Tokyo apartment transactions drop 38% in May
The number of second-hand apartments reported to have sold across greater Tokyo in May dropped 38.5% from last year to 1,692 units. With the state of emergency continuing into May, the temporary closure of real estate brokerages and general restraint from consumers saw a slowdown in activity. The drop is less severe than it was in April, which recorded a 52.6% year-on-year drop in transactions.
Quick real estate news summary for the week
Mass layoffs at a major landlord, hotel deals off the table, the biggest drop in business outlook, but good news for warehouse owners. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
Heritage listed shop in Nagasaki to be demolished
A 122-year old jewelry store in Nagasaki will be demolished this month after the owner has decided to sell off the land. The Ezaki Bekko Store was founded in 1709 and, until this month, was Japan’s oldest tortoiseshell specialty store.
Tokyo apartment discounts in May
The real estate market continued to stall in May as businesses remained shut and people stayed home. Transactions in Tokyo are still down considerably from last year although there has been some improvement from April, and activity is already starting to resume in early June. Discounts still remain limited in many cases as sellers hold firm.
Malaysian developer joins forces for hotel-condo project in Yokohama
A joint venture between Berjaya Corporation Berhad, Marubeni, and Daiwa House Industry, has been selected to develop a two-hectare land parcel in Yokohama’s waterfront Minato Mirai 21 District.
Quick real estate news summary for the week
There are numerous news reports and opinion pieces published every day discussing the impact that the pandemic is having on Japan’s real estate market. We thought we would share some summaries below to give an idea of what's been happening recently.
Tokyo Apartment Sales in May
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of May 2020: