5 billion Yen Toranomon penthouse rumored to have sold off-the-plan
A penthouse in Toranomon is rumored to have sold off-the-plan for 5 billion Yen (approximately 45 million USD), making it potentially one of the most expensive apartments to have sold in Japan. Naturally, details are sparse and unconfirmed.
Existing apartment sales exceed new construction as prices continue to rise
According to REINS, a total of 37,217 second-hand apartments were reported to have sold across greater Tokyo in 2018, down 0.3% from 2017, but the 3rd year in a row to see transactions above 37,000 units. Sales of existing apartments have exceeded new construction, with 37,132 new apartments released for sale during the year.
New apartment price across Japan reaches record high in 2018
According to the Real Estate Economic Institute, a total of 80,256 brand-new apartments were released for sale across Japan in 2018, up 3.7% from 2017, and the first time since 2014 to see supply exceed 80,000 units. Greater Tokyo saw a 3.4% increase in supply, while the Kinki, Chubu and Tokai regions saw increases of over 7%. Another 80,000 new apartments are expected to be supplied for sale in 2019. This is still below the recent peak of 105,282 units supplied in 2013.
Japan land prices increase in 97% of locations, setting new record
On February 15, the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) published their quarterly LOOK Report for land prices in Japan’s major cities in the fourth quarter of 2018.
According to the report, land prices increased in 97 of the 100 surveyed locations. This is the highest share in the history of reporting, beating previous records set in recent quarters. It is also the fourth consecutive quarter to see increases in over 90% of locations.
Tokyo World Gate tops out in Toranomon
Mori Trust’s ‘Tokyo World Gate’ project in Toranomon, Tokyo, topped out earlier this month. The 180-meter tall mixed-use tower is expected to open in March 2020, forming an important piece of Toranomon’s transformation into a global business hub.
Owner ignores heritage listing, plans to demolish significant Kyoto machiya
On February 1, Kyoto City issued a warning to the owner of a city-designed historic home after learning about plans for its sale and demolition or relocation. This is the first time the city has had to issue a warning to a property owner.
The Parkhouse Gran Minami Aoyama 4 Chome reaches completion
The Parkhouse Gran Minami Aoyama 4 Chome, a luxury low-rise condominium in Tokyo’s Omotesando neighborhood, has reached completion this month.
This is part of Mitsubishi’s ‘The Parkhouse Gran’ series of apartments which represent their highest offering. Sales were held completely off-market, with no public advertising, and all apartments sold out before completion.