Demand returns to Tokyo’s once-overlooked suburbs
If you think the residential real estate industry is suffering at the moment, think again. Data shows that brokerages and developers are just as busy now as they were last year.
Apartment sale price in central Tokyo jumps 18% in September
Second-hand apartment transactions across greater Tokyo dropped 7.3% from last year to 3,328 units in September. This comes a month after double-digit year-on-year increases were recorded across all four prefectures. The average sale price increased by 1.3% from the previous month and 6.6% from last year to 36,930,000 Yen. The average price per square meter increased by 2.1% from the previous month and 4.1% from last year to 559,800 Yen.
Tokyo apartment discounts in September
The median discount on an existing apartment sold in Tokyo’s 23 wards in September dropped to 1.32%, down 0.41 points from last year. Discounts were highest in the sub-30 million Yen price range, with a median of 2.07%, and lowest in the 50 ~ 100 million Yen price range with a median discount of 0.87%.
Quick real estate news summary for the week
Japan’s home builders boosted by coronavirus crisis, APA starts work on 8th hotel in Roppongi, and Hotel Okura closes its South Wing for good. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
Japan’s tallest wooden high-rise to be built in Nihonbashi
Mitsui Fudosan and Takenaka Corporation are planning to build a 17-story wood-frame office tower in Tokyo’s Nihonbashi district. With a proposed height of 70 meters, this would be the tallest wooden building in Japan.
Tokyo Apartment Sales in September 2020
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of September 2020:
Shuwa Aoyama Residence redevelopment to start in 2021
Nomura Real Estate Development and Asahi Kasei Realty & Residence have received official approval from Shibuya City Council for the formation of the redevelopment committee for the 56-year old Shuwa Aoyama Residence condominium.