The average monthly rent of a condominium-type apartment in Tokyo’s 23 wards was 3,835 Yen/sqm in June, down 0.3% from the previous month but up a slight 0.2% from last year. The average apartment size was 51.38 sqm (553 sq.ft).
U.S. investment fund Lone Star is acquiring approximately 1,200 share houses from debtors that fell for a failed investment scam operated under the Kabocha-no-basha brand. The total acquisition price is estimated to be around 70 billion Yen (approx. US$536 million).
The newest building in the Toranomon Hills area officially reached completion on January 20, 2022. Toranomon Hills Residential Tower is a 220-meter tall, 54-story luxury apartment tower developed by Mori Building. Residents will be able to move in from May.
2021 saw much of the country in a state or semi-state of emergency for most of the year. Nevertheless, the Nikkei stock index ended the year at the highest level seen since 1989. The real estate market also steamed ahead as buyers appeared to be unfazed by the pandemic. For most sectors of the real estate market, conditions remained somewhat similar to 2020. Residential prices continued to rise as inventory dwindled. Rental prices diverged as larger apartments saw rents rise while smaller studios saw rents fall.
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A recent use-change will see some luxury rental apartments added to Japan’s tallest tower-to-be. On January 8, the Nikkei Shimbun newspaper reported that the 390-meter tall Torch Tower, on the northern side of Tokyo Station, will have around 50 apartments with monthly rents ranging from 1 ~ 5 million Yen (approx. US$8,650 ~ $43,200). The largest apartment will be in the 400 sqm (4,300 sq.ft) range.
The Hotel New Otani in Tokyo is now offering long-term stays in their New Edo Residence rooms. So far, two former hotel rooms on the 21st floor in the Garden Tower have been refurbished and converted into a 77 sqm suite and a 55 sqm deluxe room.