Tokyo Apartment Sales in February 2023
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of February 2023:
Tokyu Plaza Ginza sold
On March 3, Tokyu Fudosan Holdings Corporation announced the sale of Tokyu Plaza Ginza. The sale price was not disclosed, although it had a book value of 118.5 billion Yen (US$872 million) as of March 2022. Tokyu is expecting an impairment loss of 21.1 billion Yen for the fiscal year ending March 2023.
Apartment rents in greater Tokyo increase for 3rd month
The average monthly rent of a condominium-type apartment across greater Tokyo (Tokyo, Kanagawa, Saitama, and Chiba prefectures) was 3,391 Yen/sqm in January, up 1.6% from the previous month and the 3rd month in a row to see a month-on-month increase.
Why are there over 70 buyers per apartment in Harumi Flag?
With some apartments receiving over 200 purchase applications this month, buyer demand in the Harumi Flag development on Tokyo Bay has been so astonishingly high that NHK sent a journalist out to see what was going on.
An updated look at Tokyo apartment prices since 1992
With the latest data for 2022 released by REINS last month, let’s take a look at the average sale price of a second-hand apartment across greater Tokyo over the past 30 years.
Tokyo Apartment Sales in January 2023
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of January 2023:
New apartment price in Tokyo hits 32-year high
The average price of a brand-new apartment released for sale across greater Tokyo in 2022 reached 62.88 million Yen, up 0.4% from 2021 and the highest level on record since 1990 when prices were 62.14 million Yen.
Mita Garden Hills now on sale with a 4.5 billion Yen apartment on offer
Sales in the 1,002-unit Mita Garden Hills luxury apartment development in central Tokyo started last week with pricing looking to average around 4 million Yen/sqm (US$2,860/sq.ft).
Mita Koyamacho Redevelopment to be completed by 2028
More progress has been made on the Mita Koyamacho West District Redevelopment near Azabujuban Station with the Tokyo Governor approving the developers’ rights conversion plans last December.
Hotel Okura South Wing redevelopment to start in 2024
Construction of a 225-meter tall tower to replace the former Hotel Okura South Wing building in Roppongi will start in 2024, with completion scheduled for 2028.