Quick real estate news summary for the week
Apartment list prices in central Tokyo reach highest level in recent history, Ginza retail takes a hit, and new residential rental project to include exclusive co-working space. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
Apartment transactions and sale prices continue recovery in July
Transactions and prices of second-hand apartments in greater Tokyo continue to improve as buyers return to the market. Monthly transactions in July were down just 2.4% from last year, ending a four-month run of double-digit declines. A total of 3,156 second-hand apartments were reported to have sold.
91-yr old building in Jimbocho to be demolished
The 91-year old former Sogo Mutual Loan building in Tokyo’s Jimbocho neighborhood will be demolished in September. The 5-story concrete building with brick-tile facade was built in 1929. It has a total floor area of 453 sqm (4,874 sq.ft) and sits on a 106 sqm block of land.
New apartment supply increases for first time in 11 months
The number of brand-new apartments released for sale across greater Tokyo in July increased by 7.8% from last year, according to the Real Estate Economic Institute. This is the first year-on-year increase in 11 months. After several months of intentionally limiting supply, and with the summer bonus season upon us, developers decided to release more apartments onto the market.
Commercial land prices fall in second quarter
On August 21, the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) released the quarterly LOOK Report showing changes in land prices in Japan’s major cities. With July 1 as the survey point, this is the second look at land values since the pandemic began.
Quick real estate news summary for the week
Niseko runs low on water, Allianz adds to residential portfolio, apartment rents in July, and Harajuku’s old station building to get the wrecking ball. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
Atami hotel project withdrawn
Tokyu Land has withdrawn plans for the development of a membership-hotel on city-owned land in the hot spring resort city of Atami, citing concerns over viability amidst the ongoing pandemic.