1930s building in Shimbashi to be converted into share offices
An 88-year old heritage-listed building in Shimbashi is being converted by construction giant Takenaka Corporation into a share office for start-ups.
Tokyo apartment discounts in November
The median discount on an existing apartment sold in Tokyo’s 23 wards was just 1.04% in November. This is a 0.7 point drop from November 2019. 43% of transactions sold at their full asking price, up from a 31% share in 2019.
November apartment transactions reach 30-year high
According to REINS, a total of 3,620 second-hand apartments were reported to have sold across greater Tokyo in November, up 14.0% from last year and the highest number seen for the month of November since REINS began recording data in May 1990. Detached home sales set the same 30-year record in November with 1,303 reported transactions, up 23.6% from last year and the 5th month in a row to see a year-on-year increase.
Quick real estate news summary for the week
Hiramatsu to open new hotel in Karuizawa, 1 million Yen on offer if you relocate to the countryside, and real estate companies expect pandemic-related conditions to continue for next few years. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
Tokyo tops worldwide commercial real estate sales
According to JLL, Tokyo attracted US$19.3 billion (approx. 2 trillion Yen) in commercial real estate investment between January and September 2020, putting it at the top of the international city rankings. In 2019 it was ranked 4th, losing out to Seoul, Paris and New York.
Akasaka still the top residential address for company CEOs
For the third time in a row, the central Tokyo neighborhood of Akasaka was home to the most CEOs in Japan as of 2020, according to Tokyo Shoko Research. A total of 3,545 company presidents had their primary address in Akasaka as of July 2020, representing 18% of the population. In 2014, when Akasaka first topped the rankings, it had 2,103 CEOs.
Annual property taxes won’t increase next year
The government plans to keep annual property taxes (kotei-shisanzei) for the 2021 year at the same level as those in 2020. This means property owners of commercial and residential land that had seen tax valuations increase just prior to the coronavirus, won’t be stuck with a higher tax bill in 2021.