A second LOOK at land prices since the pandemic
The Ministry of Land, Infrastructure, Transport, and Tourism (MLIT) published their quarterly LOOK Report on November 19. With a survey point of July 1, this is the second report covering changes in land prices since the coronavirus pandemic took hold.
Quick real estate news summary for the week
Tokyo’s office vacancy rate worsens for 8th month, owner-build house starts hit 55-year low, and Aichi’s population shrinks for first time since 1956. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
Tokyo apartment discounts in October
October was an outstanding month for existing apartment sales, with transactions in the Tokyo metropolitan area up 10.7% from September and up 33.5% from October 2019. Across greater Tokyo, transactions hit the highest level since data-keeping began in 1990.
What about discounts?
October apartment transactions in greater Tokyo hit highest level on record
According to REINS, a total of 3,636 secondhand apartments were reported to have sold across greater Tokyo in October, up 31.2% from last year, and the highest number for the month of October since REINS began recording data in 1990. It was a similar story for detached home sales, with transactions jumping 41.8% from last year to 1,316 reported sales - the highest on record.
The two sides of Tokyo's shrinking population
In the month of September, the population of Tokyo’s metropolitan area dropped by 10,673 residents. While that might paint a grim picture, the population is up 28,253 residents from the same time last year. Ultimately the numbers still aren’t convincing enough to show that telecommuting is causing a great exodus from the capital. Almost half of September’s decrease can be attributed to a large and ongoing outflow of foreign residents, which may also be a result of the lack of incoming foreign workers and students due to international travel bans.
Tokyo Apartment Sales in October 2020
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of October 2020:
Luxury apartments in Yotsuya sell out
All apartments in a luxury project near Yotsuya Station sold out in the first round of sales held last month.