Commercial real estate activity set to increase further this year
Japan’s top real estate companies are expanding sales of properties to investors. Mitsui Fudosan is expecting a 42% increase in operating profit for the year ending March 2022, with sales to investors expecting to top 111 billion Yen (approx. US$1 billion), while Mitsubishi Estate is anticipating a 25% profit increase.
Quick real estate news summary for the week
Another real estate developer to offer vaccines to tenants, Digital Agency moves to Kioi Tower, and Tokyo's office vacancy rate exceeds 6%. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
Tokyo Apartment Sales in June 2021
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of June 2021:
Osaka sees steepest drop in rosenka land values in 2021
On July 1, the National Tax Agency (NTA) released the rosenka land tax values for 2021. Not surprisingly, Osaka’s heavily tourist-oriented Shinsaibashisuji Street saw the biggest decline nationwide, with a 26.4% drop in 2021.
Sales in Toranomon Hills Residential Tower start this week
Sales in Toranomon Hills Residential Tower officially started on June 28, with two apartments over 3,000 sq.ft listed.
Asking price of an apartment in Tokyo hits highest level since 2002
Bad news for buyers who decided to sit on the sidelines throughout 2020. According to Tokyo Kantei, the average asking price of a 70-sqm secondhand apartment across greater Tokyo was 40,440,000 Yen in May, up 0.6% from the previous month and up 10.1% from last year. This is the highest level seen since record-keeping began in 2002.
Quick real estate news summary for the week
Apartment rents hit ceiling, serviced apartment building flipped within 6 months, and residents claim new high-rise to be defective. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.