Tokyo apartment sales in September 2017

Tokyo apartment sales in September 2017

The following is a selection of apartments that were reported to have sold in central Tokyo during the month of September 2017:

Double-income households supporting prop...

According to the NLI Research Institute, the number of households in Japan with a total annual income of over 7 million Yen (approx. 62,000 USD) reached 250,000 in 2016, an increase of 20% since 2013. While wage growth remains sluggish, the growing number of women entering the workforce has pushed up household incomes. The White Paper…

Land under Takashimaya Times Square Building sells for 21 billion Yen

Land under Takashimaya Times Square Buil...

Takashimaya has acquired the remaining 60% of the land under the Times Square Building near Shinjuku Station for 21 billion Yen (approx. 185 million USD). The property is located on the eastern side of Shinjuku Station in Shibuya ward. The main tenants of the building include the Takashimaya department store and Tokyu Hands.

1 in 10 residents in Tokyo’s Minato ward...

According to data released by Tokyo Shoko Research on September 8, one in ten residents in Tokyo’s Minato ward are company presidents, making it the most highly concentrated of all of Tokyo’s 23 wards. Minato was closely followed by Chiyoda and Shibuya wards which both have a concentration of 8.62%. Katsushika ward had the lowest…

Tokyo’s 40-year island dispute edging closer to resolution

Tokyo’s 40-year island dispute edging cl...

In the middle of Tokyo Bay sits a 500 hectare manmade island that has been at the center of an ownership dispute between Tokyo’s Ota and Koto wards since its creation in the 1970s. On July 18, the Tokyo metropolitan government started mediation between the two wards. On September 29th, Tokyo presented a proposal that…

Tokyo’s Mita 5 Chome district to see potential residential redevelopment

Tokyo’s Mita 5 Chome district to see pot...

Residents of a 1.1 hectare block of densely-packed homes in the Mita 5 Chome neighbourhood in central Tokyo have formed a redevelopment committee with the goal of turning the site into a high-rise apartment building. Approximately 70% of the 110 landowners are participating in the redevelopment, with Sumitomo chosen as the project partner. A town…

Forecast of new apartment prices between 2017 and 2025

Forecast of new apartment prices between...

According to the latest medium-term forecast by the Japan Real Estate Institute (JREI), the average price of a brand new apartment in Tokyo’s 23 wards is forecast to see annual growth rates of between 0.3 ~ 0.8% up until 2020 before starting to see a very slight year-on-year decline from 2021 onwards.

Daiwa to build 3,000 apartments for shor...

According to the Nikkei Shimbun, Daiwa House Industry is planning to develop 3,000 serviced apartments nationwide to tap into the growing demand for comfortable, short-term accommodation for foreign tourists. The apartment hotels, or serviced apartments, will include kitchens, rooms for up to 4 ~ 6 guests, and allow guests to stay for as little as…

Historic Kudan Kaikan redevelopment plans announced

Historic Kudan Kaikan redevelopment plan...

On September 21st, the Kanto Local Finance Bureau announced that Tokyu Land had won the competitive bidding process for the redevelopment of the Kudan Kaikan building in central Tokyo. The bidding price will be announced after Tokyu signs the contractural agreement in March 2018. The developer will lease the 8,700 sqm block of land under…

Average asking price of an apartment in Tokyo up 1.1% from last year

Average asking price of an apartment in ...

According to Tokyo Kantei, the average asking price of a 70 sqm (753 sq ft) second-hand apartment across greater Tokyo was 35,660,000 Yen in August 2017, up 0.1% from the previous month and up 1.3% from last year. Prices continue to remain stable in the 35 million Yen range since November 2016. The average building…

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