Land prices increase in over 80% of locations
According to the latest quarterly LOOK Report issued by the Ministry of Land, Infrastructure, Transport and Tourism (MLIT), land prices at 81.3% of the surveyed locations saw an increase in the third quarter of 2022. This is the highest share seen since the fourth quarter of 2019.
Tokyo Apartment Sales in November 2022
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of November 2022:
Fukuoka’s Island City has sold out
Island City in Fukuoka has sold out, and it only took 28 years. The city-developed manmade island was created in Hakata Bay in 1994. The deficit at the time of completion was 18 billion Yen, but Fukuoka City was expecting land sales to result in a 12.5 billion Yen profit.
Real estate investment appetite returns to pre-pandemic levels
Corporations in Japan are now taking a different approach to their real estate investment activities. Immediately following the initial shock of the pandemic there was a sudden move toward selling off key assets in order to prop up business sheets. Now that the pandemic is subsiding and business is returning to usual, corporations are back to seeking efficient real estate assets that provide stable revenue and allow for diversification out of traditional revenue streams.
Tokyo’s office vacancy rate flattens in April
Tokyo’s office vacancy rate increased only slightly by 0.01 points to 6.38% in April as large-scale leases continued to be filled in existing buildings in the city center. Some tenants were relocating to be better located in Tokyo’s business districts. Vacant office space, too, saw little change from the previous month.
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.
Japan’s high-rise apartment market from 2022 onwards
The latest report from the Real Estate Economic Institute has estimated that a total of 112,000 apartments in high-rise towers are currently in the pipeline to be built across Japan from 2022 onwards. This is an increase of 17,000 units from last year’s report.
Tokyo Apartment Sales in April 2022
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of April 2022:
Mita Garden Hills selected as name of new luxury project in central Tokyo
Mita Garden Hills is now the official name of the large-scale luxury condominium project being developed by Mitsui Fudosan Residential and Mitsubishi Estate Residence in Minato's Mita neighborhood. This is the second ‘Garden Hills’ since Hiroo Garden Hills was developed in the 1980s.
New apartment price in Tokyo hits 31-year high
The average price of a brand-new apartment across greater Tokyo has now exceeded a bubble-era high.