Rent in Tokyo jumps 4.2% thanks to supply of new construction
According to Tokyo Kantei, the average monthly rent of a condominium in Tokyo’s 23 wards was 3,474 Yen/sqm in December 2017, up 4.2% from the previous month and up 3.6% from 2016. The increase was caused by a larger share of relatively new buildings which typically command higher rents, along with the release of a large number of brand new high-rise apartment towers in Shinjuku and Shinagawa.Read more
Marriott to open W Hotel in Osaka in 2021
On January 10, Sekisui House and Marriott International announced plans for Japan’s first W Hotel. The 337-room W Osaka will open in the Shinsaibashi district in 2021. Room rates have yet to be decided, but it is expected that this will be one of the priciest hotels in Osaka city.
The building will be 117 meters tall with 27 floors and will be designed by Pritzker Prize-winning architect Tadao Ando.Read more
Apartment asking prices in Tokyo in November 2017
According to Tokyo Kantei the average asking price of a 70 sqm (753 sq ft) apartment across greater Tokyo was 36,210,000 Yen in November, up 1.1% from the previous month and up 2.1% from last year. The average building age was 23.1 years.
In Tokyo’s 23 wards the average asking price was 53,320,000 Yen, up 0.8% from the previous month and up 1.0% from last year. The average building age was 22.7 years.Read more
Apartment asking prices in Tokyo in October 2017
According to Tokyo Kantei, the average asking price of a 70 sqm (753 sq ft) apartment across Greater Tokyo was 35,810,000 Yen in October 2017, up 0.7% from the previous month but down 1.1% from last year. The average building age was 23.0 years.
In Tokyo’s 23 wards the average asking price was 52,920,000 Yen, showing no change from the previous month but up 0.9% from last year. The average building age was 22.6 years.Read more
Apartment development focusing on city centers as buyers shun suburbs
In Tokyo’s 23 wards, 4.98% of the land is being used for condominium buildings, an increase of 1.02 points over the past 10 years. The ratio is higher in central Tokyo, with some districts having a ratio of around 9%, signaling a clear shift towards living closer to the office and city center.
The report, released by Tokyo Kantei on October 31st, compiled data on Japan’s three major urban centers. In greater Tokyo, Shibuya ward was in top spot with 8.90%, up 1.46 points from 2007. Chuo ward, which includes the man-made islands of Kachidoki and Harumi in Tokyo Bay, increased by 2.03 points to 6.07%. This district has seen a number of high-rise condos built in recent years, especially in the bayside area, while the Nihonbashi district has seen an increase in small-to-medium sized residential developments.