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.
Quick real estate news summary for the week
Apartment rents hit ceiling, serviced apartment building flipped within 6 months, and residents claim new high-rise to be defective. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
6-fold increase in new apartment supply across greater Tokyo
The number of brand-new apartments released for sale across greater Tokyo in May was 6-times the amount seen this time last year, according to the Real Estate Economic Institute. A total of 2,578 apartments were released for sale, up from just 393 in May 2020.
Ginza ryotei restaurant to be demolished
A major developer has acquired a traditional ryotei restaurant building in Ginza with plans to demolish it and replace it with an office tower.
Nakagin Capsule Tower to be demolished from March 2022
The iconic Nakagin Capsule Tower in Ginza, designed by the late and great Kisho Kurokawa, will reportedly be demolished from March 2022. After years of disagreement, the capsules owners decided to sell the 49-year old condo-style apartment building to a real estate company this spring. That company will demolish it and build something new in its place.