Apartment asking prices in Tokyo increase for 28th month in a row
The average asking price of a 70 sqm (753 sq.ft) second-hand apartment in Tokyo’s 23 wards reached 69,710,000 Yen in October, up 0.6% from the previous month and up 7.8% from last year. This is the 28th month in a row to see a month-on-month increase. The average building age was 27.6 years.
New subway line for Tokyo announced
A new subway line linking Tokyo Station with the islands on Tokyo Bay could be up and running by the late 2040s, with the governor of Tokyo officially announcing the project on November 25. This would be the newest subway line in Tokyo since the opening of the Fukutoshin Line in 2008.
Autumn sales sees contract ratio return above 70%
Autumn sales season kicked off last month with 2,768 brand-new apartments released for sale across greater Tokyo, a 36% increase from the previous month and a 34.7% increase from last year.
Central Tokyo's population hits record high in October
The year-on-year rate of population growth in central Tokyo has been improving in 2022. During the pandemic, the population of Japanese residents in the central three wards of Minato, Chiyoda, and Chuo, remained stable as remote work failed to have the same impact Tokyo that it did in other international cities.
Atami hotels sold to US fund
The landmark Hotel New Akao in Atami has been sold to Shirakami, an affiliated company of Fortress Investment Group. The sale is for Hotel Acao Annex (former Hotel New Akao) and Hotel Acao (former Royal Wing) and approximately 7% of Acao Spa & Resort’s landholdings.
Tokyo’s rents increase for first time in 6 months
The average monthly rent of a condominium-type apartment in Tokyo’s 23 wards was 3,820 Yen/sqm in October, up 0.6% from the previous month. This is the first month-on-month increase in 6 months. Rents are down 0.3% from last year.
58-story high-rise for Tsukishima
Construction has officially started for the Tsukishima 3 Chome North District Town Redevelopment which will see a 58-story apartment building on a prime site alongside Monja Street.