New apartment supply in February hits 45-year low
The number of brand-new apartments released for sale across greater Tokyo reached the lowest level seen for the month of February since 1975.
According to the Real Estate Economic Institute, February’s figures were not the direct result of the recent worldwide outbreak of the novel coronavirus. However, should economic conditions and consumer outlook worsen as a result of the unprecedented global slowdown, it is likely that Japan’s developers will continue to limit the supply of new apartments in the coming months.
February apartment transactions reach 12-year high
According to REINS, 3,749 second-hand apartments were reported to have sold across greater Tokyo in February, up 39.9% from the previous month and up 7.6% from last year. The average sale price was 35,730,000 Yen, up 2.7% from last year. The average price per square meter was 547,600 Yen, up 2.8% from last year. This is the 13th month in a row to see a year-on-year increase in sale prices.
Japan’s regional land prices increase for first time in 28-years
Nationwide land prices rose for the fifth year in a row this year, but hard-hitting effects of the novel coronavirus could put a swift end to Japan’s real estate recovery.
According to the Ministry of Land, Infrastructure, Transport and Tourism (MLIT), the nationwide ‘chika-koji’ assessed land price saw a 1.4% increase in 2020. This was a 0.2 point improvement from 2019’s 1.2% increase.
Sales start in Atlas Tsukiji
Sales in a new condo in Tokyo’s Tsukiji district started on March 7. Atlas Tsukiji is an 11-story apartment building located just behind the Tsukiji Hongwanji temple and a 3-minute walk from Tsukiji Station.
Why an Olympic delay could spell disaster for Athletes Village buyers
The discussion of delaying or even canceling the 2020 Tokyo Olympics has become a hot topic in recent weeks and has led to some questions about what will happen to the buyers of the 4,145 apartments in Harumi Flag - the condos that will be refurbished from the Athletes Village.
Office vacancy rate reaches new low in February
Tokyo’s prime office vacancy rate hit a new record low in February, dropping 0.04 points from the previous month to 1.49%. This is the lowest vacancy rate seen since December 1990 when it was as low as 0.39%.
Japan’s first wood-frame high-rise condo to be built in Tokyo
Nomura Real Estate Development is in the process of building a wood-frame hybrid condominium in Tokyo’s Ochanomizu district.