The Teigeki, or Imperial Theatre, in Marunouchi will temporarily close in 2025 as the building undergoes redevelopment.
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Tokyo apartment asking prices increase for 26th month
Apartment prices continue to rise in Tokyo’s 23 wards, with Tokyo Kantei reporting that the average asking price of a 70 sqm (753 sq.ft) second-hand apartment reached 68,840,000 Yen in August. This is a 0.6% increase from the previous month and a 7.1% increase from last year. It’s also the 26th month to see an increase. This may be partly due to the upcoming Autumn sales season – typically the second busiest time of the year for home sales.
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New apartment listings drop 40% in August
The number of brand-new apartments released for sale across greater Tokyo in August dropped 40.1% from last year to just 1,162 units. This time last year saw several large-scale projects hit the market as the capital was emerging from a state of emergency.
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Fewer foreclosures in first half of 2022
The number of real estate foreclosure auctions held by the Tokyo District Court in the first half of 2022 was just 365, down from 407 in the same period in 2021.
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Luxury condo goes on sale in Sanbancho
Sales in The Parkhouse Gran Sanbancho 26, the latest luxury condo for Chiyoda’s Bancho neighborhood, kicked off last week. This is the 8th project under Mitsubishi Jisho Residence’s ‘The Parkhouse Gran’ series of high-end apartment offerings.
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Residential land prices increase for first time in 31 years
Japan’s Standard Land Price for residential land has increased for the first time in 31 years, according to the data released by the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) yesterday.
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Details released for new high-rise in Miyamasuzaka
Details of a 180-meter high-rise for the eastern side of Shibuya Station have been published by the Cabinet Office. The Miyamasuzaka District Redevelopment will see a 33-story office and hotel tower built on the northern side of Miyamasuzaka Street.
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Central Tokyo apartment prices reach new record high in August
According to REINS, the average reported sale price of a second-hand apartment in Tokyo’s central 3 wards of Chiyoda, Chuo, and Minato reached a record high of 1,554,100 Yen/sqm in August. This was a 13.5% increase from last year. Prices have increased by 35.4% since January 2020.
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Yaesu Book Center to be redeveloped
The 44-year-old Yaesu Book Center near Tokyo Station will close in March 2023 as part of a large-scale redevelopment project.
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400 billion Yen for a share of Otemachi Place
Despite the Yen dropping to a 24-year low, a domestic consortium led by Hulic has outbid foreign investors to acquire the Ministry of Finance’s share in the Otemachi Place office tower in Tokyo. And at an astronomical price…
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