Tokyo apartment asking prices increase for 23rd month
According to Tokyo Kantei, the average asking price of a 70 sqm second-hand apartment in Tokyo’s 23 wards was 67,990,000 Yen (approx. US$502,000) in May 2022, up 0.1% from the previous month and up 7.8% from last year. This is the 23rd month in a row to see an increase.
New apartment supply in Tokyo down 31% in May
The supply of brand new apartments released for sale in Tokyo’s 23 wards in May was down 31.7% from last year, with the Real Estate Economic Institute suggesting that developers might be re-examining sales schedules due to rising construction costs and supply chain issues.
National Theatre of Japan to be demolished next year
On June 17 the Japan Arts Council announced that the National Theatre of Japan will officially close its doors at the end of October 2023 with the modernist building to be demolished and redeveloped.
How much are the monthly building fees for an apartment?
Curious about the typical monthly building fee charges that come with owning an apartment in Tokyo?
Tokyo finally returns to net inflow of residents
Tokyo’s resident population is bouncing back into positive territory as the effects of the coronavirus on in-person studying and remote work start to wane. Since the official end of the semi-state of emergency on March 21, 2022, the mood has shifted with events and meetings held in person again, office workers returning to the office, and students returning to campus.
Housing inventory down 44% in Tokyo since start of pandemic
We have about twice as many people looking for houses than apartments, yet detached homes represent less than 15% of total housing inventory (houses and apartments) available for purchase across Tokyo. As a licensed brokerage, we have access to the entire market but cannot stress enough just how hard it is to source homes for clients.
Shibuya Marui department store to be rebuilt with wood
On May 27, Marui Group announced that the Shibuya Marui department store will temporarily close its doors on August 28 while the 51-year old building undergoes redevelopment.