Azabudai apartment building sells at 2% net yield
A 47-unit apartment building in Azabudai has been sold for 3.288 billion Yen (approx. US$24 million), 49% above its recent appraised value. This results in a net yield somewhere in the 2.2% range. Advance Residence Investment Corporation, a REIT operated by Itochu Corporation, will transfer the trust beneficiary interests to the undisclosed domestic buyer in July and August of this year.Read more
Bulgari Hotel Tokyo opens
The Bulgari Hotel Tokyo officially opened on April 4, marking the hotelier’s first foray into Japan and the 8th Bulgari-branded hotel globally.Read more
Luxury condo sales push Tokyo's apartment price above 200 million Yen in March
The average price of a brand-new apartment released for sale across greater Tokyo reached a record 143.6 million Yen (US$1.07 million) in March, according to the Real Estate Economic Institute. That is largely due to two luxury condos that went on sale in central Tokyo.Read more
Omotesando retail flipped again
The Almost Blue retail building in Minami Aoyama has changed hands for the 3rd time in as many years.Read more
High apartment prices now spreading to the rental market
Would-be buyers, priced out by the ever-increasing sale price of apartments in central Tokyo, are turning to rentals, causing it to swing to a landlord’s market. A recovery in corporate earnings and pay-rises is also expanding renters’ budgets.Read more
Appliance manufacturer acquires Forest Hills in Omotesando
Rinnai Corporation has acquired Forest Hills East and West in Omotesando for an undisclosed price. The two buildings have a total floor size of 5,551 sqm (59,700 sq.ft) and sit on 1,843 sqm of land in the Minami Aoyama 4 Chome address.Read more
Tokyo rents continue 3-month record-high streak
In March, average apartment rents in Tokyo, Kanagawa, Saitama and Chiba all saw a year-on-year increase due to both a continued increase in the share of newer apartments commanding higher rents as well as being the peak moving season. Read more