New apartment price in Tokyo hits 32-year high
The average price of a brand-new apartment released for sale across greater Tokyo in 2022 reached 62.88 million Yen, up 0.4% from 2021 and the highest level on record since 1990 when prices were 62.14 million Yen.
Mita Garden Hills now on sale with a 4.5 billion Yen apartment on offer
Sales in the 1,002-unit Mita Garden Hills luxury apartment development in central Tokyo started last week with pricing looking to average around 4 million Yen/sqm (US$2,860/sq.ft).
Greater Tokyo sees net inflow of 99,000 residents in 2022
The Tokyo metropolitan area saw a net inflow of 38,023 residents in 2022, up from a 5,433 net increase seen in 2021, as the capital emerged from a pandemic. This was the largest net inflow in all of Japan’s 47 prefectures.
New Issey Miyake store completed in Ginza
Yasuda Real Estate has completed construction of its 3rd project in Ginza. The 9-story Ginza Matsuya-dori Yasuda Building will have Issey Miyake as the key tenant on the first 4 floors.
Japan’s giant Kannon statues are becoming white elephants
Giant Kannon statues looming over quiet residential estates below have increasingly become a concern for both local governments and local residents. Once a symbol, many are now a negative legacy, fallen into disrepair.
Major broker vows to stop sending junk mail, saving 6 billion Yen a year
One of Japan’s major real estate brokers has decided to abolish all direct-mail fliers sent to the postboxes of property owners nationwide.
Vacant and poorly maintained homes may soon lose property tax breaks
In an effort to disincentivize the owners of abandoned homes from allowing them to rot and decay further, the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) is firming up plans that would see property tax breaks removed for homes that meet certain criteria.