40-story apartment tower for Nishi Shinjuku
On June 16, the Tokyo Metropolitan Government approved the land rights transfer proposal for the Nishi Shinjuku 5 Chome Central South District Redevelopment. This development will see several blocks of low-rise buildings replaced with a 40-story apartment tower.
Osaka sees steepest drop in rosenka land values in 2021
On July 1, the National Tax Agency (NTA) released the rosenka land tax values for 2021. Not surprisingly, Osaka’s heavily tourist-oriented Shinsaibashisuji Street saw the biggest decline nationwide, with a 26.4% drop in 2021.
Quick real estate news summary for the week
Ageism rife in rental market, Sapporo hotel converts rooms to office space, and Dentsu confirms decision to sell Shimbashi HQ. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
Apartment sales in Athletes' Village to resume this fall
Sales of the apartments in the Athletes’ Village are expected to resume this fall or later, once the Olympics wraps up.
Sales in Toranomon Hills Residential Tower start this week
Sales in Toranomon Hills Residential Tower officially started on June 28, with two apartments over 3,000 sq.ft listed.
Odaiba onsen to close in September
The Odaiba Ōedo-Onsen Monogatari on Tokyo Bay will close its doors permanently on September 5, ending 18 years of operations. The old Edo-themed theme park onsen opened in March 2003 and was visited by as many as 1,000,000 people annually.
Asking price of an apartment in Tokyo hits highest level since 2002
Bad news for buyers who decided to sit on the sidelines throughout 2020. According to Tokyo Kantei, the average asking price of a 70-sqm secondhand apartment across greater Tokyo was 40,440,000 Yen in May, up 0.6% from the previous month and up 10.1% from last year. This is the highest level seen since record-keeping began in 2002.