House in Minami Aoyama sells for 3.8 billion Yen
Apparel company Onward Holdings has sold a company-owned house in Minami Aoyama for 3.81 billion Yen (approx. 36 million USD). The buyer was developer Tokyu Land.
Mitsui announces plans for US$10-billion ‘Greater Nihonbashi’ redevelopment
On August 29, Mitsui Fudosan announced major redevelopment plans for a district alongside Nihonbashi river in downtown Tokyo. The project is expected to be completed somewhere between 2030 and 2040 and costs could run as high as 1 trillion Yen (approx. US$10 billion).
New apartment supply in Tokyo reaches 3rd lowest level in 43 years
The supply of brand-new apartments released for sale across greater Tokyo dropped to the third lowest level seen for the month of July in 43 years. According to the Real Estate Economic Institute, a total of 1,932 apartments were released for sale, down 35.3% from last year and close to the record low of 1,571 supplied in July 1976.
Luxury apartments planned for historic art deco building
Real estate developer Mitsui Fudosan Residential is planning a large-scale, luxury apartment project for the former Tokyo Service Center building in central Tokyo.
Foreign funds return with force in 2019
With ultra-low interest rates and one of the highest yield gaps in international cities, foreign funds are increasingly turning their attention towards real estate in Tokyo and the rest of Japan.
Tokyo apartment prices increase for 6th month
According to REINS, a total of 3,233 second-hand apartments were reported to have sold across greater Tokyo in July, down 7.4% from the previous month but up 3.0% from last year. The average sale price was 34,420,000 Yen, up 2.4% from the previous month and up 2.4% from last year. The average price per square meter was 535,100 Yen, up 1.4% from the previous month and up 2.6% from last year. This is the 6th month in a row to see a year-on-year increase.
Real estate developers are bringing luxury hotels to Japan
With a shrinking residential property market nationwide and an office market that is limited to prosperous city centers only, Japan’s real estate giants have to diversify in order to survive. That diversification is coming from developing hotels.