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

New high-rise development announced for west side of Shinagawa Station

On August 29, Keikyu Corporation and East Japan Railway Company released details on the Shinagawa Station District Redevelopment Project that will see three buildings on a 3.3 hectare site on the western side of the station.Read more

Demolition starts on 56-yr old building in Akasaka

Demolition of the 56-year old Sankaido Building near the US Embassy will start this month. The building is making way for a new redevelopment project by Norin Suisan Shoreikai and construction giant Kajima Corporation.Read more

MUJI to sell Ikebukuro head office

On July 26, the operator of home goods retailer MUJI announced the planned sale of its head office building in Ikebukuro. The company, Ryohin Keikaku, did not comment on the scale of the profit from the sale.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

Daikanyama housing village sold

Nomura Real Estate Development has acquired the Bess Square housing display site in Daikanyama for an undisclosed price.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

An update on the long-awaited ‘Roppongi Hills 2’ project

It’s been a while since we had an update on the ‘Roppongi Hills 2’ project in Tokyo. Luckily, some more concrete project details were made public for online viewing between June 24 and July 3. Read more