Quick real estate news summary for the week
Tokyo’s office vacancy rate hits 4%, cash bonus for anyone who moves near the Fukushima nuclear plant, and apartment rents drop in Tokyo and Yokohama. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
Tokyo apartment discounts in November
The median discount on an existing apartment sold in Tokyo’s 23 wards was just 1.04% in November. This is a 0.7 point drop from November 2019. 43% of transactions sold at their full asking price, up from a 31% share in 2019.
November apartment transactions reach 30-year high
According to REINS, a total of 3,620 second-hand apartments were reported to have sold across greater Tokyo in November, up 14.0% from last year and the highest number seen for the month of November since REINS began recording data in May 1990. Detached home sales set the same 30-year record in November with 1,303 reported transactions, up 23.6% from last year and the 5th month in a row to see a year-on-year increase.
Quick real estate news summary for the week
Hiramatsu to open new hotel in Karuizawa, 1 million Yen on offer if you relocate to the countryside, and real estate companies expect pandemic-related conditions to continue for next few years. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
Tokyo tops worldwide commercial real estate sales
According to JLL, Tokyo attracted US$19.3 billion (approx. 2 trillion Yen) in commercial real estate investment between January and September 2020, putting it at the top of the international city rankings. In 2019 it was ranked 4th, losing out to Seoul, Paris and New York.
Tokyo Apartment Sales in November 2020
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of November 2020:
A forecast of new apartment prices between 2020 and 2025
on November 26, the Japan Real Estate Institute (JREI) issued their most recent medium-term forecast for new apartment prices in Tokyo’s 23 wards. In 2020, the average price is forecast to be 1,071,000 Yen per square meter (approx. US$956/sq.ft). This is a slightly higher revision from their earlier forecast issued last year.