Rent rises 11% on Tokyo Stock Exchange Building
The rent for the Tokyo Stock Exchange Building in Nihonbashi is increasing for the first time in 25 years. Starting in April, the building’s annual rent has increased by 11.1% to 3 billion Yen (approx. 28 million USD).
Japan’s minpaku market falling below expectations
A year has passed since the introduction of new regulations covering short-term letting or Airbnb-style rentals in Japan. Take-up has been slow with just 6,438 registered properties across the greater Tokyo area, which includes Tokyo, Kanagawa, Chiba, and Saitama prefectures. Before the new law was introduced in June 2018, there were 16,000 properties listed on Airbnb's website in Tokyo’s 23 wards alone.
Tokyo Apartment Sales in June 2019
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of June 2019:
Toho Twin Tower to be redeveloped
On June 25, film studio Toho announced plans to redevelop the Toho Twin Tower building in Yurakucho, Tokyo. Construction giant Takenaka Corporation will be in charge of planning and construction.
Rosenka land values increase for 4th year in a row
The rosenka land values for 2019 were announced by the National Tax Agency on July 1. Nationwide, land values increased by 1.3%. This is the fourth year in a row to record a year-on-year increase. The rate of growth has also expanded, following 0.7% in 2018, 0.4% in 2017 and 0.2% in 2016. This is the first time to see four years of consecutive growth since 1992.
New housing starts forecast to drop a third by 2030
The Nomura Research Institute is forecasting a significant drop in new housing starts across Japan by 2030.