482 apartments sold in Tomihisa Cross, Shinjuku

Although the building won't be ready to move into for another two years, all 482 apartments released in the first round of sales in Tomihisa Cross Comfort Tower sold out instantly during the initial sales period in mid-September.

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by Zoe Ward

August rental data - Tokyo Kantei

The average monthly rent of a condominium apartment in greater Tokyo in August was 2,549 Yen/sqm, up 0.6% from last month and up 3.3% from last year. The average apartment size was 59.35 sqm (639 sqft) and the average apartment age was 18.7 years.

The average rent in Tokyo's 23-ku was 3,096 Yen, down 1 Yen from last month but up 3.3% from last year. The average apartment size was 56.13 sqm (604 sqft) and the average age was 17.4 years.Read more

by Zoe Ward

New development in Kachidoki to have over 3,000 apartments

Kachidoki East District Redevelopment 1The proposed Kachidoki East District Development on the man-made island of Kachidoki in Tokyo Bay will have over 3,000 apartments when completed, making it the largest residential project in Japan.

The development includes three residential towers with a total of 3,020 apartments. This will be larger in scale than the nearby 'The Tokyo Towers' which has 2,794 apartments. Read more

by Zoe Ward

New apartment prices in August

The Residence Mita. All 90 apartments initially released for sale sold out on the same day.

According to the latest data from the Real Estate Economic Institute, a total of 4,145 brand new apartments were released for sale across greater Tokyo in August, up 53.3% from last year. This is the supply of apartments in the month of August since 2005.

Of those, 3,378 were sold making the contract ratio 81.5%.

Meanwhile, a total of 2,250 second-hand apartments were also sold in greater Tokyo during the month.

The average price of a new apartment was 47,960,000 Yen, up 0.5% from last year. The average price per square meter was 677,000 Yen, down 2% from last year.Read more

by Zoe Ward

Land prices increase for first time in 5 years

The MLIT announced the nationwide standard land prices (kijun-chika) on September 19. These land price surveys are carried out by the prefectural governments each year on July 1.

This year, commercial land prices increased in Tokyo, Osaka and Nagoya for the first time in five years.

Nationwide, the overall land prices were down 1.9%. This is the 22nd year of decline, although the rate has reduced from a 2.7% decline in 2012. The decline is being pulled down by rural or regional area suffering from depopulation, which saw prices drop 2.6% this year. Overall land prices in Japan's three largest cities, however, were up 0.1% after a 1% drop in 2012.Read more

by Zoe Ward

Office vacancy rates in August - Miki Shoji

Ark Hills South TowerAccording to Miki Shoji, the office vacancy rate in Tokyo's 5 central business districts (Chiyoda, Chuo, Minato, Shinjuku and Shibuya was 8.16% in August, down 0.13 points from the previous month.  Vacancy rates decreased in four of the five districts.

The vacancy rate in new buildings was 17.93%, up 5.21 points from the previous month. Read more

by Zoe Ward

Second-hand apartment prices in central Tokyo up 15.6%

According to REINS, sales of second-hand apartments in greater Tokyo in August were up 16% from last year. A total of 2,250 apartments were sold during the month. The average price was 25,560,000 Yen (260,000 USD), up 3.5% from August 2012, but down 0.6% from last month. The average price per square meter was 400,100 Yen, up 5.3% from last year and up 1.8% from last month.

The average apartment size was 63.88 sqm (687 sqft) and the average building age was 20.08 years.

In Tokyo's central three wards (Chiyoda; Chuo and Minato), the average price per square meter was up 15.6% from the same time  last year to 823,800 Yen.Read more

by Zoe Ward