The two sides of Tokyo's shrinking population
In the month of September, the population of Tokyo’s metropolitan area dropped by 10,673 residents. While that might paint a grim picture, the population is up 28,253 residents from the same time last year. Ultimately the numbers still aren’t convincing enough to show that telecommuting is causing a great exodus from the capital. Almost half of September’s decrease can be attributed to a large and ongoing outflow of foreign residents, which may also be a result of the lack of incoming foreign workers and students due to international travel bans.
Tokyo Apartment Sales in October 2020
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of October 2020:
Yoku Moku acquires Omotesando retail building
Long-established confectioner Yoku Moku has acquired a commercial building across the street from their flagship Aoyama store.
Demolition starts on 47-year old apartment building in Takeshiba
Demolition has started on the Hamamatsucho Business Mansion apartment block near Takeshiba Station in Tokyo. This is just the 4th condo-style apartment building in Tokyo to be redeveloped under recent regulations governing the sale of land under aging apartment blocks, and the first of its kind in Minato ward.
Waldorf Astoria to open first hotel in Japan in 2026
Waldorf Astoria Hotels & Resorts is opening Japan’s first Waldorf-branded hotel in Tokyo in 2026. The hotel will occupy the 39th ~ 47th floors within the Nihonbashi 1 Chome Central District Redevelopment.
Quick real estate news summary for the week
Apartment asking prices in central Tokyo hit record high, vintage building in Chiyoda to be redeveloped, and Gifu to see largest apartment building in 2022. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
Why a newer apartment may cost up to 4x the price of an older one
In Tokyo’s 23 wards, an apartment less than 5 years old sold for 49% more per square meter than one over 30 years old. In other words, an old apartment is about half the price of a new one on a price-per-square-meter basis. The difference was highest in Saitama Prefecture where an apartment under 5 years old sold for 3.7 times that of one over 30 years old.