A second LOOK at land prices since the pandemic
The Ministry of Land, Infrastructure, Transport, and Tourism (MLIT) published their quarterly LOOK Report on November 19. With a survey point of July 1, this is the second report covering changes in land prices since the coronavirus pandemic took hold.
Quick real estate news summary for the week
Apartment rents in Greater Tokyo reach new high, new apartment supply up 67%, home loan tax deduction could soon apply to smaller residences, and Niseko to implement limits on hot spring drilling. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
100+ year old home in Shibuya saved from demolition
The historic former home of Tamanosuke Kume (1861-1931, a politician and civil engineer, will be relocated to a city-center location in Kume’s hometown of Numata, Gunma Prefecture. Demolition was initially scheduled to start on September 1, but the home has been spared thanks to the efforts of local preservationists.
Construction starts on Toranomon's latest office tower
Construction has started on a 180-meter tall office tower in Tokyo’s Toranomon district. The Toranomon 2 Chome District Redevelopment project is located on the same block as the 90-meter tall Toranomon Hospital and the recently-sold 170-meter tall JT Building.
Avex looks to sell Omotesando headquarters
On November 10, Toyo Keizai Online reported that major music producer Avex is making moves to sell its 18-story headquarters in Minami Aoyama, Tokyo. Avex would then lease the building back from the buyer.
Tokyo apartment discounts in October
October was an outstanding month for existing apartment sales, with transactions in the Tokyo metropolitan area up 10.7% from September and up 33.5% from October 2019. Across greater Tokyo, transactions hit the highest level since data-keeping began in 1990.
What about discounts?
October apartment transactions in greater Tokyo hit highest level on record
According to REINS, a total of 3,636 secondhand apartments were reported to have sold across greater Tokyo in October, up 31.2% from last year, and the highest number for the month of October since REINS began recording data in 1990. It was a similar story for detached home sales, with transactions jumping 41.8% from last year to 1,316 reported sales - the highest on record.