New office building for Omotesando
Construction has started on a 60-meter tall office building in Omotesando. The joint project by Mitsubishi Jisho and Goko is scheduled to be completed by February 2023.
Tokyo apartment prices per square meter between 1992 and 2020
If anyone is interested in the change in apartment prices in Tokyo and its surrounding prefectures, the following data sourced from REINS may be of interest.
Historic villa in Kyoto sold last month
A Kyoto-based asset management and real estate company acquired a historic ryotei-style restaurant in the city’s Higashiyama district in July.
Looking to buy a large apartment in Tokyo? This is why you might be having difficulty
Houses and apartments in Japan are typically on the small side. The standard size of a three-bedroom apartment might be around 70 sqm, and a two-bedroom apartment in the 50 ~ 60 sqm range. Detached homes might be under 100 sqm, spread over three floors and including the car park. There are larger homes and apartments to be found, but buyers need to be aware that the availability of these larger properties is very limited.
600 locations identified under new security law to require reporting for land sales
The national government has begun the process of designating locations across the country that need to be monitored for sales of land to foreigners. The list now stands at over 600 locations, including areas around nuclear power plants and military bases.
Tokyo office vacancy rates reach 6.28%
According to office brokerage Miki Shoji, the average office vacancy rate across Tokyo’s five business districts of Chiyoda, Chuo, Minato, Shinjuku, and Shibuya, was 6.28% in July 2021, up 0.09 points from the previous month and up 3.51 points from last year.
Tokyo apartment inventory continues to decline while prices rise
According to REINS, the total number of second-hand apartments sold across greater Tokyo in July saw a year-on-year drop for the first time in five months, while the average sale price per square meter increased for the 15th month in a row.