How the coronavirus is affecting different sectors of Japan's real estate market
The coronavirus pandemic is affecting the various sectors of Japan’s real estate market in different ways. Some segments are booming while others are seeing the worst conditions in recent history.
Apartment transactions and sale prices recover in June
Buying activity in the greater Tokyo area is starting to resume, with monthly transactions starting to recover from levels seen during the shut down in April and May. In June, a total of 3,107 second-hand apartments were reported to have sold across greater Tokyo, up 83.6% from May. This number is still 11% below the transactions seen in June 2019, but an improvement from the 52.6% year-on-year drop seen in April and the 38.5% drop seen in May.
Quick real estate news summary for the week
A major landlord raises rents, a landmark hotel near Kansai Airport closes, and OYO curtails operations in Japan. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
Son sells Tiffany Building in Ginza
As part of their expansion in investment in the Ginza district, real estate company HULIC has acquired the Tiffany Ginza Building from SoftBank CEO Masayoshi Son this month. This was a joint purchase with Fuyo General Lease, a Mizuho Financial Group company.
The ARGYLE aoyama opens
On June 19, the 20-story mixed-use redevelopment of Aoyama Bell Commons reached completion. The 90-meter tall building, named the ARGYLE aoyama, includes office, hotel and retail.
100-yr old post office listed for sale for 1 million Yen
A former post office in Kagoshima Prefecture has drawn a lot of buzz online for its charming appearance and low price, with buyer inspections already fully booked for the rest of July.
Tokyo Apartment Sales in June 2020
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of June 2020: