Shibuya Upper West Project Details Released
On July 21, Tokyu Corporation and L Catterton Real Estate (a US-based investment company) released details of their planned redevelopment of the Tokyu Department Store in Shibuya. The joint venture will see a 164.8-meter tall mixed-use high-rise containing retail, a small luxury hotel, and high-grade rental apartments.
Tokyo office rents decline for 23rd month
Tokyo’s office vacancy rate for the month of June reached 6.39%, a 0.02 point increase from the previous month and a 0.2 point increase from June 2021. It is still below the peak of 6.47% seen last October.
Tokyo apartment rents drop slightly after moving season
The average monthly rent of a condominium-type apartment in Tokyo’s 23 wards was 3,835 Yen/sqm in June, down 0.3% from the previous month but up a slight 0.2% from last year. The average apartment size was 51.38 sqm (553 sq.ft).
Tokyo apartment prices increase for 26th month
The average sale price per square meter in Tokyo’s 23 wards increased for the 26th month in a row in June, with a 9.9% year-on-year increase to 900,300 Yen/sqm. Meanwhile, the average building age was 22.31 years, up from a 20.86-year average in June 2021.
Tokyu to sell five golf and ski resorts
On July 1, Tokyu Land Corporation announced the planned sale of five golf and ski resorts to several buyers, including a hotel operator. The sale price has not been made public. The sale is part of Tokyu’s ongoing revision of its resort business with the aim of improving capital efficiency.
Foreign investors find Kyoto real estate cheap
According to the Kyoto Shimbun newspaper, offshore investors are out in force buying up real estate in Kyoto, with property prices in the historic city considered comparatively inexpensive.
Tokyo’s high-end market still cheaper than other international cities
According to the Japan Real Estate Institute’s latest report on global real estate prices, an apartment in the wealthy Motoazabu district in Tokyo is cheaper than one in Beijing, Shanghai, Hong Kong, Taipei, Singapore, New York, and London.