Japan’s high-rise apartment market from 2018 to 2022 onwards
According to the Real Estate Economic Institute, there are currently 108,757 apartments in 294 high-rise buildings planned for completion across Japan from 2018 onwards. This is an increase of 9 buildings and 2,436 apartments from the previous survey point in March 2017.
73.8% of these apartments are centered in the greater Tokyo area, a 4.8 point decrease from 2017. Tokyo’s 23 wards accounted for a 51.1% share of the nationwide total, a 2.5 point decrease from last year. Chuo ward has the largest forecast supply with 12,514 apartments planned in the coming years, 22.5% of the total. This supply is limited to just 14 buildings, with an average of 894 apartments per building. Minato ward was in second place with 11,401 apartments planned in 33 buildings (an average of 345 apartments per building).Read more
Average rent in Tokyo up 5% from last year
According to Tokyo Kantei, the average monthly rent of a condominium in Tokyo’s 23 wards was 3,508 Yen/sqm in March 2018, down 0.5% from the previous month but up 5.0% from last year. This is the 4th month in a row to record a year-on-year increase. The average apartment size was 55.49 sqm (597 sq.ft) and the average building age was 17.6 years.Read more
Wacoal's Kyoto Machiya guesthouse to open tomorrow
Wacoal Holdings, a lingerie company, will open their first traditional machiya guesthouse in Kyoto on April 28. The 92-year old townhouse is located 800 meters west of Nanzen-ji Temple and 500 meters south of Heian Shrine. The two-storey wooden house has a total floor area of 91 sqm (980 sq.ft) and can sleep up to six guests. Nightly rates range from 60,000 ~ 180,000 Yen plus tax, depending on the season and number of guests.Read more
Apartment asking prices across greater Tokyo increase for first time in 4 months
According to Tokyo Kantei, the average asking price of a 70 sqm (753 sq.ft) apartment across greater Tokyo was 36,190,000 Yen in March, up 0.6% from the previous month and up 1.1% from last year. This was the first increase in four months. The average building age was 23.2 years.Read more
Kasumigaseki Building turns 50 this month
Kasumigaseki Building, Japan’s first skyscraper, turned 50 on April 12. To celebrate the half-century anniversary, the exterior of the building has been lit up with an art display that runs in the evenings until the end of May. A beer garden has also been set up outside the entrance for the duration of the event.
Built in 1968 and with a height of 147 meters, this was the first building in the country to be over 100 meters tall. Nowadays it is flanked by a taller neighbor - the twin tower Central Government Building No. 7 - which was completed in 2007 and is 156m and 176m tall.Read more
Bulgari Hotel to open in Tokyo in 2022
Italian jeweler and luxury brand Bulgari will open a Bulgari-branded hotel in front of Tokyo Station in 2022. The hotel will feature interiors designed by Antonio Citterio, 98 spaciously sized guest rooms, a bar, restaurant, spa, pool, ballroom, chapel and Bulgari's signature chocolate shop. Bulgari Hotels & Resorts will manage the hotel, with nightly room rates expected to exceed 80,000 ~ 90,000 Yen (approx. 740 ~ 835 USD).
The hotel will be located in the Yaesu 2 Chome North District Redevelopment on the eastern side of Tokyo Station. In contrast to the large city blocks and wide avenues of Marunouchi and Otemachi on the opposite side of the station, the Yaesu side is a densely packed district of narrow, older buildings and small streets, and is a prime target for large-scale redevelopment.
Construction of the project is scheduled to start in November 2018 with completion by August 2022. The 45-storey building will be approximately 240 meters tall, with the Bulgari Hotel to be located on floors 39 ~ 45.Read more
New apartment prices across greater Tokyo hit highest price since 1990
According to a report issued by the Real Estate Economic Institute on April 16, the average price of a brand new apartment across greater Tokyo was 59,210,000 Yen in fiscal 2017, an increase of 6.9% from 2016 and the highest level seen since 1990 when the average price peaked at 62,140,000 Yen. High labor and construction costs along with rising land prices have been a major contributor to the high sale prices of apartments in and around the capital.
A total of 36,837 brand new apartments were released for sale, a 1.1% increase from 2016 and the first increase seen in four years. This is still far short of the peak supply of 95,479 apartments seen in 2000. The average price per square meter was 864,000 Yen, up 7.9% from 2016.Read more