Omotesando low-rise rumored to sell for 25 billion Yen
Last week the Nikkei Real Estate Market Report announced that the rumored sale price of the Forest Hills retail and office building in Omotesando was 25 billion Yen (approx. US$165 million).Read more
A quick look at Harumi’s office market
Let’s take a look at Harumi’s office market as there are some noticeable vacancies this year.Read more
Tokyo apartment rents up 11.9% y-o-y
After remaining relatively subdued throughout the pandemic, apartment rents in Tokyo’s 23 wards are on the rise, increasing by 8% since the start of the year.
The average monthly rent of a condominium apartment in the 23 wards was 4,266 Yen/sqm as of August, up 2.3% from the previous month and up 11.9% from last year. This has exceeded the previous record high set in July. Read more
Larger apartments seeing greater rent increases than smaller studios
Changes in rental prices in greater Tokyo are not uniform, with larger apartments now outperforming smaller, single-occupant housing. This is happening for a few reasons.Read more
51-yr old building in Tsukiji transacts for high price
A developer has paid an assumed 17.5 billion Yen (US$125 million) for a 51-year old office building in Tsukiji. The new owner plans to demolish the Shin Hanwa Building and redevelop the site.Read more
Same-day sell out in Harumi Flag high-rises
Apartments in the two high-rise towers in Harumi Flag went on sale earlier this month. A total of 8,790 purchase applications were made on the 573 apartments released for sale, with an average of 15.3 applications per apartment. Lucky buyers were selected via a raffle system.Read more
Rosenka land values increase for 2nd year in a row
Land values continue their ascent as the country emerges from the pandemic. The nationwide ‘rosenka’ land tax values, announced by the National Tax Agency on July 3, saw an average increase of 1.5% from last year. This is the second year in a row to see an increase, and a higher rate of increase from the 0.5% growth seen last year.Read more