Rent in Tokyo reaches new high in February
According to Tokyo Kantei, the average monthly rent of a condominium in Tokyo’s 23 wards was 3,527 Yen/sqm in February, up 1.1% from the previous month and up 6.0% from last year. This is the highest level seen since record-keeping began in March 2008 and has broken a previous record set in January 2018.Read more
New apartment prices in Greater Tokyo drop 20% in January
According to the Real Estate Economic Institute, 1,934 brand new apartments were released for sale across greater Tokyo in January, down 70.2% from the previous month but up 39.7% from January 2017.
The average sale price was 52,930,000 Yen, down 23.4% from last year. The average price per square meter was 787,000 Yen, down 19.3% from last year. In January 2017, new apartment prices saw a steep jump from the year before, with prices rising by 24.1%. If several high-end projects are released onto the market it can pull up average prices for the month.Read more
Tokyo apartment asking prices reach highest level since 1994
According to Tokyo Kantei, the average asking price of a 70 sqm (753 sq.ft) second-hand apartment across greater Tokyo was 35,770,000 Yen in 2017, up 2.9% from 2016 and the fourth year in a row to record a year-on-year increase.
In the Tokyo metropolitan area the average asking price was 48,250,000 Yen, up 1.3% from 2016. This is the highest level seen since 1994. This is being supported by a number of investors buying apartments off-the-plan and then listing them for resale at prices higher than what they paid for them.Read more
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