The former Kokusai Akasaka Building will be replaced with a 32-story office tower. The new building will have a floor area of 73,000 sqm (approx. 785,000 sq.ft).
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Apartment rents in greater Tokyo climb 4.5% in 2019
The average monthly rent for a condominium-type apartment across greater Tokyo in 2019 was 2,886 Yen/sqm, up 4.5% from 2018. This was primarily due to an increase in rents within the Tokyo metropolitan area, while Yokohama City saw rents fall.
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Remaining apartment inventory in Tokyo drops for first time in 27 months
According to REINS, a total of 2,810 second-hand apartments were reported to have sold across greater Tokyo in December, down 11.5% from the previous month and down 5.9% from December 2018. New listings dropped for the 4th month in a row, with a 7.4% drop from the previous year.
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Sales in Park Tower Kachidoki to start in June 2020
The latest high-rise apartment project on Tokyo Bay will go on sale from June 2020. Park Tower Kachidoki Mid and Park Tower Kachidoki South form part of a three-tower project on the manmade island of Kachidoki.
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Tokyo Apartment Sales in December 2019
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of December 2019:
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Japan’s new apartment price to income ratio increases for 7th year
In 2018, the average price of a brand-new apartment across Japan was 8.09 times the average annual income. This is a 0.28 point increase from 2017 and the 7th year in a row to record a year-on-year increase in the multiple. For second-hand apartments, the nationwide ratio was 5.47, up 0.17 points from 2017 and the 6th year in a row to see an increase.
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New construction pre-sales slowing
Over the past three years, the number of buildings selling out before completion has dropped to just 50%. For some developers, this can spell disaster, but a surprising number have the patience to wait and take a slower approach to sales.
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Central Tokyo apartment prices hit new record high in November
In November, the average sale price of an existing apartment in Tokyo’s 23 wards increased for the 10th month in a row. The average reported sale price reached 722,500 Yen/sqm, a 0.8% increase from the previous month and a 5.5% increase from last year.
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Tokyo Bayside population continues to grow
While regional areas in Japan are suffering from a declining population, other districts, such as those in Tokyo’s bayside area, are struggling to control a surge in new residents. In 2019, Koto Ward’s population reached 518,000, an 80,000 increase over the past 10 years. Neighboring Chuo Ward’s population bottomed out at 72,000 in 1997 but now sits at 167,000. Numerous high-rise apartment towers and a desire to be closer to one’s office have been the main drivers behind the population growth.
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Tokyo Apartment Sales in November 2019
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of November 2019:
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