Central Tokyo apartment asking prices hit new record high, new apartment supply drops 43%, and Omotesando retail flipped at 10% markup. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
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The supply of brand new apartments released for sale across Japan in 2020 hit the lowest level since 1976. According to the Real Estate Economic Institute, a total of 59,907 apartments were released for sale, down 15.2% from 2019.
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According to the Tokyo Metropolitan Government Statistics Division’s report on population movements in the capital in 2020, the metropolitan area saw the total population grow by 8,600 residents (both Japanese and foreigners) over the year. This is the 25th year in a row to see a year-on-year increase. The total population in the metropolitan area reached 13,960,236 residents as of January 1, 2021, while the population of the 23 wards increased by 2,154 to 9,655,266 residents.
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Nakano Sun Plaza, a 48-year old hotel and concert building in Tokyo’s Nakano ward, will be demolished in 2024 and replaced with a new mixed-use building by 2028. The 181 billion Yen (approx. 1.7 billion USD) project will include a 235-meter tall mixed-use office and residential tower with a concert hall and hotel on the lower floors.
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Major developer Mori Building has formed a partnership with Aman Resorts to create Aman-branded apartments on the upper floors of the Toranomon-Azabudai project currently under construction in central Tokyo.
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Sapporo’s oldest capsule hotel closes, apartment rents hit a record high, and Keio Plaza Hotel to offer monthly stays. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
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Mitsubishi Corporation Urban Development is starting work on a luxury rental apartment building development in Daikanyama, Tokyo.
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There are signs of life on the site of a now-demolished scandal-ridden building in Roppongi.
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The second state of emergency issued on January 7 wasn’t enough to slow buying activity this time around, with REINS reporting that 3,480 second-hand apartments were sold across greater Tokyo in January, up 37.3% from the previous month and up 29.9% from January 2020. This is the highest number of transactions seen for the month of January since REINS began reporting data in May 1990.
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Tokyo’s office vacancy rate continues to climb, Hon-Atsugi popular with renters and Kachidoki popular with buyers. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
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