Apartment transactions and sale prices continue recovery in July
Transactions and prices of second-hand apartments in greater Tokyo continue to improve as buyers return to the market. Monthly transactions in July were down just 2.4% from last year, ending a four-month run of double-digit declines. A total of 3,156 second-hand apartments were reported to have sold.
91-yr old building in Jimbocho to be demolished
The 91-year old former Sogo Mutual Loan building in Tokyo’s Jimbocho neighborhood will be demolished in September. The 5-story concrete building with brick-tile facade was built in 1929. It has a total floor area of 453 sqm (4,874 sq.ft) and sits on a 106 sqm block of land.
New apartment supply increases for first time in 11 months
The number of brand-new apartments released for sale across greater Tokyo in July increased by 7.8% from last year, according to the Real Estate Economic Institute. This is the first year-on-year increase in 11 months. After several months of intentionally limiting supply, and with the summer bonus season upon us, developers decided to release more apartments onto the market.
Quick real estate news summary for the week
Niseko runs low on water, Allianz adds to residential portfolio, apartment rents in July, and Harajuku’s old station building to get the wrecking ball. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
Has the pandemic affected the supply and price of new and existing apartments?
Research provider Tokyo Kantei has released several reports looking at the state of Japan’s apartment market amidst the coronavirus pandemic, and it’s not all doom and gloom. Let’s take a look at some of the findings below.
How long did it take to sell an apartment in the first half of 2020?
How long were apartments sitting on the market and how much of a discount did they trade at? The below is summarized from a recent report provided by Tokyo Kantei that looks into any impacts that the coronavirus pandemic may have had on Japan’s residential real estate market in the first half of 2020.
Tokyo apartment discounts in July
The median discount on an existing apartment sold in Tokyo’s 23 wards shrunk for the 4th month in a row, with 1.4% seen on transactions in July. This is 0.4 points lower than the median seen in July 2019. Buying activity continued to improve in July, with transaction numbers that may be on par with last year.