Tokyo tops worldwide commercial real estate sales
According to JLL, Tokyo attracted US$19.3 billion (approx. 2 trillion Yen) in commercial real estate investment between January and September 2020, putting it at the top of the international city rankings. In 2019 it was ranked 4th, losing out to Seoul, Paris and New York.
Akasaka still the top residential address for company CEOs
For the third time in a row, the central Tokyo neighborhood of Akasaka was home to the most CEOs in Japan as of 2020, according to Tokyo Shoko Research. A total of 3,545 company presidents had their primary address in Akasaka as of July 2020, representing 18% of the population. In 2014, when Akasaka first topped the rankings, it had 2,103 CEOs.
Annual property taxes won’t increase next year
The government plans to keep annual property taxes (kotei-shisanzei) for the 2021 year at the same level as those in 2020. This means property owners of commercial and residential land that had seen tax valuations increase just prior to the coronavirus, won’t be stuck with a higher tax bill in 2021.
Tokyo Apartment Sales in November 2020
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of November 2020:
Quick real estate news summary for the week
Homebuyer preferences change as pandemic continues, Nikko-branded hotel for Niseko, and Singapore funds see value in Japan’s logistics market. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
Japanese residents stay, while foreigners exit central Tokyo
The population of the Tokyo metropolitan area as of November 1 had dropped by 7,358 from the previous month to 13,847,040 residents. This is the first time since 1993 that the month of November had seen a month-on-month decrease. Recent news articles have been pointing the finger at the work-from-home trend and an exodus to surrounding prefectures as the main cause of the decline, and while that may be the cause for some of the numbers, the same articles gloss over the startling outflow of foreign residents.
Abandoned temple grounds to be nationalized in country-first
The grounds of an overgrown and abandoned temple in Shimane Prefecture will be acquired by the national government in what will be the first of its kind.