A snapshot of Tokyo Bay's newest condominiums
The man-made islands on Tokyo Bay have been undergoing a slow gentrification over the past 10 years or so as factories and warehouses are gradually being replaced by high-rise apartment buildings and shopping malls.
The islands are already home to some large-scale redevelopments, including The Tokyo Towers (2008) and Triton Square (2001), while many more projects are in the pipeline.
This area was usually thought of as a cheaper alternative to apartment living in the more central areas in Tokyo, while still offering an easy commute. However, prices in some apartments can now be as high as those in Minato-ku. The growing popularity of the area, however, does not mean every project is guaranteed strong sales.Read more
When is the best time to buy a new apartment?
Why you risk paying up to 15% more if you buy off-the-plan
With the price of new apartments in Tokyo's 23 wards up 4% over the past 12 months, and a contract rate of 82%, many buyers may feel pressured to make their purchase sooner rather than later. But should you rush into purchasing a new apartment off-the-plan or is it better to wait until the apartment is completed?Read more
Secondhand apartment prices in May - Tokyo Kantei
According to Tokyo Kantei, the average asking price of a 70 sqm (753 sqft) secondhand apartment in Tokyo's 23-ku in May increased by 0.6% from last month to 39,600,000 Yen (405,000 USD). It is only 0.5% lower than the average price in May 2012.
Prices across Greater Tokyo, however, are down 4.2% from last year to 27,590,000 Yen (282,000 USD). Read more
Kengo Kuma to design new Shibuya Station area
On June 17, Tokyu Corporation and JR announced that internationally renowned architectural firm Kengo Kuma and Associates will be designing part of the new Shibuya Station area redevelopment.Read more
MLIT Land White Paper 2013
On June 11, the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) released the data from their 2013 White Paper on Land.
According to the report, land prices continue to fall across Japan although the rate of decline is shrinking. A greater number of survey locations saw an increase or stabilisation of land prices.Read more
Average apartment rent in May
According to Tokyo Kantei, the average monthly rent of an apartment in greater Tokyo in May increased by 0.1% from last month to 2,530 Yen per square meter. In Tokyo City, the average monthly rent in May was 2,979 Yen/sqm, up just 1 Yen from last month, but 2.2% higher than it was in May 2012. The average rent in Tokyo's 23 wards was 3,086 Yen/sqm, up 0.1% from last month and 2.2% from last year.Read more
New apartment prices in Tokyo up 4% in May
According to the Real Estate Economic Institute, the market for new condominiums in Tokyo is showing signs of improvement as sales numbers and prices increase in May.
A total of 4,967 new apartments were released for sale in May, up 49.2% from May 2012 and up 21.4% from the previous month. The contract rate (the number of new apartments sold as a percentage of the total number for sale) was 78.1%, which is above the 70% indicator of a good market. The contract rate for apartments in high-rise buildings above 20 stories was 84.6%.Read more