The Tokyo Metropolitan Government is firming up plans to redevelop the former Tsukiji Fish Market in downtown Tokyo into an international conference and exhibition center. Earlier rumors had suggested the site could become a sports stadium, shopping mall or a food-based theme park.
The last vestige of Hotel Okura’s modernist presence is in line to be demolished as redevelopment plans surface for the Hotel Okura Tokyo’s annex (South Wing).
Price: ¥138,000,000 (approx. 1.24 million USD)
A traditional machiya for sale in central Tokyo? In the middle of Tsukiji? And a 4 minute walk to a subway line? Yes, yes and yes. Up for grabs is a 3-storey merchant house near the former Tsukiji Fish Market and just behind Hongan-ji Temple.
Price: ¥620,000,000 (approx. 5.6 million USD)
A contemporary, architect-designed home in the trendy Shimokitazawa neighborhood in Tokyo is up for sale. The house, with a floor area of over 4,000 sq.ft, was designed by artechnic and built in 2018. Artechnic has received a lot of attention in design magazines for their ‘Shell’ house in Karuizawa.
The average rent for an apartment in Tokyo’s 23 wards saw a 5.3% year-on-year increase in 2018 – the highest annual percentage increase in over 10 years. This was due in part to the fact that over 10% of the listings in the first half of the year were new construction. Newly built apartments tend to command higher rents than older ones, and can pull up the average. Average rents in Tokyo are now up 16% from their bottom in 2012.
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of January 2019:
According to Tokyo Kantei, the average asking price of a 70 sqm (753 sq.ft) second-hand apartment in greater Tokyo was 37,290,000 Yen in December 2018, up 0.5% from the previous month and up 3.2% from December 2017. The average building age was 24.3 years.
Real estate company HULIC has agreed to sell the Hilton Tokyo Odaiba hotel for 62.4 billion Yen (approx. 573 million USD) to the Japan Hotel REIT. The sale will take place in April 2019 and will represent the highest valued hotel held by a REIT within Japan.
According to REINS, 2,987 second-hand apartments were reported to have sold across greater Tokyo in December 2018, down 7.4% from the previous month and down 0.8% from the previous year. The average sale price was 33,800,000 Yen, up 2.5% from the previous month and up 1.8% from 2017. The average price per square meter was 524,100 Yen, up 3.1% from the previous month and up 0.9% from 2017. This is the 72nd month in a row to record a year-on-year increase in sale prices.
According to the Japan Real Estate Institute, the real estate transaction volume across Japan for the first half of 2018 was 2.1 trillion Yen (approx. 18.5 billion USD).