Quick real estate news summary for the week
Tokyo apartment prices continue to reach new highs, Hakuba sees 30% jump in land prices, and Japan loses ground in global real estate transparency ranking. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
Standard Land Prices dip for first time in 3 years
The nationwide standard land price, announced yesterday, dropped for the first time in three years. The average across all land uses recorded a 0.6% decrease in 2020, after a 0.4% increase in 2019. In 2018, the nationwide average increased for the first time since 1991.
180m tall office tower planned for Toranomon Station area
Nippon Tochi-Tatemono, Urban Renaissance Agency, and Sumitomo Realty & Development are embarking on a 180-meter tall office tower project for the Toranomon district in central Tokyo.
New apartment supply drops 8% from last year
According to the Real Estate Economic Institute, the supply of brand-new apartments released for sale across greater Tokyo in August dropped 8.2% from last year to 1,669 units. This time last year saw the release of several hundred apartments in the Harumi Flag Athlete’s Village conversion project on Tokyo Bay.
Quick real estate news summary for the week
New hotel opens in Karuizawa, typhoon damage to Japan’s oldest apartment building, and office rents drop for the first time in 7 years. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
Tokyo second-hand apartment transactions reach highest level since 1990
August was a bumper month for second-hand apartment sales in greater Tokyo. In fact, it was the busiest month of August since REINS began recording data in May 1990.
Foretseine Shibuya Tomigaya showroom to open later this month
Real estate developer Mori Trust will be opening the showroom for its latest luxury condominium in Tokyo on September 26. The low-rise condo is located near Yoyogi Park and the bustling Shibuya shopping district.