Tokyo finally returns to net inflow of residents
Tokyo’s resident population is bouncing back into positive territory as the effects of the coronavirus on in-person studying and remote work start to wane. Since the official end of the semi-state of emergency on March 21, 2022, the mood has shifted with events and meetings held in person again, office workers returning to the office, and students returning to campus.
Housing inventory down 44% in Tokyo since start of pandemic
We have about twice as many people looking for houses than apartments, yet detached homes represent less than 15% of total housing inventory (houses and apartments) available for purchase across Tokyo. As a licensed brokerage, we have access to the entire market but cannot stress enough just how hard it is to source homes for clients.
Shibuya Marui department store to be rebuilt with wood
On May 27, Marui Group announced that the Shibuya Marui department store will temporarily close its doors on August 28 while the 51-year old building undergoes redevelopment.
MELSA Ginza-2 to close in August
The MELSA Ginza-2 department store will be closing permanently this August, ending 51-years of operations.
Skyrocketing wood prices and making homes more expensive than ever
Building construction costs in Japan continue to grow as economic sanctions on Russia have caused wood imports to stall. Prices are rising so rapidly that some new homeowners are having to choose between paying more or losing a spare bedroom.
Tokyo apartment prices increase for 25th month
The average sale price of a second-hand apartment in Tokyo’s 23 wards recorded the 25th consecutive year-on-year increase in May, with prices increasing by 10.8% to 876,200 Yen/sqm.
Proposal to reduce voting ratios further for earthquake-damaged apartment buildings
In order to quicken the reconstruction process in the event that an apartment building is severely damaged in an earthquake, the national government is firming up plans that would see voting ratios reduced even further.