New apartment supply drops 6% in July
The supply of brand new apartments released for sale across Greater Tokyo in July dropped 6.2% from last year, resulting in the first year-on-year decline in eight months. This is due to developers having released most of their projects in the first half of the year to meet high demand from buyers.
New office building for Omotesando
Construction has started on a 60-meter tall office building in Omotesando. The joint project by Mitsubishi Jisho and Goko is scheduled to be completed by February 2023.
Tokyo apartment prices per square meter between 1992 and 2020
If anyone is interested in the change in apartment prices in Tokyo and its surrounding prefectures, the following data sourced from REINS may be of interest.
Historic villa in Kyoto sold last month
A Kyoto-based asset management and real estate company acquired a historic ryotei-style restaurant in the city’s Higashiyama district in July.
Looking to buy a large apartment in Tokyo? This is why you might be having difficulty
Houses and apartments in Japan are typically on the small side. The standard size of a three-bedroom apartment might be around 70 sqm, and a two-bedroom apartment in the 50 ~ 60 sqm range. Detached homes might be under 100 sqm, spread over three floors and including the car park. There are larger homes and apartments to be found, but buyers need to be aware that the availability of these larger properties is very limited.
Tokyo office vacancy rates reach 6.28%
According to office brokerage Miki Shoji, the average office vacancy rate across Tokyo’s five business districts of Chiyoda, Chuo, Minato, Shinjuku, and Shibuya, was 6.28% in July 2021, up 0.09 points from the previous month and up 3.51 points from last year.
Tokyo apartment inventory continues to decline while prices rise
According to REINS, the total number of second-hand apartments sold across greater Tokyo in July saw a year-on-year drop for the first time in five months, while the average sale price per square meter increased for the 15th month in a row.