Tokyo Apartment Sales in August 2019
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of August 2019:
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.
US$4 million country-homes in Hokkaido to entice foreign buyers
A Tokyo-based real estate company plans to build a number of luxury farm-style houses in Hokkaido to sell to wealthy foreigners. Sales began on September 1, with homes priced from 420 million Yen (approx. 4 million USD).
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.
Orix to open 70-room hot spring resort in Hakone
On August 7, Orix Hotels & Resorts announced that they are opening a 70-room hot spring resort near Gora Station, Hakone, in late 2020.
Apartment redevelopment law may be further revised
The Ministry of Land, Infrastructure, Transport, and Tourism (MLIT) is considering a further expansion of allowances to encourage the redevelopment of old condominium buildings. Under current legislation, if at least 80% of owners agree, a building that does not meet current earthquake codes can be sold off to a developer. The MLIT may extend the 80% vote to include buildings that have deteriorated exteriors and old plumbing.