Yokohama, the Bay city and its value

Yokohama, the Bay city and its value

 

Yokohama is located south of Tokyo and is the 2nd largest city by population. It only takes approximately 17 mins from Shinagawa Station to Yokohama Station, or from Tokyo Station its roughly 30 mins. Not far at all and is why there are many people who live in Yokohama but commute to work in Tokyo.

Yokohama has played an important role as a [Port City] since 1859 when it officially opened its port to foreign trade. Since then there has been many trade from different countries thus bringing in several cultures and people from overseas to settle down in Yokohama. This city does have a long history of 159 years thus there are several expensive areas in this city. Although they may not be as expensive as Tokyo`s central area, but could be comparable. In the past year the land value of Yokohama Station area has gone up 8.91% putting the land at 2.48 million per square meter. The 2nd most valued land is in Yokohama`s Minatomirai with a 16% increase at 1.04 million per square meter. By the way the most expensive land in Yokohama is located right in front of Yokohama Station and is going for 7.68 million per square meter.

For residential property prices Minatomirai is said to be the most expensive and the average price for newly built condo units go for JPY 91 million at an average size of 71.86 sqm. For 2nd hand property in this area units go for JPY 77.6 million with an average size of 74 sqm. Property prices are increasing in not just Tokyo, but Yokohama as well and other parts of Yokohama where locals are being surprised by the new prices of condo units. However they are being sold with no problem so there is a demand for the new high priced supply.

Next time you are in Japan or Tokyo, it would be well worth your time to take a train ride to Yokohama and visit the Minatomirai area to get a feel of Japans 2nd largest city.

Here is a link to other spots in Yokohama to visit: http://www.yokohamajapan.com/

 

Source:

https://tochidai.info/kanagawa/yokohama-nishi/

http://hamarepo.com/story.php?page_no=1&story_id=1960&from=

http://www.manen.jp/market/details/14/2373/2373230/1/

https://diamond.jp/articles/-/158028