Apartment transactions and sale prices recover in June
Buying activity in the greater Tokyo area is starting to resume, with monthly transactions starting to recover from levels seen during the shut down in April and May. In June, a total of 3,107 second-hand apartments were reported to have sold across greater Tokyo, up 83.6% from May. This number is still 11% below the transactions seen in June 2019, but an improvement from the 52.6% year-on-year drop seen in April and the 38.5% drop seen in May.
Son sells Tiffany Building in Ginza
As part of their expansion in investment in the Ginza district, real estate company HULIC has acquired the Tiffany Ginza Building from SoftBank CEO Masayoshi Son this month. This was a joint purchase with Fuyo General Lease, a Mizuho Financial Group company.
The ARGYLE aoyama opens
On June 19, the 20-story mixed-use redevelopment of Aoyama Bell Commons reached completion. The 90-meter tall building, named the ARGYLE aoyama, includes office, hotel and retail.
Quick real estate news summary for the week
High-rise residents feeling the stress of the pandemic, central Tokyo apartment prices rise against the odds, while housing starts drop. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
Tokyo approves Kachidoki-Toyomicho high-rise redevelopment committee
On June 30, the Tokyo Metropolitan Government approved the formation of the Toyomi District Town Redevelopment Committee. This committee has been established to create two 189-meter tall apartment towers in the Kachidoki and Toyomicho district on Tokyo Bay.
180-meter tall office tower planned for Omotesando
The Urban Renaissance Agency, a semi-governmental housing corporation, is planning a 180-meter tall office tower for the northern end of the former Aoyama Kitamachi Apaato public housing block in Omotesando.
2020 Office supply in Tokyo reaches 2nd highest level in history
According to a report published by Mori Building on May 25, a total of 1.87 million square meters (approx. 20 million sq.ft) of new office space is expected to be supplied in Tokyo’s 23 wards in 2020. This is the second-highest level seen since the company began collecting data in 1987. Despite the large supply, most of the new office space is already leased.