58-story high-rise for Tsukishima
Construction has officially started for the Tsukishima 3 Chome North District Town Redevelopment which will see a 58-story apartment building on a prime site alongside Monja Street.
Tokyo tops luxury residential price rises in Asia
Tokyo has seen the highest increase in luxury residential prices in Asia, according to Knight Frank’s Prime Global Cities Index for the third quarter of 2022. It also ranked 3rd worldwide, after Dubai and Miami.
Central Tokyo apartment sale prices up 21% y-o-y
According to REINS, the average sale price of a second-hand apartment in Tokyo’s central three wards of Chiyoda, Chuo, and Minato, reached 1,574,500 Yen/sqm in October. This is a 21.1% increase from last year, and a record high. Apartment prices have seen double-digit year-on-year growth for 8 of the 10 months so far in 2022. Sale prices are up 30% since the start of 2020 and have increased by 51% over the past five years.
Apartments continue to become less affordable in 2021
The average price of a 10-year old, 70 sqm second-hand apartment nationwide was 6.54-times times the average annual income in 2021, according to a report by Tokyo Kantei. This is the first time the multiple has exceeded 6 since the research company began recording data in 2008. It is due to the average apartment price increasing by 8.8% to 29.77 million Yen, while the average annual income dropped by 1.5% to 4.55 million Yen.
Kajima eyes potential in Japan's luxury real estate sector
Last month, construction giant Kajima Corporation announced plans to enter the luxury sector of the real estate market, and has already kicked things off with the acquisition of two properties from British developer Grosvenor. Within the year, the company is also expected to complete the purchase of luxury housing to lease to wealthy domestic and foreign tenants.
Ultra-luxury hotel for Torch Tower
On November 8, developers Mitsubishi Estate and Tokyo Century Corporation announced that Dorchester Collection will be operating an ultra-luxury hotel in the 390-meter tall Torch Tower near Tokyo Station. The hotelier is owned by the Brunei Investment Agency and operates The Beverly Hills Hotel, Plaza Athénée in Paris, and The Dorchester in London, to name a few.
Tokyo Apartment Sales in October 2022
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of October 2022: