Minato ward’s population exceeds 250,000 for first time in 54 years
In February 2017, the resident population in Tokyo’s Minato ward exceeded 250,000 for the first time in 54 years. Over the past 10 years the population has increased by 33%.
The population as at March 1 reached 250,193, of which 7.7% are foreigners. The total is still slightly below the peak of 256,400 seen in 1959. The Japanese economic miracle from post-WWII until the late 1980s saw land prices in central Tokyo skyrocket. The resulting high real estate prices saw residents move out of the city center and into more affordable suburbs. In 1996, the population had dropped to 150,000.Read more
Tokyo second-hand apartment sale prices up for 53rd month in a row
According to REINS, 3,461 second-hand apartments were sold across greater Tokyo in February, up 21.0% from the previous month but down 2.2% from last year. The average sale price was 31,520,000 Yen, up 0.4% from the previous month and up 3.5% from last year. This is the 50th month in a row to see a year-on-year increase. The average price per square meter was 492,900 Yen, down 0.1% from the previous month but up 4.6% from last year. This is the 53rd month in a row to see a year-on-year increase. The average building age was 20.38 years.
In the Tokyo metropolitan area, 1,784 second-hand apartments were sold, up 19.3% from the previous month and up 1.4% from last year. This is the 11th month in a row to see a year-on-year increase in transactions. The average sale price was 38,670,000 Yen, up 1.3% from the previous month and up 4.1% from last year. The average sale price per square meter was 651,300 Yen, up 0.5% from the previous month and up 5.2% from last year.Read more
Average age of an apartment sold in Tokyo in 2016 increases from previous year
According to REINS the average age of a second-hand apartment sold in greater Tokyo in 2016 was 20.26 years, up 0.13 years from 2015. The average age of an apartment listed for sale during the year was 22.32 years, up 0.27 years from 2015. Apartments less than 5 years old made up 9.5% of all second-hand apartment sales in 2016, up 0.8 points from 2015. Apartments over 30 years old accounted for 24.3% of all sales, showing no change from the previous year.Read more
New apartments in Tokyo to be completed in 2017
The following is a selection of condominiums due for completion in central Tokyo in 2017. Proud Roppongi and Royal Season’s Akasaka are the only buildings where some of the larger apartments come with two bathrooms. Only one building has apartments over 200 sqm (Proud Roppongi).
Town to buy 300-yr old house for 38 million Yen
Matsuzaki Town in Shizuoka’s Izu Peninsula will be purchasing the 300-year old former Yoda Residence for 38.4 million Yen (approx. 337,000 USD). The town’s budget for acquisition and preservation of the property is expected to total 48.7 million Yen, which includes 10 million Yen to acquire the rights to a hot spring source.
The property includes the heritage-listed 300+ year old main house and warehouse. The Yoda family has been a landowner for many generations and found success in the silk industry during the Edo period. At one time the house was the family home of Yoda Benzo (1853-1925), one of Hokkaido’s early pioneers and founding settlers.Read more
Nomura to lead redevelopment project in Akasaka 7 Chome
According to an investor relations report by Nomura Real Estate Holdings, the developer will be participating in the Akasaka 7 Chome 2 District Redevelopment in central Tokyo.
Nomura will receive approximately 200+ apartments as part of the deal. The project is still in the planning stages, but construction could start sometime in 2020 with completion sometime between 2023~2025. These dates have been pushed back from earlier estimates and it is possible they could be delayed further. News of the project first surfaced back in mid-2014 when landowners formed a redevelopment committee.Read more