After agreeing to purchase the National Children’s Castle building and land from the national government this year for 60 billion Yen (approx. 543 million USD), the Tokyo Metropolitan Government is firming up plans to completely redevelop the site along with adjoining sites from 2029 onwards.
A high-rise apartment tower under construction in Osaka’s Umeda district is set to become the region’s largest high-end rental building. The 56-storey, 191m tall building will have 836 rental apartments. Completion is scheduled for early 2022.
A long-vacant school gymnasium building and land in Saitama Prefecture sold for a negative amount last December. The seller, Fukaya City, will pay 7,950,000 Yen to the buyer of the property. This is the first case in Japan of an auction being held with a negative starting price for bidding.
Banyan Tree Hotels & Resorts has chosen Kyoto City as the location of their first hotel in Japan.
On February 15 the Tokyo Metropolitan Government approved construction plans for the Jingumae 6 Chome district redevelopment. The site is located in a prime retail position at the corner of Omotesando Avenue and Meiji Dori Street and above the Meiji-jingumae subway station.
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of February 2019:
A traditional Japanese house in the heart of Shibuya is currently on the market for 2.27 billion Yen (approx. 20.3 million USD).
A penthouse in Toranomon is rumored to have sold off-the-plan for 5 billion Yen (approximately 45 million USD), making it potentially one of the most expensive apartments to have sold in Japan. Naturally, details are sparse and unconfirmed.
According to REINS, a total of 37,217 second-hand apartments were reported to have sold across greater Tokyo in 2018, down 0.3% from 2017, but the 3rd year in a row to see transactions above 37,000 units. Sales of existing apartments have exceeded new construction, with 37,132 new apartments released for sale during the year.
According to the Real Estate Economic Institute, a total of 80,256 brand-new apartments were released for sale across Japan in 2018, up 3.7% from 2017, and the first time since 2014 to see supply exceed 80,000 units. Greater Tokyo saw a 3.4% increase in supply, while the Kinki, Chubu and Tokai regions saw increases of over 7%. Another 80,000 new apartments are expected to be supplied for sale in 2019. This is still below the recent peak of 105,282 units supplied in 2013.