The average price of a brand-new apartment released for sale across greater Tokyo in January has jumped 47% from last year and has reached the highest level seen since record-keeping began in 1973.
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Remaining apartment inventory in central Tokyo drops for 2nd month in a row
According to REINS, a total of 2,680 second-hand apartments were reported to have sold across greater Tokyo in January 2020, up 0.5% from last year. The average sale price was 36,720,000 Yen, up 11.5% from last year. The average price per square meter was 562,900 Yen, up 9.4% from last year. This is the 12th month in a row to record a year-on-year increase in sale prices.
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Apartments in Tokyo continue to shrink in size
Struggling to find a large apartment to buy in Tokyo? There’s a good reason for that.
Brand new apartments over 100 sqm in size supplied across greater Tokyo in 2019 accounted for just 1.9% of total supply. This is a slight improvement from the 1.3% share in 2018.
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Japanese developer aquires partial share of luxury Yoyogi rental
Real estate developer Rebita has acquired a partial ownership interest in luxury rental complex Grosvenor Place Kamizono-cho.
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Mitsubishi’s 10-year, 700 billion Yen transformation of Marunouchi
One of Japan’s largest property companies is in the process of developing 600 ~ 700 billion Yen (approx. US$5.5 ~ 6.5 billion) in projects around the Marunouchi and Otemachi districts.
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Blackstone buys back portfolio in largest real estate deal in Japan’s history
US equity firm Blackstone Group has paid around 300 billion Yen (approx. US$2.75 billion) to buy back a portfolio of real estate assets across Japan in what is the biggest single real estate transaction in the country’s history.
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Greater Tokyo sees net inflow in population for 24th year
The population of the greater Tokyo area (Tokyo, Kanagawa, Saitama, and Chiba) saw a net inflow in 2019 of 148,783 new residents, a 6.4% improvement from 2018, and the 24th year in a row to see positive growth.
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New apartment supply in 2019 reaches lowest level in 27 years
In 2019 a total of 31,238 brand-new apartments were released for sale across greater Tokyo, down 15.9% from 2018 and the first time in three years to see an annual drop. Supply has dropped to a third of the level seen in 2000.
Tokyo’s 23 wards saw a 13.9% drop, while Kanagawa saw supply fall by 12.5%.
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Existing apartment prices in Tokyo up 3.4% in 2019
The average asking price of a 70 sqm (753 sq.ft) existing apartment in Tokyo’s 23 wards reached 55,660,000 Yen in 2019, up 3.4% from 2018. The average building age was 24.5 years, up from an average of 23.5 years in 2018.
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Toranomon Hills Business Tower reaches completion this month
Construction of the 183-meter tall Toranomon Hills Business Tower was officially completed on January 21. The 36-story tower, designed by Ingenhoven Architects, forms part of Mori Building’s ongoing redevelopment of the Toranomon district.
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