Apartments in Tokyo are selling faster and with smaller discounts
Last year, the market for second-hand apartments in the greater Tokyo area saw discounts hit some of the lowest rates on average, while apartments sold in a shorter amount of time.
Tokyo apartment asking prices increase for 24th month
The average asking price of a 70 sqm second-hand apartment in Tokyo’s 23 wards reached 68,400,000 Yen in June, a 0.6% increase from the previous month and 8.1% increase from last year. This is the 24th month in a row to record a month-on-month increase.
New apartment price in Tokyo hits second highest level on record
The average price of a brand-new apartment in greater Tokyo (Tokyo, Kanagawa, Saitama and Chiba Prefectures) in the first half of 2022 has reached the second highest level on record.
Foreign fund in talks to buy Huis Ten Bosch theme park
On July 21, the Nikkei Shimbun newspaper reported that Travel giant H.I.S. is in talks to sell its Huis Ten Bosch (HTB) theme park in Sasebo, Nagasaki, to a Hong Kong-based fund. The same day that the news broke, H.I.S. issued a press release stating that this information was not announced by the travel company and that there was no official decision on selling their shares in the park.
Bidding closes on Otemachi Place
Bidding ended for office space in Otemachi Place on July 7, with a little over 10 domestic and foreign buyers expressing interest. The floor space on offer is in the East Tower and the seller is the Ministry of Finance (MOF).
Interested buyers had until July 7 to submit their proposal, which required disclosing information in the event of joint buyers, and an after-purchase management and operation plan.
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.