Bids on foreclosures reach new high
Despite the pandemic, foreclosure listings across greater Tokyo are down, while bids and auction prices are up.
Tokyo apartment prices increase for 22nd month
Second-hand apartment prices across greater Tokyo have continued to climb. In February, the average sale price was 625,100 Yen/sqm, up 8.4% from last year and the 22nd month in a row to see a year-on-year increase. The average apartment size shrank by 1.7% to 64.36 sqm (693 sq.ft) while the average building age grew by 1.33 years to 23.27 years. In other words, apartments were getting smaller, older, and more expensive.
Did buyers prefer newer or older homes in 2021?
Over the past decade, the average age of a second-hand apartment sold across greater Tokyo has been growing. In 2011, the average building age was 18.27 years. In 2021, it was 22.67 years.
Hyatt Regency Tokyo on the market for 100 billion Yen
On February 28, the Nikkei Shimbun newspaper reported that the Odakyu Electric Railway company is considering the sale of the Hyatt Regency Tokyo hotel. The total sale proceeds of the hotel, along with partial ownership of a neighboring office building, could be in the 100 billion Yen (approx. US$870 million) range. Several funds have already expressed interest.
Tokyo Apartment Sales in February 2022
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of February 2022:
Land prices continue to recover in 2021
Land prices are on the rise again, according to the latest quarterly LOOK Report published by the Ministry of Land, Infrastructure, Transport and Tourism (MLIT). In the fourth quarter of 2021, a total of 55 of the 100 surveyed locations saw land prices increase. This is up from just 15 locations in the fourth quarter of 2020.
Omotesando's real estate market in 2021
Let’s take a quick look at how Omotesando’s residential real estate market for apartments has performed over the past 12 months.