According to the Japan Real Estate Institute’s latest report on global real estate prices, an apartment in the wealthy Motoazabu district in Tokyo is cheaper than one in Beijing, Shanghai, Hong Kong, Taipei, Singapore, New York, and London.
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On June 30, sales began in a leasehold condominium located in Tokyo’s Jimbocho district. The 14-story building is next-door to the Toho Gakkai Institute of Eastern Culture. This modernist building was built in 1926 and is recognized by Chiyoda Ward as an important property for the district’s landscape design.
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The following is a selection of apartments that were reported to have sold in central Tokyo during the month of June 2022:
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This year’s rosenka land tax values were released by the National Tax Agency on July 1, and it’s been a mixed bag with some areas seeing gains and others losses.
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An 8-story block of apartments is planned in the wealthy and exclusive Azabu-Nagasakacho enclave in central Tokyo.
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On June 24, the Tokyo Governor approved the formation of the redevelopment committee for the Toranomon 1 Chome East District Project. This will see a 180-meter tall office tower built just in front of Toranomon Station.
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According to Tokyo Kantei, the average asking price of a 70 sqm second-hand apartment in Tokyo’s 23 wards was 67,990,000 Yen (approx. US$502,000) in May 2022, up 0.1% from the previous month and up 7.8% from last year. This is the 23rd month in a row to see an increase.
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On June 17 the Japan Arts Council announced that the National Theatre of Japan will officially close its doors at the end of October 2023 with the modernist building to be demolished and redeveloped.
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We have about twice as many people looking for houses than apartments, yet detached homes represent less than 15% of total housing inventory (houses and apartments) available for purchase across Tokyo. As a licensed brokerage, we have access to the entire market but cannot stress enough just how hard it is to source homes for clients.
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On May 27, Marui Group announced that the Shibuya Marui department store will temporarily close its doors on August 28 while the 51-year old building undergoes redevelopment.
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