Sales in Harumi Flag on hold

On March 30, Jiji Press reported that off-the-plan sales in Harumi Flag have been temporarily suspended and the sales showroom closed. The large-scale condo complex on a manmade island in Tokyo Bay was initially planned to be used as the Athletes Village for the 2020 Olympics, but the postponement of the games has thrown a wrench into the scheduling of the post-Olympic refurbishment of the apartments. 

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New apartment supply in February hits 45-year low

The number of brand-new apartments released for sale across greater Tokyo reached the lowest level seen for the month of February since 1975. 

According to the Real Estate Economic Institute, February’s figures were not the direct result of the recent worldwide outbreak of the novel coronavirus. However, should economic conditions and consumer outlook worsen as a result of the unprecedented global slowdown, it is likely that Japan’s developers will continue to limit the supply of new apartments in the coming months.

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February apartment transactions reach 12-year high

According to REINS, 3,749 second-hand apartments were reported to have sold across greater Tokyo in February, up 39.9% from the previous month and up 7.6% from last year. The average sale price was 35,730,000 Yen, up 2.7% from last year. The average price per square meter was 547,600 Yen, up 2.8% from last year. This is the 13th month in a row to see a year-on-year increase in sale prices. 

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Japan’s regional land prices increase for first time in 28-years

Nationwide land prices rose for the fifth year in a row this year, but hard-hitting effects of the novel coronavirus could put a swift end to Japan’s real estate recovery. 

According to the Ministry of Land, Infrastructure, Transport and Tourism (MLIT), the nationwide ‘chika-koji’ assessed land price saw a 1.4% increase in 2020. This was a 0.2 point improvement from 2019’s 1.2% increase. 

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