Tokyo Apartment Sales in April 2020
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of April 2020:
Tokyo apartment sales drop by over 50% as pandemic hits buyer sentiment
Reported sales of existing apartments across Tokyo’s 23 wards have sunk to record lows this month as the coronavirus panic and state of emergency scares buyers from making big purchases.
New apartment supply drops 35.8% in March
According to the Real Estate Economic Institute, 2,142 brand-new apartments were released for sale across greater Tokyo in March, down 35.8% from last year. This is the lowest level seen for the month of March since 1992.
A total of 1,500 apartments sold within the first month of sales, resulting in a contract ratio of 70.0% - a 2.2 point decrease from last year.
Tokyo office vacancy rate increases for first time in 9 months
In March, the office vacancy rate across Tokyo’s central five business districts increased for the first time in 9 months. The vacancy rate reported by Miki Shoji was 1.50%, up 0.01 points from the previous month, but down 0.28 points from last year.
Ueno hotel closes in order to preserve historic home
At the end of May, a historic ryokan founded around the former home of novelist Ogai Mori will shut its doors after 80 years of operations. The hotel has suffered from a spate of cancellations for both its rooms and restaurant as a result of the novel coronavirus outbreak and is unable to continue to remain open.
Tokyo secondhand apartment prices see first drop in 15 months
According to REINS, 3,642 second-hand apartments were reported to have sold across greater Tokyo in March, down 2.9% from the previous month and down 11.5% from last year. The average sale price was 34,890,000 Yen, down 0.03% from last year. The average price per square meter was 540,500 Yen, up 0.2% from last year.
Tsukiji machiya demolished
The traditional machiya-style townhouse in Tsukiji we featured back in February 2019 when it was listed for sale, has, sadly, been demolished. It will be replaced with a 5-story hotel covering the adjoining vacant lots. Completion is scheduled for February 2021.