Apartment redevelopments may become easier
The government is considering a further loosening of rules regarding the redevelopment of older apartment buildings. Under current regulations, at least 4/5ths of the apartment owners must vote in favor to redevelop an apartment building. To demolish the building and sell off the land, a 100% vote in favor is usually required.
The proposed change would reduce the voting ratio to 3/4ths for redevelopment, and 3/4ths to sell off the land.
New apartment supply doubles in November as Athletes Village goes back on sale
The supply of brand-new apartments released for sale across greater Tokyo doubled in November as a large number of apartments in the Harumi Flag development on Tokyo Bay hit the market.
Tokyo apartment prices increase for 19th month
The average price of a second-hand apartment reported to have sold in the Tokyo metropolitan area in November was 807,200 Yen per square meter, up 6.4% from last year and the 19th month in a row to see a year-on-year increase.
Hotel New Otani offering month-long stays for 2.8 million Yen
The Hotel New Otani in Tokyo is now offering long-term stays in their New Edo Residence rooms. So far, two former hotel rooms on the 21st floor in the Garden Tower have been refurbished and converted into a 77 sqm suite and a 55 sqm deluxe room.
Tokyo's office vacancy rate improves for first time in 21 months
In November, the office vacancy rate in Tokyo improved for the first time in 21 months as concerns over the pandemic’s effects on the workplace seem to have weakened.
City acquires 1600-yr old tomb from construction company
Ichihara City in Chiba Prefecture has acquired a large parcel of land that includes an ancient ‘kofun’ burial mound thought to have been built sometime in the 4th century.
Tokyo Apartment Sales in November 2021
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of November 2021: