Greater Tokyo second-hand apartment prices increase for 70th month in a row

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.

Office rents on the rise as Shibuya returns as Japan’s IT hub

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.

Locals oppose children’s welfare center in Omotesando

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.

1 in 5 apartments in Toyosu was listed for sale in the past 12 months

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.

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