Central Tokyo apartment prices hit new record high in November
In November, the average sale price of an existing apartment in Tokyo’s 23 wards increased for the 10th month in a row. The average reported sale price reached 722,500 Yen/sqm, a 0.8% increase from the previous month and a 5.5% increase from last year.
Tokyo office vacancy rate hits new low in November
The average vacancy rate for prime office space in Tokyo’s central five business districts hit a new low in November, dropping 0.07 points from the previous month to 1.56%. This is the lowest vacancy rate seen since December 1990 when the average rate was just 0.39%. Meanwhile, average rents have increased for the past 71 consecutive months.
Tokyo Bayside population continues to grow
While regional areas in Japan are suffering from a declining population, other districts, such as those in Tokyo’s bayside area, are struggling to control a surge in new residents. In 2019, Koto Ward’s population reached 518,000, an 80,000 increase over the past 10 years. Neighboring Chuo Ward’s population bottomed out at 72,000 in 1997 but now sits at 167,000. Numerous high-rise apartment towers and a desire to be closer to one's office have been the main drivers behind the population growth.
Onomichi Castle to be demolished
Onomichi Castle, a replica of a traditional Japanese castle tower, will be demolished after sitting vacant for almost three decades.
Japan’s first winery to be leased for ¥4.62 million a month
Ushiku City in Ibaraki has agreed to lease a historic winery for 4,620,000 Yen (approx. 42,000 USD) per month. Ushiku Chateau (formerly Chateau Kamiya) was opened in 1903 by Denbe Kamiya (1856-1922) and was Japan’s first winery. In more recent years the winery was receiving as many as 400,000 visitors a year when it was open to the public. It closed last year, prompting locals to lobby the city to find a public use for the property.
Okinawa real estate market outlook turns dim
The outlook for Okinawa’s real estate market has shifted negative.
Tokyo Apartment Sales in November 2019
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of November 2019: