Tokyo Apartment Sales in June 2019
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of June 2019:
Toho Twin Tower to be redeveloped
On June 25, film studio Toho announced plans to redevelop the Toho Twin Tower building in Yurakucho, Tokyo. Construction giant Takenaka Corporation will be in charge of planning and construction.
Edogawa-ku a no-go zone in event of major flood
The wording on a flood hazard map issued by Edogawa Ward in Tokyo has created a stir with the ward essentially telling residents to get out of town in the event of major flooding.
Rosenka land values increase for 4th year in a row
The rosenka land values for 2019 were announced by the National Tax Agency on July 1. Nationwide, land values increased by 1.3%. This is the fourth year in a row to record a year-on-year increase. The rate of growth has also expanded, following 0.7% in 2018, 0.4% in 2017 and 0.2% in 2016. This is the first time to see four years of consecutive growth since 1992.
New apartment supply in Tokyo drops for 5th month
Supply of brand-new apartments across greater Tokyo between January and May has fallen to the lowest levels seen following the crash of the bubble in 1992. Rather than release new apartments onto the market, developers are focusing their attention on reducing unsold inventory.
According to the Real Estate Economic Institute, a total of 2,206 brand-new apartments were released for sale across greater Tokyo in May, up 55.2% from the previous month but down 10.4% from last year. This is the fifth month in a row to see a year-on-year decline in supply. The average apartment size was 68.16 sqm (733 sq.ft).
Tokyo sees drop in new listings for first time in 19 months
According to REINS, a total of 2,749 second-hand apartments were reported to have sold across greater Tokyo in May 2019, down 20% from the previous month and down 1.3% from last year. The average sale price was 33,250,000 Yen, down 2.2% from the previous month but up 0.6% from last year. The average price per square meter was 518,000 Yen, down 2.8% from the previous month but up 1.4% from last year. The average age of an apartment sold was 21.63 years.
Tokyo office vacancy reaches lowest level in 29 years
The office vacancy rate across Tokyo’s central five business districts dropped to 1.64% in May, down 1.04 points from last year and the lowest level seen since December 1990 when the rate was 0.39%.