Leasehold apartment building in Monzennakacho sold out 12 months prior to completion
A 12-story apartment building under construction in Tokyo’s Monzennakacho neighborhood has completely sold out within two months of sales. Demand from buyers has been high despite the fact that the building is on leasehold land.
Shirokane road widening plan to start this year
Bad news for this stretch of historic shophouses alongside Kitasato Street in Shirokane. On July 25, the Tokyo Metropolitan Government announced that a road widening plan will start sometime this year that will see the road widened from its current 11 meters to 20 meters. Doing so will probably require some buildings to be partially or entirely demolished.
Apartment prices in Minato Ward increased by 96% over past decade
The average reported sale price of a second-hand apartment in Tokyo’s central Minato ward has increased by 96% over the past 10 years, according to REINS.
Central Tokyo’s population continues to grow
Despite the pandemic, the number of Japanese residents in Tokyo’s central 3 wards of Chuo, Chiyoda, and Minato, reached a record high in July.
Central Tokyo apartment prices up 18.7% from last year
In July, the average reported sale price of a second-hand apartment in central Tokyo’s 3 wards of Chiyoda, Chuo, and Minato reached 1,543,800 Yen/sqm, a record high. This is a 7.7% increase from the previous month and an 18.7% increase from last year.
World’s largest wooden hybrid building to be built in Marunouchi
On August 1, Tokio Marine Holdings released details on the Renzo Piano-designed replacement office tower for their headquarters in Tokyo’s Marunouchi district. It is said to become the world’s largest wooden hybrid building when it’s complete in 2028.
10-fold increase in 100 million Yen + apartment sales in Tokyo
The number of apartments that have sold for over 100 million Yen in the Tokyo metropolitan area has risen 10-fold over the past decade. According to listing database and market information provider REINS, reported transactions in Tokyo reached 1,136 in 2021, up 39.6% from 2020 and up 952% from 2011.