Luxury apartment sales surge in Tokyo
The luxury condominium market in Tokyo has been surging in the face of the pandemic.
Greater Tokyo apartment prices increase for 17th month
According to REINS, a total of 3,176 second-hand apartments were reported to have sold across greater Tokyo in September, down 4.6% from last year. This is the 3rd month in a row to see a year-on-year drop in transactions.
Office vacancy rate hits 7 year high
The average office vacancy rate across Tokyo’s five business districts of Chiyoda, Chuo, Minato, Shinjuku, and Shibuya reached 6.43% in September, up 0.12 points from the previous month and the highest level seen since June 2014 when it was 6.45%.
Touring the most expensive residential land in Japan
The Akasaka/Toranomon district is one part of Tokyo that is beating property price trends, despite the pandemic. It is home to the most expensive residential land in Japan. Exploring the neighborhood will help to explain why it is outperforming the others.
Tokyo Apartment Sales in September 2021
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of September 2021:
Real estate assets under management hit highest level in history
Institutional investors both domestic and foreign are piling into Japan’s real estate market. As of the end of June 2021, REITs and private placement funds held a total of over 44 trillion Yen (approx. US$400 billion) in real estate - the highest level in history.
Why Japan and why Japanese real estate?
Land values drop nationwide for second year, but increase in Tokyo
Japan’s Standard Land Prices were announced yesterday by the Ministry of Land, Infrastructure, Transport and Tourism (MLIT). The national average dropped by 0.4% from last year. This is the second year in a row to see a decline, but it is a slight improvement from last year’s 0.6% drop. The nationwide average has been in the negative for 27 of the past 30 years.