Tokyo apartment sale prices increase for 62nd month
According to REINS, 2,904 second-hand apartments were sold across greater Tokyo in November, down 6.4% from the previous month and down 2.7% from last year. The average sale price was 32,020,000 Yen, down 0.2% from the previous month but up 1.6% from last year. The average price per square meter was 502,000 Yen, up 0.1% from the previous month and up 1.7% from last year. This is the 59th month in a row to see a year-on-year increase in sale prices. The average building age was 21.21 years.
In the Tokyo metropolitan area, 1,512 second-hand apartments were sold, down 4.7% from the previous month and down 2.6% from last year. The average sale price was 39,610,000 Yen, up 1.3% from the previous month and up 2.1% from last year. The average price per square meter was 673,000 Yen, up 2.6% from the previous month and up 2.9% from last year. This is the 62nd month in a row to record a year-on-year increase in sale prices. The average building age was 19.61 years.Read more
Office tower to replace residential project in Roppongi Itchome
Sumitomo has started construction on a 7-storey, 46 meter tall office building located directly east of Sumitomo’s 216m tall Izumi Garden and across the street from the 27-storey Park Court Roppongi Hilltop apartment building. The office tower will have a total floor area of 7,910 sqm (85,000 sq ft) and is expected to be completed by January 2019.Read more
Norges Bank acquires 132.5 billion Yen in real estate in Omotesando/Harajuku in JV
Norges Bank Real Estate Management (NBREM), part of Norway’s sovereign wealth fund, will acquire a 70% stake in a 132.5 billion Yen (approx. 1.17 billion USD) portfolio of real estate in Tokyo along with partner Tokyu Land. This is NBREM’s first investment in Asia.Read more
Instant sellout in The Tower Yokohama Kitanaka
All 730 apartments offered in the first round of sales for The Tower Yokohama Kitanaka have been sold. This was the highest number of apartments to have ever been released for sale in a building in Yokohama city in history. The 58-storey, 1,176-unit high-rise is also the largest building based on apartment-count to be built in the city since 1993.
Apartments were priced from 45 ~ 800 million Yen, with an average price of 1,200,000 Yen/sqm. The 212 sqm, 800 million Yen apartment has been the most expensive new apartment to have ever been sold in Yokohama.Read more
Kyoto’s proposed short-term letting rules to be strictest in country
On November 30 Kyoto City announced their proposed regulations for Airbnb-style short-term rentals. To provide support for complaints and emergency situations, hosts may be required to have a full-time manager stationed in an office within an 800 meter radius of the property. Hosts may also be required to submit a written oath to the city stating that they have not been operating an unlicensed BnB within the past 3 months.
These regulations will over-ride the new nationwide law set to go into effect from June 2018 that will allow overnight stays in non-hotels for up to 180 nights per year.Read more
41-storey apartment tower for Sengaku-ji area
A 170 meter, 41-storey high-rise tower has been proposed for the area next-door to Sengaku-ji Temple in Tokyo’s Minato ward. If approved, construction could start in 2020 with completion by 2024.
The 18,000 sqm site is located directly to the east of the historic Sengaku-ji temple and fronts onto the Daiichi Keihin street. The new station for the JR Yamanote Loop Line will be located towards the west, on the opposite side of the street.Read more