New apartment price drops 5.5% in first half of 2022
According to the Real Estate Economic Institute, the average price of a brand-new apartment released for sale across greater Tokyo in the first half of 2022 (April - September) was 63,330,000 Yen, down 5.5% from the first half of 2021 and the first decrease in four years. This is due to fewer high-priced luxury condos being supplied compared to this time last year.
Abandoned homes in city centers are becoming more common
Akiya, or vacant and dilapidated homes, are becoming a common sight in some of Japan’s largest cities, and it’s not for the reasons you might suspect.
Mandarin Oriental Hotel coming to Takamatsu City
The Mandarin Oriental Hotel Group is planning to open a new hotel in Takamatsu City, according to Kyodo News. The opening is scheduled to coincide with the 2025 World Exposition to be held in Osaka.
Tokyo apartment rent hits 2.5 year low
In September, the average monthly rent of a condominium-type apartment in the Tokyo metropolitan area was 3,712 Yen/sqm, down 0.3% from the previous month and last year, and the lowest level seen in 12 months. Neighboring Saitama and Chiba both saw rents fall by 1.0% and 1.7% from the previous month, although they are still higher than they were 12 months ago.
Mita office building to sell for 13 billion Yen
Machinery component manufacturer, MinebeaMitsumi, announced the planned sale of its Tokyo Honbu Building in Minato ward’s Mita address.
26-story office and apartment tower for Iidabashi
On October 12, the Tokyo Metropolitan Government approved the formation of the committee for the Iidabashi Station East District Redevelopment. This will see a 130-meter tall, 26-story office and apartment tower built next door to Iidabashi Station.
What do Tokyo's most aging neighborhoods have in common
Tokyo’s 23 wards have as many as 15 city blocks that would be classed as ‘marginal villages’ due to their aging demographics. A marginal village is one where over 50% of the residents are over the age of 65.
The Asahi Shimbun newspaper used census data from 2020 to create a list of the oldest neighborhoods in Tokyo. Of the approximately 3,000 city blocks in the 23 wards, 15 are marginal villages.