Apartment rents in Tokyo increase for 11th month
According to Tokyo Kantei, the average monthly rent for an apartment in Tokyo’s 23 wards was 3,526 Yen/sqm in October 2018, up 0.6% from the previous month and up 6.6% from last year. This is the 11th month in a row to see a year-on-year increase.
Greater Tokyo second-hand apartment prices increase for 70th month in a row
According to REINS, 3,096 second-hand apartments were sold across greater Tokyo in October, down 4.6% from the previous month and down 0.2% from last year. The average sale price was 32,750,000 Yen, down 0.5% from the previous month but up 2.0% from last year. The average price per square meter was 505,700 Yen, down 1.6% from the previous month but up 0.8% from last year. This is the 70th month in a row to record a year-on-year increase in sale prices.
Office rents on the rise as Shibuya returns as Japan’s IT hub
The major redevelopment projects currently underway around Shibuya Station are, as expected, pushing up office rents. The announcement that Google Japan will relocate their head office to the recently completed Shibuya Steam building next year has heralded the return of Shibuya as Japan’s ‘Bit Valley’ and has been the driving force behind the district’s booming office market.
Tadao Ando designed house in Shibuya now under offer
Blink and you’ll miss it. The Tadao Ando-designed house for sale in the heart of Shibuya went under offer last week.
1 in 5 apartments in Toyosu was listed for sale in the past 12 months
Over the past 12 months, Toyosu Station on the manmade island of Toyosu in Tokyo Bay has seen the highest number of apartments listed for resale in the greater Tokyo region. According to Tokyo Kantei, there have been 3,720 apartments listed for resale in the vicinity of this station accounting for 22.7% of the total apartment stock in the neighborhood. The average apartment age was 11.3 years.
Omotesando retail sells for 12.2 billion Yen
A small retail building behind the Prada Boutique in Omotesando has sold for 12.2 billion Yen (approx. 108 million USD). The Japan Retail Fund Investment Corporation, an affiliate of Mitsubishi Corporation, acquired the trust beneficiary rights to the property on October 25.
Sales details announced for new apartments at Athlete’s Village
Official sales marketing for the Athlete’s Village in Tokyo’s Harumi Island was announced last week. The Athlete’s Village will be completed in time for the 2020 Tokyo Olympics, with the buildings to be converted into a mix of condo-type and rental-type apartments afterwards. Some additional buildings will be completed after the Olympics have finished.