Apartment asking prices in Tokyo in November 2017
According to Tokyo Kantei the average asking price of a 70 sqm (753 sq ft) apartment across greater Tokyo was 36,210,000 Yen in November, up 1.1% from the previous month and up 2.1% from last year. The average building age was 23.1 years.
In Tokyo’s 23 wards the average asking price was 53,320,000 Yen, up 0.8% from the previous month and up 1.0% from last year. The average building age was 22.7 years.Read more
Akasaka Twin Tower Redevelopment to be completed by 2024
Mori Trust released additional details on their Akasaka 2 Chome Project earlier this month. The mixed-use office and hotel building will be approximately 210 meters tall with 43 floors and a total floor area of 220,000 sqm (2.3 million sq ft). This is twice the height of the neighboring House of Representatives Members Housing and almost 40 meters taller than Akasaka Tower Residence. It will be similar in height to the recently completed 205m tall Akasaka Intercity Air which is located across the street.Read more
Average rent in Tokyo drops for 5th month in a row
According to Tokyo Kantei, the average monthly rent of a condominium in Tokyo’s 23 wards was 3,334 Yen/sqm in November 2017, up 0.8% from the previous month but down 0.5% from last year. Average rents have been down year-on-year since July, although they have been showing an increasing trend for apartments in buildings less than 10 years old.Read more
Construction starts on Aoyama Bell Commons redevelopment
Construction has started on a 20-storey commercial building on the site of the former Aoyama Bell Commons building in the Omotesando / Gaienmae area in Tokyo. Completion is due by April 2020.
The 90m tall Kita Aoyama 2 Chome Project will include retail on the first two floors, a hotel on floors 3, 4 and floors 16 through 20, and office and co-working space on floors 5 through 15. The total floor area will be 22,910 sqm, approximatley 50% larger than Aoyama Bell Commons, while the new building will be almost twice as tall.Read more
New apartment prices in Tokyo increase for 8th month
According to the Real Estate Economic Institute, 3,366 brand new apartments were released for sale across greater Tokyo in November, up 19.5% from the previous month and up 24.6% from last year.
The average sale price was 55,510,000 Yen, down 0.6% from the previous month but up 7.6% from last year. The average price per square meter was 835,000 Yen, up 3.0% from the previous month and up 11.5% from last year. This is the 8th month in a row to record a year-on-year increase in sale prices.Read more
Tokyo apartment sale prices increase for 62nd month
According to REINS, 2,904 second-hand apartments were sold across greater Tokyo in November, down 6.4% from the previous month and down 2.7% from last year. The average sale price was 32,020,000 Yen, down 0.2% from the previous month but up 1.6% from last year. The average price per square meter was 502,000 Yen, up 0.1% from the previous month and up 1.7% from last year. This is the 59th month in a row to see a year-on-year increase in sale prices. The average building age was 21.21 years.
In the Tokyo metropolitan area, 1,512 second-hand apartments were sold, down 4.7% from the previous month and down 2.6% from last year. The average sale price was 39,610,000 Yen, up 1.3% from the previous month and up 2.1% from last year. The average price per square meter was 673,000 Yen, up 2.6% from the previous month and up 2.9% from last year. This is the 62nd month in a row to record a year-on-year increase in sale prices. The average building age was 19.61 years.Read more
Office tower to replace residential project in Roppongi Itchome
Sumitomo has started construction on a 7-storey, 46 meter tall office building located directly east of Sumitomo’s 216m tall Izumi Garden and across the street from the 27-storey Park Court Roppongi Hilltop apartment building. The office tower will have a total floor area of 7,910 sqm (85,000 sq ft) and is expected to be completed by January 2019.Read more