400 billion Yen for a share of Otemachi Place
Despite the Yen dropping to a 24-year low, a domestic consortium led by Hulic has outbid foreign investors to acquire the Ministry of Finance’s share in the Otemachi Place office tower in Tokyo. And at an astronomical price…
Tokyo Apartment Sales in August 2022
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of August 2022:
Central Tokyo apartment prices up 7.3% from last year
According to Tokyo Kantei, the average asking price of a 70 sqm second-hand apartment in Tokyo’s 23 wards reached 68,460,000 Yen in July, up 0.1% from the previous month and up 7.3% from last year. This was the 25th month in a row to see an increase. Asking prices have increased by 20.9% since the start of the pandemic in early 2020.
For Sale: House next door to historic Iseya Pawnshop
An old townhouse located right next door to the historic Iseya Pawnshop in Hongo, Tokyo, was listed for sale recently. The two-story wooden house fronts onto Kikuzaka Street.
New apartment supply up 16.2% in July
The supply of brand-new apartments released for sale across greater Tokyo in July reached 2,268 units, a 16.2% increase from last year. The first-month contract rate was 60.7%, down 7.6 points from last year. For apartments in buildings over 20 stories, the contract ratio was 75.5%, up 3 points from last year.
Apple Store finds new location in Ginza
With demolition looming for its landmark building in Ginza, the Apple Store will be moving into new digs from August 30. The store is relocating to a Kengo Kuma-designed hybrid wood and steel building in the Ginza 8 Chome address.
Old apartment building to be replaced with office
Nomura Real Estate Holdings is acquiring an entire condominium building in Takanawa from its apartment owners association. The 42-year-old apartment building will be demolished and replaced with an office building.