According to REINS, 3,096 second-hand apartments were sold across greater Tokyo in October, down 4.6% from the previous month and down 0.2% from last year. The average sale price was 32,750,000 Yen, down 0.5% from the previous month but up 2.0% from last year. The average price per square meter was 505,700 Yen, down 1.6% from the previous month but up 0.8% from last year. This is the 70th month in a row to record a year-on-year increase in sale prices.
ORIX Bank began trialing 45-year loans on investment properties in May 2018, making it the longest property loan on offer in the industry, exceeding the typical maximum term of 35 years.
Adachi is the first ward in Tokyo to begin an investigation into the recent proliferation of share houses. A local government investigation carried out between May and October identified 313 share houses in the ward. As many as 70 were previously being managed by Smart Days, a now-defunct share house developer.
The major redevelopment projects currently underway around Shibuya Station are, as expected, pushing up office rents. The announcement that Google Japan will relocate their head office to the recently completed Shibuya Steam building next year has heralded the return of Shibuya as Japan’s ‘Bit Valley’ and has been the driving force behind the district’s booming office market.
Minato’s local government is facing strong opposition from residents opposed to a children’s welfare center planned in the Minami Aoyama address. The dispute centers around a prime plot of land located in Minami Aoyama 5 Chome, just down the street from Omotesando’s Prada Boutique. The 3,200 sqm block of vacant land was previously home to the Minami Aoyama Kaikan Hall which was demolished in early 2016.
Blink and you’ll miss it. The Tadao Ando-designed house for sale in the heart of Shibuya went under offer last week.
Over the past 12 months, Toyosu Station on the manmade island of Toyosu in Tokyo Bay has seen the highest number of apartments listed for resale in the greater Tokyo region. According to Tokyo Kantei, there have been 3,720 apartments listed for resale in the vicinity of this station accounting for 22.7% of the total apartment stock in the neighborhood. The average apartment age was 11.3 years.
Sales in Ishikawa Prefecture’s most expensive condominium have gone exceedingly well with the building now over 60% sold. The Residence Kanazawa is located in front of Kanazawa Station and forms part of the Hyatt hotel development.
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of October 2018:
A small retail building behind the Prada Boutique in Omotesando has sold for 12.2 billion Yen (approx. 108 million USD). The Japan Retail Fund Investment Corporation, an affiliate of Mitsubishi Corporation, acquired the trust beneficiary rights to the property on October 25.