Quick real estate news summary for the week
Central Tokyo apartment asking prices hit new record high, new apartment supply drops 43%, and Omotesando retail flipped at 10% markup. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
Nationwide supply of new apartments drops to 44-year low
The supply of brand new apartments released for sale across Japan in 2020 hit the lowest level since 1976. According to the Real Estate Economic Institute, a total of 59,907 apartments were released for sale, down 15.2% from 2019.
Apartment transactions in January reach all-time high
The second state of emergency issued on January 7 wasn’t enough to slow buying activity this time around, with REINS reporting that 3,480 second-hand apartments were sold across greater Tokyo in January, up 37.3% from the previous month and up 29.9% from January 2020. This is the highest number of transactions seen for the month of January since REINS began reporting data in May 1990.
Quick real estate news summary for the week
Tokyo’s office vacancy rate continues to climb, Hon-Atsugi popular with renters and Kachidoki popular with buyers. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
The most expensive apartments to go on sale in Tokyo over the past 10 years
Over the past few years, Tokyo's luxury real estate market has taken off as developers tap into growing demand for high-end homes.
Osaka gets rosenka land value revision as pandemic hits shopping districts hard
Japan’s National Tax Agency (NTA) has decided to revise the rosenka land tax valuations downwards by 4% in three districts in Osaka to reflect the drop in land prices. This is the first time outside of a major disaster that the values have been revised since the system was introduced in 1955. Osaka, which has been hit hard by the tourism downtown, is the only city in Japan to receive this special adjustment.
New apartment price in greater Tokyo hits 30-year high in 2020
The number of brand-new apartments released for sale across greater Tokyo in 2020 hit the lowest level in 28 years after the coronavirus pandemic saw showrooms shuttered and developers delay sales. A total of 27,228 apartments went on the market, down 12.8% from 2019. Sales are expected to recover in 2021 with 32,000 units forecast to be supplied.