Tokyo Apartment Sales in May
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of May 2020:
Hoshino Resorts announces fund to save struggling hotels and ryokans
On May 29, luxury hotelier Hoshino Resorts announced plans to establish a fund to support domestic hotels and ryokans that are suffering from a drop in customers due to the coronavirus pandemic. The tentatively-named Hotel Ryokan Fund will be set up this summer, with an expected investment of between 10 ~ 20 billion Yen (approx. 93 ~ 185 million USD).
Derelict condo-hotel in Sendai to be demolished
An almost-abandoned condo/hotel in Sendai City will be demolished and potentially redeveloped after sitting empty for 20 years.
180-meter tall office tower planned for Omotesando
The Urban Renaissance Agency, a semi-governmental housing corporation, is planning a 180-meter tall office tower for the northern end of the former Aoyama Kitamachi Apaato public housing block in Omotesando.
2020 Office supply in Tokyo reaches 2nd highest level in history
According to a report published by Mori Building on May 25, a total of 1.87 million square meters (approx. 20 million sq.ft) of new office space is expected to be supplied in Tokyo’s 23 wards in 2020. This is the second-highest level seen since the company began collecting data in 1987. Despite the large supply, most of the new office space is already leased.
Number of registered short-term accommodations drop for first time
The number of registered ‘minpaku’ short-term accommodation providers has dropped for the first time since the new system was introduced in June 2018. According to the Japan Tourism Agency there were a total of 21,176 registered properties across Japan as of May 11, down from 21,385 just one month earlier.
Nationwide average apartment price drops for first time since 2012
According to the Real Estate Transaction Promotion Center, the average sale price of an existing apartment sold across Japan in April was 25,400,000 Yen, down 9.03% from last year. The average sale price per square meter was 385,200 Yen, down 8.76% from 2019. This is the first time since September 2012 to see a year-on-year drop in prices.