Tokyo apartment sales in September 2017
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of September 2017:Read more
Land under Takashimaya Times Square Building sells for 21 billion Yen
Takashimaya has acquired the remaining 60% of the land under the Times Square Building near Shinjuku Station for 21 billion Yen (approx. 185 million USD).
The property is located on the eastern side of Shinjuku Station in Shibuya ward. The main tenants of the building include the Takashimaya department store and Tokyu Hands.
Tokyo’s 40-year island dispute edging closer to resolution
In the middle of Tokyo Bay sits a 500 hectare manmade island that has been at the center of an ownership dispute between Tokyo’s Ota and Koto wards since its creation in the 1970s.
On July 18, the Tokyo metropolitan government started mediation between the two wards. On September 29th, Tokyo presented a proposal that would allocate 86% of the island to Koto and 14% to Ota. Opposition from Ota over the split, however, could see the dispute go to court.
Tokyo’s Mita 5 Chome district to see potential residential redevelopment
Residents of a 1.1 hectare block of densely-packed homes in the Mita 5 Chome neighbourhood in central Tokyo have formed a redevelopment committee with the goal of turning the site into a high-rise apartment building.
Approximately 70% of the 110 landowners are participating in the redevelopment, with Sumitomo chosen as the project partner. A town planning decision is expected in 2018.
Forecast of new apartment prices between 2017 and 2025
According to the latest medium-term forecast by the Japan Real Estate Institute (JREI), the average price of a brand new apartment in Tokyo’s 23 wards is forecast to see annual growth rates of between 0.3 ~ 0.8% up until 2020 before starting to see a very slight year-on-year decline from 2021 onwards.