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.
On February 15, the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) published their quarterly LOOK Report for land prices in Japan’s major cities in the fourth quarter of 2018.
According to the report, land prices increased in 97 of the 100 surveyed locations. This is the highest share in the history of reporting, beating previous records set in recent quarters. It is also the fourth consecutive quarter to see increases in over 90% of locations.
Mori Trust’s ‘Tokyo World Gate’ project in Toranomon, Tokyo, topped out earlier this month. The 180-meter tall mixed-use tower is expected to open in March 2020, forming an important piece of Toranomon’s transformation into a global business hub.
Price: ¥148,000,000 (approx. 1.3 million USD)
Fresh on the market is a two-bedroom house designed by renowned Japanese-Korean architect Jun Itami (1937-2011) and built in 1973. It would be ideal for a collector or someone looking for a statement home in Tokyo. This is the first time we have seen one of Itami’s designs for sale. It goes without saying that prominent architect-designed homes in Tokyo are highly sought-after but seldom available.