Quick real estate news summary for the week

Tokyo apartment rents reach new high, French restaurant near Tokyo Tower to be demolished, and apartment asking prices hit new record. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.

Tokyo apartment rents reach record high

According to Tokyo Kantei, the average advertised monthly rent of a condominium across greater Tokyo was 3,208 Yen in March 2021, down 0.3% from the previous month but up 5.2% from last year. In Tokyo’s 23 wards, the average rent was 3,869 Yen/sqm, up 0.6% from the previous month and up 0.6% from last year. This is the highest level since the previous record was reached in August 2020, and the highest since record-keeping began in 2009.

Michelin-star French restaurant building sold to developer

The former Crescent french restaurant building in Shiba-koen, Tokyo, has been sold to Nomura Real Estate Development. It sits on 390 sqm of land across the street from Zojoji Temple near Tokyo Tower. The 5-story building will be demolished. It dates from 1968 when it was built for Restaurant Crescent and was designed in faux late-Victorian style. It replaced a previous building that was built for the restaurant founder in 1947. The restaurant closed its doors in October 2020.

Greater Tokyo apartment asking prices hit new record high

According to Tokyo Kantei, the average asking price of a 70 sqm (753 sq.ft) second-hand apartment greater Tokyo was 40,210,000 Yen in March, exceeding the 40 million Yen range for the first time since record-keeping began in 2002. In Tokyo’s 23 wards the average was 61,410,000 Yen, up 1.2% from the previous month and up 8.2% from last year. This is the 9th month in a row to see an increase. Tokyo’s central 6 wards (Chiyoda, Chuo, Minato, Shinjuku, Bunkyo, and Shibuya) saw prices reach 89,160,000 Yen, a 0.7% increase from the previous month and a 7.7% increase from last year. Prices in Yokohama are up 4.2% from last year, while Osaka City has seen a 4.0% increase. Kobe City saw prices increase 0.6% from the previous month but are down 1.6% from last year.

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