Average asking price of an apartment in Tokyo hits new historic high
The average asking price of a 70 sqm second-hand apartment across greater Tokyo reached 41,140,000 Yen in June, according to Tokyo Kantei. This is the highest level seen since the company began recording data in 2002, and beating a previous high seen in May.
Odakyu to demolish modernist department store in Shinjuku
On July 16, Odakyu Department Store Co., Ltd. announced that they will be closing their Shinjuku Main Store at the end of September 2022. This is to make way for a major redevelopment project on the western side of Shinjuku Station.
New apartment supply up 25% in June
According to the Real Estate Economic Institute a total of 1,939 brand-new apartments were released for sale across greater Tokyo (Tokyo, Saitama, Kanagawa, Chiba) in June, down 24.8% from the previous month but up 25.7% from last year. This is 14% lower than the number supplied in June 2019 and 27% lower than the supply in June 2018.
Palette Town to close this year
Odaiba’s Palette Town shopping mall is closing its doors at the end of December 2021. Live music venue Zepp Tokyo will close on January 1, 2022, and the VenusFort mall will close on March 27, 2022.
Central Tokyo apartment sale prices up 30% in June
The second-hand apartment market across greater Tokyo continued to see shrinking inventory and rising sale prices in June.
Myths about Tokyo’s residential real estate market during the pandemic
One of the most frequently asked questions we have been receiving over the past 17-ish months has been about the pandemic and its effects on the residential property market here in Japan and in Tokyo. Let’s take a look at some of the arguments we hear.