Tokyo governor floats idea of using Athletes Village as hospital for coronavirus patients
During an appearance on a morning show on March 27, Tokyo governor Yuriko Koike floated the idea of using the soon-to-be-completed Athletes Village in Harumi as a temporary hospital to house non-critical coronavirus patients.
TOD’S Omotesando Building sold to Kering
Gucci owner and global luxury group Kering has purchased the Tod’s Omotesando building through a special-purpose company. The seller was a subsidiary of Tod’s.
What are real estate brokerages doing in Tokyo during the pandemic?
With school closures, event cancellations and telecommuting becoming the new normal for us over the several weeks, let’s take a look at how Tokyo’s real estate industry is (or isn’t) doing its part to minimize the spread of the coronavirus.
New apartment supply in February hits 45-year low
The number of brand-new apartments released for sale across greater Tokyo reached the lowest level seen for the month of February since 1975.
According to the Real Estate Economic Institute, February’s figures were not the direct result of the recent worldwide outbreak of the novel coronavirus. However, should economic conditions and consumer outlook worsen as a result of the unprecedented global slowdown, it is likely that Japan’s developers will continue to limit the supply of new apartments in the coming months.
February apartment transactions reach 12-year high
According to REINS, 3,749 second-hand apartments were reported to have sold across greater Tokyo in February, up 39.9% from the previous month and up 7.6% from last year. The average sale price was 35,730,000 Yen, up 2.7% from last year. The average price per square meter was 547,600 Yen, up 2.8% from last year. This is the 13th month in a row to see a year-on-year increase in sale prices.
Japan’s regional land prices increase for first time in 28-years
Nationwide land prices rose for the fifth year in a row this year, but hard-hitting effects of the novel coronavirus could put a swift end to Japan’s real estate recovery.
According to the Ministry of Land, Infrastructure, Transport and Tourism (MLIT), the nationwide ‘chika-koji’ assessed land price saw a 1.4% increase in 2020. This was a 0.2 point improvement from 2019’s 1.2% increase.
Sales start in Atlas Tsukiji
Sales in a new condo in Tokyo’s Tsukiji district started on March 7. Atlas Tsukiji is an 11-story apartment building located just behind the Tsukiji Hongwanji temple and a 3-minute walk from Tsukiji Station.