Tokyo apartment sale prices increase for 50th month
According to REINS, 2,985 second-hand apartments were sold across greater Tokyo in November, down 10.6% from the previous month but up 0.5% from last year. The average sale price was 31,730,000 Yen, up 1.2% from the previous month and up 8.8% from last year. The average price per square meter was 496,800 Yen, up 2.3% from the previous month and up 8.0% from last year. This is the 50th month in a row to see a year-on-year increase. The average building age was 20.27 years.
In the Tokyo metropolitan area, 1,553 second-hand apartments were sold, down 7.7% from the previous month but up 3.5% from last year. The average sale price was 39,190,000 Yen, up 2.4% from the previous month and up 8.5% from last year. The average price per square meter was 660,300 Yen, up 3.4% from the previous month and up 6.6% from last year. The average building age was 19.12 years.
Central Tokyo’s 3 wards
In central Tokyo’s 3 wards (Chiyoda, Chuo and Minato), 205 second-hand apartments were sold, up 6.2% from the previous month and up 10.2% from last year. This is the highest number of transactions recorded for the month of November since record-keeping began in 2008, and is close to double the number of transactions seen in 2009 and 2011.
The average sale price was 57,690,000 Yen, down 1.6% from the previous month but up 7.3% from last year. The average price per square meter was 1,027,900 Yen, up 0.7% from the previous month and up 2.2% from last year. The average building age was 17.32 years.
New listings in central Tokyo were down 0.2% from last year. This is the first time in two years that the number of new listings has decreased from 12 month’s prior.
Ginza’s oldest bar to close
Ginza’s oldest bar will close this month and the historic 89-year old building is likely to be demolished as the 80-year old owner is struggling to maintain the ageing structure.
Bordeaux opened in 1927 in a two-story European-style building in the Ginza 8 Chome address. It hosted many famous patrons over the years including Mitsumasa Yonai (37th Prime Minister of Japan), and Isoroku Yamamoto (Japanese Marshal Admiral). Businessman Jiro Shirasu (Wikipedia), was said to have had a permanently reserved seat in front of the fireplace.Read more
Karuizawa bans solar farms in holiday home areas
On November 21, Karuizawa Town officials voted to ban the installation of solar farms within the town’s holiday home districts.
Until now, solar farms were allowed on Category I Exclusively Low-Rise Residential zoned land as long as the solar panels were not visible from specified roads. In Karuizawa there are many properties out of view of specified roads, which meant solar farms could legally be permitted in many of the town’s residential resort areas. Read more
Two 235m towers for Shibaura
Nomura Real Estate is redeveloping one of its office towers in Shibaura, Tokyo. The 40,000 square meter site is located just south of Hamamatsucho Station on the Yamanote Line and near Tokyo’s waterfront.
The Shibaura 1 Chome Redevelopment Project will include two 235m tall buildings with a total floor area of 580,000 sqm (approx. 6.24 million sq.ft). The South Tower will be 46-stories and contain office, hotel, and retail space, with completion due for 2023. The North Tower will be 47-stories and contain office, 350 apartments, and retail space, with completion due for 2029~2030.
Tokyo Apartment Sales in November 2016
The following is a selection of apartments that were sold in central Tokyo during the month of November 2016:Read more