more than ¥50 million per tsubo, the highest on record in Japan by that measure, EQT said in a statement. A tsubo is a Japanese unit of measurement that equates to 3.3 square meters, amounting to a sale price of about ¥9.5 billion for the 625-plus square-meter property. The Marq One penthouse stretches across the entire fourth floor of the property, with a spa room, three terraces and a private rooftop and pool. The condo is accessible via a private elevator from the garage, and amenities include a 24-hour concierge service with a valet. While the buyer wasn't disclosed, the price is a peek into the opaque world of luxury real estate sales in Japan. High-end properties in Tokyo have become more prevalent in recent years, as developers seek to tap rising demand from local and foreign buyers for higher returns. Sales are often limited to certain clients, with pricing kept under wraps. Home prices in Tokyo have been on a broad upward trend, driven by rising construction costs and a limited supply of new buildings. Sales of luxury properties in popular developments like Azabudai Hills' Aman Residences and Mita Garden Hills have also skewed average prices higher. EQT developed and finished building the 14-unit property in 2021, before selling the apartments in phases. One unit is still available for sale. The per-tsubo price exceeds the ¥44 million that a penthouse at the Aman in Azabudai Hills reportedly went for last year. That apartment is still the most expensive sold in Japan at a reported ¥30 billion. Prices of prime properties — defined as in the top 5% of the market — jumped more than 50% in Tokyo in the five years to June 2024, a time when values fell in Hong Kong, New York and London, according to real estate consultancy Knight Frank. Tokyo still offers a relative bargain for high-end property, with $1 million buying more than twice the amount of luxury living space than Hong Kong did in 2024, Knight Frank data shows.
The Guardian
21-05-2025
- Business
- The Guardian
From the archive: Super-prime mover: Britain's most successful estate agent
We are raiding the Guardian long read archives to bring you some classic pieces from years past, with new introductions from the authors. This week, from 2022: Gary Hersham has been selling houses to the very rich for decades. At first, £1m was a big deal. Now he sells for £50m, £100m, even £200m. What does it take to stay on top in this cut-throat business? By Sophie Elmhirst. Read by Andrew McGregor
Yahoo
18-05-2025
- Business
- Yahoo
Mansion sales are booming as the rich seek shelter from trade war fallout — ‘real estate is safer'
Sales of homes prices at $10 million and above have shot up recently, according to a Wall Street Journal analysis of real estate data. That coincides with the start of President Donald Trump's trade war, which has caused whiplash on financial markets as stocks crashed then rebounded sharply after the highest tariff rates came down. The U.S. housing market remains largely frozen, but mansions have been hot lately as wealthy Americans turn to high-end properties amid market volatility and economic uncertainty. According to a Wall Street Journal analysis of real estate data, sales of homes priced at $10 million and above have soared in top markets in recent months. In Los Angeles County, for example, the number of such homes sold between Feb. 1 and May 1 totaled 160, up 29% from the same period a year earlier. That includes Beverly Hills, where sales leapt 33% to 16. Manhattan has seen a 21% jump to 150, and Miami-Dade County is up 48% to 49 homes. Elsewhere, sales in Palm Beach, Fla., have surged 50% to 18 homes, and sales in Aspen, Colo., are up 44% to 23. By contrast, the overall housing market has been subdued as high mortgage rates and home prices keep most Americans on the sidelines. This year's spring selling season, when there is usually a burst of activity, has largely been a dud, with house hunters going shopping only to then back out. Sales of existing homes in March, the most recent month available, sank 5.9% from February to a seasonally adjusted annual rate of 4.02 million, the lowest pace since September. Meanwhile, Trump's on-again, off-again trade war—which began in February—has roiled financial markets as well as the economic outlook. Stocks crashed as Trump unveiled an increasingly aggressive set of tariffs, but soared back to near-record levels after he rolled back or paused many of them. At the same time, Wall Street went from seeing continued U.S. economic growth to predicting a recession, then returning to growth views. Questions over where the trade war is headed next are likely to continue as Treasury Secretary Scott Bessent said Sunday that "strategic uncertainty" is a negotiating tactic. One New York entrepreneur who recently bought four Manhattan condos told the Wall Street Journal that the risk of more stock market pain is too high for the reward, especially amid inflation, saying "real estate is safer, less volatile." Some real estate agents also cited the perceived safety of real estate, with one saying clients had even sold their stocks at a loss to buy property. That tracks with earlier predictions of real estate looking safer. In March, National Association of Realtors chief economist Lawrence Yun noted that real estate wealth was at all-time highs while stocks wobbled. 'Maybe people will begin to focus to say, 'Where is stability?'' he told CNBC. 'Some people are turning towards gold, but maybe other people will turn to the solid foundation of real estate, where the mortgage default rate is still near historically low levels.' Volatility in the stock market and doubts about the dollar's global status have also pushed more investors to look for safety in gold, which has seen its price jump more than 20% so far this year and double over the last three years. In fact, a recent Gallup poll found that 23% of Americans view gold as the best long-term investment, up 5 percentage points from a year ago. Meanwhile, 37% said real estate was the best, unchanged, and 16% said stocks, down 6 percentage points. But stocks are still attractive to many investors, including retail traders who relentlessly "buy the dip." And investing legend Warren Buffett recently explained why he prefers stocks over real estate. 'Well, in respect to real estate, it's so much harder than stocks in terms of negotiation of deals, time spent, and the involvement of multiple parties in the ownership,' he said at Berkshire Hathaway's annual shareholder meeting earlier this month. 'Usually when real estate gets in trouble, you find out you're dealing with more than just the equity holder.' This story was originally featured on Sign in to access your portfolio
