February apartment transactions reach 12-year high
According to REINS, 3,749 second-hand apartments were reported to have sold across greater Tokyo in February, up 39.9% from the previous month and up 7.6% from last year. The average sale price was 35,730,000 Yen, up 2.7% from last year. The average price per square meter was 547,600 Yen, up 2.8% from last year. This is the 13th month in a row to see a year-on-year increase in sale prices.
Japan’s regional land prices increase for first time in 28-years
Nationwide land prices rose for the fifth year in a row this year, but hard-hitting effects of the novel coronavirus could put a swift end to Japan’s real estate recovery.
According to the Ministry of Land, Infrastructure, Transport and Tourism (MLIT), the nationwide ‘chika-koji’ assessed land price saw a 1.4% increase in 2020. This was a 0.2 point improvement from 2019’s 1.2% increase.
Sales start in Atlas Tsukiji
Sales in a new condo in Tokyo’s Tsukiji district started on March 7. Atlas Tsukiji is an 11-story apartment building located just behind the Tsukiji Hongwanji temple and a 3-minute walk from Tsukiji Station.
Why an Olympic delay could spell disaster for Athletes Village buyers
The discussion of delaying or even canceling the 2020 Tokyo Olympics has become a hot topic in recent weeks and has led to some questions about what will happen to the buyers of the 4,145 apartments in Harumi Flag - the condos that will be refurbished from the Athletes Village.
Office vacancy rate reaches new low in February
Tokyo’s prime office vacancy rate hit a new record low in February, dropping 0.04 points from the previous month to 1.49%. This is the lowest vacancy rate seen since December 1990 when it was as low as 0.39%.
Japan’s first wood-frame high-rise condo to be built in Tokyo
Nomura Real Estate Development is in the process of building a wood-frame hybrid condominium in Tokyo’s Ochanomizu district.
Residential leases are on the decline
The number of residential rental contracts signed across greater Tokyo has been on the decline for over a year now, with the effects being felt on real estate brokerages. Teikoku Databank reported 104 real estate brokerages filed for bankruptcy across greater Tokyo in 2019, up 6% from 2018.