Greater Tokyo second-hand apartment prices increase for 71st month in a row

According to REINS, 3,225 second-hand apartments were reported to have sold across greater Tokyo in November, up 4.2% from the previous month and up 11.1% from last year. The average sale price was 32,970,000 Yen, up 0.7% from the previous month and up 2.9% from last year. The average price per square meter was 508,200 Yen, up 0.5% from the previous month and up 1.2% from last year. This is a the 71st month in a row to record a year-on-year increase in sale prices.

39-yr old apartment building near Hamamatsucho to be redeveloped

The home owners association of an old apartment block in Tokyo’s bay front area have voted in favor of redevelopment, with the former 14-storey building to be replaced by a 32-storey apartment tower. The former Itohpia Hamarikyu apartment building was built in 1979 and is a 5 minute walk east of Hamamatsucho Station in Tokyo’s Minato Ward. The 14-storey building contains 328 apartments and sits on a 2,820 sqm block of land fronting onto an expressway.

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