6-fold increase in new apartment supply across greater Tokyo
The number of brand-new apartments released for sale across greater Tokyo in May was 6-times the amount seen this time last year, according to the Real Estate Economic Institute. A total of 2,578 apartments were released for sale, up from just 393 in May 2020.
Quick real estate news summary for the week
Real estate developer to offer vaccines to tenants, office vacancy rate hits 5.90%, and eruption hazard map for Mt. Fuji gets an update. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
Tokyo Apartment Sales in May 2021
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of May 2021:
Price-earnings ratios for Tokyo in 2020
The price-earnings ratio (PER) for brand-new apartments across greater Tokyo in 2020 was 24.69, up slightly from 2019 (24.36). A high PER means a low rental yield.
New apartment prices in Tokyo jump 43% in April
The average price of a brand-new apartment across greater Tokyo in April reached 77,640,000 Yen, a 24.9% increase from last year and the second-highest price seen since the asset bubble era of the late 1980s ~ early 1990s.
Tokyo Department Store and Bunkamura to be redeveloped
Tokyu’s main department store and adjoining Bunkamura hall facility in Shibuya will be demolished in 2023 to make way for a new development.
Daikanyama has highest apartment resale value in 2020
Apartments around Daikanyama Station in central Tokyo had the best resale value in the greater Tokyo region in 2020, according to a report by Tokyo Kantei.