The average reported sale price per square meter for a second-hand apartment across greater Tokyo increased for the 20th month in a row in December. Last month, the average sale price was 641,700 Yen/sqm, up 5.3% from the previous month and up 11.6% from December 2020.
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Boston-based private investment firm Bain Capital announced the sale of Ooedo Onsen Monogatari to US fund Lone Star Group. The transfer of the management rights is expected to take place by the end of February.
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A 60-year old modernist home in Tokyo’s Nakano Ward has just been demolished. The ‘SH-60’ house was designed by Kenji Hirose. It had a floor area of just 29 sqm (312 sq.ft) and was designed for a famous painter and illustrator.
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2021 saw much of the country in a state or semi-state of emergency for most of the year. Nevertheless, the Nikkei stock index ended the year at the highest level seen since 1989. The real estate market also steamed ahead as buyers appeared to be unfazed by the pandemic. For most sectors of the real estate market, conditions remained somewhat similar to 2020. Residential prices continued to rise as inventory dwindled. Rental prices diverged as larger apartments saw rents rise while smaller studios saw rents fall.
Please feel free to view or download the PDF of our annual Japan Property Market Report, linked below.
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Outdoor lifestyle brand Snow Peak is expanding its resort development in Niigata to include housing.
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The following is a selection of apartments that were reported to have sold in central Tokyo during the month of December 2021:
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A recent use-change will see some luxury rental apartments added to Japan’s tallest tower-to-be. On January 8, the Nikkei Shimbun newspaper reported that the 390-meter tall Torch Tower, on the northern side of Tokyo Station, will have around 50 apartments with monthly rents ranging from 1 ~ 5 million Yen (approx. US$8,650 ~ $43,200). The largest apartment will be in the 400 sqm (4,300 sq.ft) range.
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Atami’s Hotel New Akao closed its doors for good on December 17, ending 48 years of operations. With demand not expected to return in the near future and an aging building, the decision was made to shut down.
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On December 21, the Real Estate Economic Institute published a forecast of the new apartment market across the greater Tokyo region.
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Construction has now started on a 52-story mixed-use development alongside Nihonbashi River. The 284-meter tall tower will include 100 luxury residences on the top four floors. A further 50 apartments will be included in the 7-story low-rise building alongside the river.
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