400 billion Yen for a share of Otemachi Place
Despite the Yen dropping to a 24-year low, a domestic consortium led by Hulic has outbid foreign investors to acquire the Ministry of Finance’s share in the Otemachi Place office tower in Tokyo. And at an astronomical price…
Tokyo Apartment Sales in August 2022
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of August 2022:
Central Tokyo apartment prices up 7.3% from last year
According to Tokyo Kantei, the average asking price of a 70 sqm second-hand apartment in Tokyo’s 23 wards reached 68,460,000 Yen in July, up 0.1% from the previous month and up 7.3% from last year. This was the 25th month in a row to see an increase. Asking prices have increased by 20.9% since the start of the pandemic in early 2020.
Fukuoka’s Island City has sold out
Island City in Fukuoka has sold out, and it only took 28 years. The city-developed manmade island was created in Hakata Bay in 1994. The deficit at the time of completion was 18 billion Yen, but Fukuoka City was expecting land sales to result in a 12.5 billion Yen profit.
Same-day sellout in luxury Ashiya condo
A luxury, low-rise apartment building in Ashiya City went on sale a week ago, with all 16 apartments on offer receiving purchase applications.
Old apartment building to be replaced with office
Nomura Real Estate Holdings is acquiring an entire condominium building in Takanawa from its apartment owners association. The 42-year-old apartment building will be demolished and replaced with an office building.
Apartment prices in Minato Ward increased by 96% over past decade
The average reported sale price of a second-hand apartment in Tokyo’s central Minato ward has increased by 96% over the past 10 years, according to REINS.