Japan's Standard Land Prices increase by 1.0% in 2023

Japan’s Standard Land Prices were announced on September 19, and as the pandemic winds down and dwellers and tourists return to central hubs, the major urban centers saw the steepest increase.

Nationwide, land prices across all uses increased by 1.0%, following a 0.3% increase in 2022. Regional areas saw the first increase across all uses for the first time in 31 years; however, this may have been driven by growth in cities such as Sapporo, Sendai, Hiroshima, and Fukuoka. Residential land outside of those cities continued to decline, while commercial land increased for the first time in 32 years.Read more

Tokyo apartment rents up 11.9% y-o-y

After remaining relatively subdued throughout the pandemic, apartment rents in Tokyo’s 23 wards are on the rise, increasing by 8% since the start of the year.

The average monthly rent of a condominium apartment in the 23 wards was 4,266 Yen/sqm as of August, up 2.3% from the previous month and up 11.9% from last year. This has exceeded the previous record high set in July. Read more

Omotesando retail sells for over 5 billion Yen

A 3-story retail building alongside Kotto-dori Street in Omotesando has reportedly sold for 5.383 billion Yen (approx. US$37 million). The seller was the Japan Metropolitan Fund Investment Corporation, a J-REIT. The buyer was not disclosed but is a domestic corporation.Read more

Rapidly rising condo prices causing rental renaissance in Japan

An interesting shift is underway in the rental market as investors and developers see the potential in roomier apartments. This has been spurred on by the rising price of condominiums. Would-be home buyers priced out of the market are renting instead, leading to a new influx of tenants.Read more

Larger apartments seeing greater rent increases than smaller studios

Changes in rental prices in greater Tokyo are not uniform, with larger apartments now outperforming smaller, single-occupant housing. This is happening for a few reasons.Read more

Same-day sell out in Harumi Flag high-rises

Apartments in the two high-rise towers in Harumi Flag went on sale earlier this month. A total of 8,790 purchase applications were made on the 573 apartments released for sale, with an average of 15.3 applications per apartment. Lucky buyers were selected via a raffle system.Read more

Invincible to acquire six hotels for 57 billion Yen

Invincible Investment Corporation is acquiring six hotels and resorts across Japan for 57.23 billion Yen (US$410.5 million). The hotels contain a total of 1,027 rooms, and provide an estimated NOI of 5.9%.Read more

Nagoya high-rise on hold as construction costs soar and office market concerns rise

Plans for a 180-meter tall commercial building in Nagoya have been put on hold, according to an announcement made by the developer on July 5.Read more

Rosenka land values increase for 2nd year in a row

Land values continue their ascent as the country emerges from the pandemic. The nationwide ‘rosenka’ land tax values, announced by the National Tax Agency on July 3, saw an average increase of 1.5% from last year. This is the second year in a row to see an increase, and a higher rate of increase from the 0.5% growth seen last year.Read more

Tokyo new apartment prices remain above 100 million Yen for 3rd month

For the third month in a row the average sale price of a brand-new apartment in Tokyo’s 23 wards has exceeded 100 million Yen. In May, the average price was 114,750,000 Yen (approx. US$808,000), up 47.9% from last year.Read more