New apartment supply in August hits 25 year low
According to the Real Estate Economic Institute, the supply of brand new apartments across greater Tokyo in August reached the lowest level seen for the month since 1993. A total of 1,502 new apartments were released for sale, down 49.7% from the previous month and down 28.5% from last year.Read more
Tokyo apartment rents drop 0.5% from previous month
According to Tokyo Kantei, the average monthly rent of a condominium in Tokyo’s 23 wards was 3,464 Yen/sqm in August, down 0.5% from the previous month but up 5.1% from last year. This is the 9th month in a row to see a year-on-year increase. The average apartment size was 55.47 sqm and the average building age was 19.5 years.Read more
Japan’s whole building renovation market doubles this decade
It has often been said that Japanese consumers prefer new construction over old. However, this way of thinking has started to change over the past few years with home buyers turning their attention to the existing home market. In 2016, sales of existing ‘second-hand’ apartments in greater Tokyo exceeded those of brand-new apartments for the first time ever. This has not gone unnoticed by Japan’s major real estate developers, who, once focusing solely on new construction, are now entering the growing renovation market. 15 of the top 20 developers are already active in this market.
New Hotel Okura Tokyo to open September 2019
Hotel Okura has released the details on their rooms and facilities for their 110 billion Yen Hotel Okura Tokyo redevelopment. The 508-room hotel is scheduled to open on September 12, 2019.Read more
Average price of an apartment in central Tokyo reaches highest level in recent history
According to REINS, 2,303 second-hand apartments were sold across greater Tokyo in August, down 26.6% from the previous month but up 1.7% from last year. The average sale price was 33,180,000 Yen, down 1.3% from the previous month but up 2.5% from last year. The average price per square meter was 521,000 Yen, down 300 Yen from the previous month but up 3.2% from last year. This is the 68th month in a row to record a year-on-year increase in prices.Read more
140-yr old house to be relocated to Tokyo
The 140+ year old former home of Viscount Shibusawa Eiichi in Aomori Prefecture is begin relocated back to Tokyo. Shibusawa Eiichi (1840-1931) was considered the father of Japanese capitalism and founded or supported over five hundred companies over his lifetime, including The First National Bank (now Mizuho Bank).Read more