New apartment prices across greater Tokyo hit second highest level in history
The average price of a brand new apartment across greater Tokyo in the first half of 2018 has reached the second highest level seen in recorded history. According to the Real Estate Economic Institute, the average price was 59,620,000 Yen, exceeding the level of 59,350,000 Yen seen in the first half of 1990, but falling short of the peak of 64,500,000 Yen seen in the first half of 1991.Read more
Average apartment rents in Tokyo increase for 7th month
According to Tokyo Kantei, the average monthly rent of a condominium in Tokyo’s 23 wards was 3,485 Yen/sqm in June 2018, down 0.3% from the previous month but up 5.9% from last year. This is the 7th month in a row to see a year-on-year increase. The average apartment size was 55.84 sqm and the average building age was 18.7 years.Read more
New apartment prices in Tokyo up 12.8% from last year
According to the Real Estate Economic Institute, 2,659 new apartments were released for sale across greater Tokyo in June, up 8.0% from the previous month and up 16.4% from last year. The average sale price was 62,440,000 Yen, up 3.5% from the previous month and up 10.7% from last year. The average price per square meter was 928,000 Yen, 3.7% from the previous month and up 10.5% from last year.Read more
Mori Trust to open Hilton-branded hotel and time-share resort in Okinawa in 2020
On June 26, Mori Trust started construction on a 300-room hotel on Okinawa’s Sesoko Island. The Okinawa Sesoko Project includes the main hotel, which will be operated by Hilton Hotels & Resorts, along with a time-share resort that will be sold to members in weekly units. The time-share resort will be operated by Hilton Grand Vacations.Read more
60-yr old office building in Tokyo to be renovated rather than redeveloped
Although Tokyo’s Marunouchi and Otemachi business district has been seeing multiple skyscrapers go up in recent years, one vintage building from the 1950s has been faithfully protected by its owner.
The 9-storey Otemachi Building built by Mitsubishi Estate in 1958 celebrated its 60th birthday this April. It served as their headquarters until last year when they moved across the street to the recently completed 140 meter tall Otemachi Park Building.Read more
Tokyo apartment sale prices increase for 69th month
According to REINS, 3,317 second-hand apartments were reported to have sold across Greater Tokyo in June, up 19.1% from the previous month but down 0.5% from last year. The average sale price was 33,200,000 Yen, up 0.5% from the previous month and up 5.0% from last year. The average price per square meter was 519,000 Yen, up 1.6% from the previous month and up 4.6% from last year. This is the 66th month in a row to record a year-on-year increase in sale prices.Read more
Shinjuku 65-storey residential high rise project moving forward
A town planning decision for the Nishi Shinjuku 3 Chome West District Redevelopment is expected sometime in February or March 2019. The project includes two high-rise residential towers containing approximately 3,200 apartments, which would make it the largest twin-tower development in Japan based on total floor size and unit count.Read more