265m tall tower for Toranomon Hills district
More details have been released on the Toranomon Hills Station Tower which will be built on the north-west side of Toranomon Hills in central Tokyo. The building height will be 265 meters, which is 18 meters taller than the neighbouring Toranomon Hills tower and 17 meters taller that Tokyo Midtown.
Construction of the 49-storey tower is scheduled to start in 2019 with completion by 2022 2023.
Average apartment rent in July 2017
According to Tokyo Kantei, the average monthly rent of a condominium-type apartment across greater Tokyo in July 2017 was 2,631 Yen/sqm, up 0.5% from the previous month but down 0.8% from last year. The average apartment size was 60.03 sqm and the average building age was 20.8 years.
In the Tokyo metropolitan area the average monthly rent was 3,141 Yen/sqm, up 0.4% from the previous month but down 0.1% from last year. The average apartment size was 57.19 sqm and the average building age was 19.1 years.
In Tokyo’s 23 wards, the average monthly rent was 3,302 Yen/sqm, up 0.3% from the previous month but down 0.1% from last year. The average apartment size was 56.56 sqm and the average building age was 18.3 years.
New apartment prices in greater Tokyo up 16% from last year
According to the Real Estate Economic Institute, a total of 3,426 brand-new apartments were released for sale across greater Tokyo in July, up 50.0% from the previous month and up 3.3% from last year.
2,465 apartments were sold, resulting in a contract ratio of 71.9%, up 8.6 points from last year and above the 70.0% level said to indicate healthy market conditions. Unsold inventory at the end of July was 6,314 apartments, down 184 units from last year.
The average price of a new apartment across greater Tokyo was 65,620,000 Yen, up 16.3% from the previous month and up 16.0% from last year. The average sale price per square meter was 952,000 Yen, up 13.3% from the previous month and up 18.1% from last year.
705 apartments in high-rise buildings (20 storeys and above) were listed for sale, up 220.5% from last year. The contract ratio was 88.2%, up 34.1 points from last year.
The following buildings saw same-day sellouts* in July:
287m tall high-rise planned for Nihonbashi
Details on the Nihonbashi 1 Chome Central District Redevelopment have been announced. The project will include a 287m tall high-rise with office, hotel and serviced apartments, as well as several low-rise retail, office and residential buildings.
The high-rise tower will be taller than Tokyo Midtown (248m), Toranomon Hills (247m) and the Tokyo Metropolitan Government Building (242m), but shorter than the 390m tall tower planned for the Tokiwabashi Redevelopment Project located 300 meters to the west of the Nihonbashi site.
Tokyo apartment sale prices increase for 58th consecutive month
According to REINS, 3,304 second-hand apartments were sold across greater Tokyo in July, down 0.9% from the previous month but up 3.6% from last year. The average sale price was 31,600,000 Yen, down 0.06% from the previous month but up 5.4% from last year. The average price per square meter was 494,800 Yen, down 0.3% from the previous month but up 4.5% from last year. This is the 55th month in a row to record a year-on-year increase in sale prices. The average building age was 20.89 years.
In the Tokyo metropolitan area 1,722 second-hand apartments were sold, down 1.6% from the previous month but up 8.2% from last year. The average sale price was 38,640,000 Yen, showing no change from the previous month but up 3.1% from last year. The average price per square meter was 656,100 Yen, up 0.9% from the previous month and up 3.3% from last year. This is the 58th month in a row to record a year-on-year increase in prices. The average building age was 19.64 years.
Luxury condo to replace Yoyogi Terrace Apartment block
Foretseine, a subsidiary of Mori Trust, will be demolishing the vintage Yoyogi Terrace Apartment rental building in Shibuya and replacing it with a luxury condominium.
Details on the project, including the construction schedule, have yet to be announced, but it is expected that the new building could be completed by 2020 2022.Read more
Tokyo apartment sales in July 2017
The following is a selection of apartments that were sold in central Tokyo during the month of July 2017:Read more