Muji House, part of the household accessory brand Muji, has entered the renovate-to-resell market in Japan. They are planning to flip around 100 apartments annually, focused in Tokyo, Kanagawa, Chiba, and Saitama. Their first two “Muji Infill 0” projects are in Fuchi City and Yokohama City. The property search, planning and renovation took the company three years.
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REINS, which collects sales data reported to their database used by agents across Japan, has published some interesting charts showing movements in the existing apartment market in greater Tokyo between July 2010 and June 2021. This may be useful to readers new to researching the real estate market in Tokyo.
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The average asking price of a 70 sqm second-hand apartment across greater Tokyo reached 41,140,000 Yen in June, according to Tokyo Kantei. This is the highest level seen since the company began recording data in 2002, and beating a previous high seen in May.
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On July 16, Odakyu Department Store Co., Ltd. announced that they will be closing their Shinjuku Main Store at the end of September 2022. This is to make way for a major redevelopment project on the western side of Shinjuku Station.
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According to the Real Estate Economic Institute a total of 1,939 brand-new apartments were released for sale across greater Tokyo (Tokyo, Saitama, Kanagawa, Chiba) in June, down 24.8% from the previous month but up 25.7% from last year. This is 14% lower than the number supplied in June 2019 and 27% lower than the supply in June 2018.
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To celebrate Gucci’s 100th anniversary, three special exhibitions are being held in Kyoto City. One of those exhibitions is taking place in the historic Kawasaki Residence near Sanjo Street. This large machiya is, or was, on the precipice of demolition just two years ago.
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German-based Patrizia AG is planning to seriously invest in the Japanese real estate market, aiming to operate 300 billion Yen in assets over the next three to four years.
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Odaiba’s Palette Town shopping mall is closing its doors at the end of December 2021. Live music venue Zepp Tokyo will close on January 1, 2022, and the VenusFort mall will close on March 27, 2022.
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¥378,000,000 (approx. US$3.4 million)
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The Fukuoka-Hibiki Shinkin Bank in Kitakyushu City has narrowly avoided demolition and will be restored by the Bank owner.
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