Hyatt Regency Tokyo on the market for 100 billion Yen
On February 28, the Nikkei Shimbun newspaper reported that the Odakyu Electric Railway company is considering the sale of the Hyatt Regency Tokyo hotel. The total sale proceeds of the hotel, along with partial ownership of a neighboring office building, could be in the 100 billion Yen (approx. US$870 million) range. Several funds have already expressed interest.
Tokyo Apartment Sales in February 2022
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of February 2022:
Tokyo apartment asking prices increase for 19th month
The average asking price of a 70 sqm (753 sq.ft) second-hand apartment in Tokyo’s 23 wards reached 66,700,000 Yen in January 2022. This is a 10.4% increase from January 2021 and the 19th month in a row to record an increase.
The price divide between older and newer apartments
It’s no surprise that all other things being equal, an apartment in an older building is not going to be priced as high as one in a newer, flashier building. What may come as a surprise is just how big that divide can be.
Hybrid-timber office building for Tameikesanno
A hybrid-timber office building under construction in central Tokyo has been selected as a leading sustainable project by the Ministry of Land, Infrastructure, Transport and Tourism.
Greater Tokyo’s apartment market between 2011 and 2021
Apartment prices across the greater Tokyo region have risen by as much as 70% over the past decade and 11% over the past year. The average reported sale price of a second-hand apartment as of December 2021 reached a record high of 641,700 Yen per square meter. That’s a 70.5% increase from the most recent market bottom seen in May 2012.
Same-day sellout for luxury homes in Seijo
An enclave of brand-new luxury detached houses in the Seijo neighborhood in Tokyo went on sale at the end of January, with all five homes selling out. The average price per house was around 230 million Yen (approx. US$2.15 million), with the most expensive home priced at 270 million Yen.