New apartment price across greater Tokyo rises by 16.3%
According to the Real Estate Economic Institute, the average price of a brand-new apartment released for sale across greater Tokyo in February was 74,180,000 Yen, up 16.3% from last year.
Modernist building by Togo Murano to be demolished
Demolition of a 55-year old office building designed by modernist architect Togo Murano will start in June. The demolition process is expected to take 12 months, with a new building to be completed by 2025.
Tokyo apartment prices increase for 22nd month
Second-hand apartment prices across greater Tokyo have continued to climb. In February, the average sale price was 625,100 Yen/sqm, up 8.4% from last year and the 22nd month in a row to see a year-on-year increase. The average apartment size shrank by 1.7% to 64.36 sqm (693 sq.ft) while the average building age grew by 1.33 years to 23.27 years. In other words, apartments were getting smaller, older, and more expensive.
Did buyers prefer newer or older homes in 2021?
Over the past decade, the average age of a second-hand apartment sold across greater Tokyo has been growing. In 2011, the average building age was 18.27 years. In 2021, it was 22.67 years.
Historic 103-yr old hotel in Kobe sold
On March 7, Sanyo Electric Railway announced the sale of the historic former Maiko Hotel in Kobe City.
Hyatt Regency Tokyo on the market for 100 billion Yen
On February 28, the Nikkei Shimbun newspaper reported that the Odakyu Electric Railway company is considering the sale of the Hyatt Regency Tokyo hotel. The total sale proceeds of the hotel, along with partial ownership of a neighboring office building, could be in the 100 billion Yen (approx. US$870 million) range. Several funds have already expressed interest.
Tokyo Apartment Sales in February 2022
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of February 2022: