16% increase in supply of new apartments in April
The supply of brand new apartments released for sale across greater Tokyo in April increased by 16.1% y-o-y to 2,426 units. The increase was largely due to a new round of sales in Harumi Flag, the former Athletes Village on Tokyo Bay.
Tokyo cancels refurbishment of Children’s Castle
On May 9, the Tokyo Metropolitan Government announced the cancellation of a planned refurbishment of the National Children’s Castle property in Omotesando. The property will continue to be used as an oxygen and medical care station for coronavirus patients.
The popular arts and entertainment complex closed in 2015. It was sold by the national government to Tokyo in 2019 for approximately 52 billion Yen.
Aoshima is Kyushu's latest real estate hotspot
The small beachside area of Aoshima, in the southern end of Miyazaki City, is experiencing what local reporters are calling a real estate bubble.
Central Tokyo apartment resale values have increased by as much as 111%
According to Tokyo Kantei, an apartment in greater Tokyo has seen a 19.8% increase in its resale price over the past 10 years. That’s the average across a wide-spanning region that includes suburban areas in Saitama, Chiba and Kanagawa. In central Tokyo, the rate of growth has been much more staggering with some locations seeing prices increase by between 70 ~ 111%.
New data center planned for Nihonbashi
Real estate giant HULIC is embarking on a redevelopment project that will see an older office building demolished to make way for a new data center in Nihonbashi.
Price-earnings ratios for Tokyo apartments in 2021
With rental growth exceeding the increase in sale prices, the average price-earnings ratio (PER) for a brand-new apartment across greater Tokyo in 2021 was 24.56, down slightly from 2020 (24.69) but up from 2019 (24.36). A high PER means a low rental yield.
Government to collate real estate info on one website
The Japanese government is working on creating an online resource that will provide information on land values (government assessed values, not market values), town planning, and risk maps all in one place.