Apartment rents in Tokyo hit record high in 2020
In spite of the widespread coronavirus pandemic and a state of emergency disrupting schools and workplaces, the average advertised rent of a condominium-type apartment across greater Tokyo hit the highest level on record in 2020.
Central Tokyo apartment sale prices reach new record high in December
According to REINS, 2,533 secondhand apartments were reported to have sold across greater Tokyo in December, down 9.9% from 2019. The average sale price was 37,390,000 Yen, down 0.5% from the previous month but up 5.3% from the previous year. The average price per square meter was 575,300 Yen, up 1.1% from the previous month and up 4.8% from the previous year. This is the 8th month in a row to record a year-on-year increase.
Quick real estate news summary for the week
Barneys closes Shinjuku store, ‘Himeji’s Trump’ real estate holdings hit with provisional administration order, and developer sells luxury rental apartment building in Tokyo. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
Renewed interest in Atami during pandemic
Shizuoka’s hot spring resort city of Atami is seeing renewed interest from buyers looking for holiday homes they can telework from. Local agents have been seeing a rise in inquiries from potential buyers from the summertime onwards.
Tokyo Apartment Sales in December 2020
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of December 2020:
What are real estate brokers in Tokyo doing in response to the second state of emergency?
In response to a surge in coronavirus cases, a second state of emergency was declared for greater Tokyo from January 8 until February 7. This one is less comprehensive than the one last spring, and is currently targeted towards restaurants and bars. However, businesses are being urged to have staff work from home, and residents are asked to avoid going outdoors unless necessary. There are no guidelines issued for the real estate industry, but many brokerages have taken it upon themselves to enforce some stricter measures this time around.
Quick real estate news summary for the week
Saitama tops net inflow of residents, Hotel Grand Palace to suspend operations, and rental brokerages see drop in transactions. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.