Japanese residents stay, while foreigners exit central Tokyo

The population of the Tokyo metropolitan area as of November 1 had dropped by 7,358 from the previous month to 13,847,040 residents. This is the first time since 1993 that the month of November had seen a month-on-month decrease. Recent news articles have been pointing the finger at the work-from-home trend and an exodus to surrounding prefectures as the main cause of the decline, and while that may be the cause for some of the numbers, the same articles gloss over the startling outflow of foreign residents.

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A forecast of new apartment prices between 2020 and 2025

on November 26, the Japan Real Estate Institute (JREI) issued their most recent medium-term forecast for new apartment prices in Tokyo’s 23 wards. In 2020, the average price is forecast to be 1,071,000 Yen per square meter (approx. US$956/sq.ft). This is a slightly higher revision from their earlier forecast issued last year.

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Sale transactions might finally be approved for video conferencing

On October 12, the Nikkei Shimbun reported that the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) is considering making it legal to conduct part of the real estate sale transaction over video conferencing. Currently, the due diligence report, outlining all of the important details pertaining to the property, must be read aloud in person in front of the buyer before the purchase agreement is signed.

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