Fewer foreclosures in first half of 2022
The number of real estate foreclosure auctions held by the Tokyo District Court in the first half of 2022 was just 365, down from 407 in the same period in 2021.
Residential land prices increase for first time in 31 years
Japan’s Standard Land Price for residential land has increased for the first time in 31 years, according to the data released by the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) yesterday.
Central Tokyo apartment prices reach new record high in August
According to REINS, the average reported sale price of a second-hand apartment in Tokyo’s central 3 wards of Chiyoda, Chuo, and Minato reached a record high of 1,554,100 Yen/sqm in August. This was a 13.5% increase from last year. Prices have increased by 35.4% since January 2020.
400 billion Yen for a share of Otemachi Place
Despite the Yen dropping to a 24-year low, a domestic consortium led by Hulic has outbid foreign investors to acquire the Ministry of Finance’s share in the Otemachi Place office tower in Tokyo. And at an astronomical price…
Tokyo Apartment Sales in August 2022
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of August 2022:
Central Tokyo apartment prices up 7.3% from last year
According to Tokyo Kantei, the average asking price of a 70 sqm second-hand apartment in Tokyo’s 23 wards reached 68,460,000 Yen in July, up 0.1% from the previous month and up 7.3% from last year. This was the 25th month in a row to see an increase. Asking prices have increased by 20.9% since the start of the pandemic in early 2020.
Old apartment building to be replaced with office
Nomura Real Estate Holdings is acquiring an entire condominium building in Takanawa from its apartment owners association. The 42-year-old apartment building will be demolished and replaced with an office building.