Price-earnings ratios for Tokyo in 2020
The price-earnings ratio (PER) for brand-new apartments across greater Tokyo in 2020 was 24.69, up slightly from 2019 (24.36). A high PER means a low rental yield.
Kengo Kuma-designed residential and retail project for Daikanyama
On May 17, real estate developer Tokyu Land announced that construction had officially started on a Kengo Kuma-designed mixed-use complex just by Daikanyama Station in central Tokyo.
New apartment prices in Tokyo jump 43% in April
The average price of a brand-new apartment across greater Tokyo in April reached 77,640,000 Yen, a 24.9% increase from last year and the second-highest price seen since the asset bubble era of the late 1980s ~ early 1990s.
Quick real estate news summary for the week
880 million Yen to demolish an abandoned statue, Bauhaus residence to be torn down, and Tokyo has the 2nd highest commercial real estate volume in the world. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
Tokyo Department Store and Bunkamura to be redeveloped
Tokyu’s main department store and adjoining Bunkamura hall facility in Shibuya will be demolished in 2023 to make way for a new development.
Tokyo apartment sales up 110.4% in April
According to REINS, a total of 3,428 second-hand apartments were reported to have sold across greater Tokyo in April, up 110.4% from last year. This time last year the Tokyo area was under the first state of emergency issued since the start of the pandemic. Companies sent workers home, and real estate developers and brokerages temporarily closed offices for April and May. The 3rd state of emergency started on April 25, 2021, but it is business as usual this time around for the majority of real estate agencies.
Quick real estate news summary for the week
Tokyo’s foreign resident population continues to fall, apartment rents remain stable, and a hot spring ryokan sells for 2.75 billion Yen. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.