Tokyo Apartment Sales in January 2020
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of January 2020:
New apartment supply in 2019 reaches lowest level in 27 years
In 2019 a total of 31,238 brand-new apartments were released for sale across greater Tokyo, down 15.9% from 2018 and the first time in three years to see an annual drop. Supply has dropped to a third of the level seen in 2000.
Tokyo’s 23 wards saw a 13.9% drop, while Kanagawa saw supply fall by 12.5%.
Existing apartment prices in Tokyo up 3.4% in 2019
The average asking price of a 70 sqm (753 sq.ft) existing apartment in Tokyo's 23 wards reached 55,660,000 Yen in 2019, up 3.4% from 2018. The average building age was 24.5 years, up from an average of 23.5 years in 2018.
Toranomon Hills Business Tower reaches completion this month
Construction of the 183-meter tall Toranomon Hills Business Tower was officially completed on January 21. The 36-story tower, designed by Ingenhoven Architects, forms part of Mori Building’s ongoing redevelopment of the Toranomon district.
New apartment supply in December drops 14.3%
According to the Real Estate Economic Institute, a total of 6,392 brand-new apartments were released for sale across greater Tokyo in December, up 94.1% from the previous month but down 14.3% from the previous year.
32-story office tower for Akasaka
The former Kokusai Akasaka Building will be replaced with a 32-story office tower. The new building will have a floor area of 73,000 sqm (approx. 785,000 sq.ft).
Apartment rents in greater Tokyo climb 4.5% in 2019
The average monthly rent for a condominium-type apartment across greater Tokyo in 2019 was 2,886 Yen/sqm, up 4.5% from 2018. This was primarily due to an increase in rents within the Tokyo metropolitan area, while Yokohama City saw rents fall.