Quick real estate news summary for the week
Ginza Six sees 20 retail tenants depart, only 22% teleworking, and larger apartments in Tokyo see rents climb 4.9%. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
Tokyo apartment sale prices increase for 8th year in a row
In 2020 the average sale price of an existing apartment across greater Tokyo saw a year-on-year increase for the 8th consecutive year. According to REINS, the average sale price was 551,700 Yen/sqm, up 3.2% from 2019. Sale prices have increased by 44.5% over the past 8 years.
Tokyo apartment prices from 1992 to 2020
I want to share an interesting chart below showing the change in existing (not brand new) apartment prices from 1992 to 2020.
Tokyo office tower could be up for grabs for US$2.9 billion
Advertising and public relations giant Dentsu Group is considering selling their head office building in Shimbashi, Tokyo. With an estimated price somewhere around 300 billion Yen (approx. US$2.9 billion), this could end up as Japan’s most expensive single-building sale. Several potential buyers are apparently already lined up.
Our Japan Property Market Report for 2020
Last year was full of upheaval. Focusing solely on the real estate side of things, some sectors performed poorly, while others thrived. We have summarized the year’s events into our annual Japan Property Market Report.
Quick real estate news summary for the week
Tokyo’s office vacancy rate reaches 4.49%, 693-room hotel to be built in Roppongi, while other hotels temporarily close. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
Government may introduce notification requirements for foreign buyers of sensitive land
The government is considering introducing legislation that would require advance notice to be submitted when a foreign national is purchasing land in or nearby areas considered to be of national importance. The draft bill is expected to be submitted to parliament sometime this year.