New apartment price across Japan reaches record high in 2018

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.

Japan land prices increase in 97% of locations, setting new record

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. 

The Parkhouse Gran Minami Aoyama 4 Chome reaches completion

The Parkhouse Gran Minami Aoyama 4 Chome, a luxury low-rise condominium in Tokyo’s Omotesando neighborhood, has reached completion this month. 

This is part of Mitsubishi’s ‘The Parkhouse Gran’ series of apartments which represent their highest offering. Sales were held completely off-market, with no public advertising, and all apartments sold out before completion. 

Greater Tokyo apartment sale prices down in January, ending 72-month streak

According to REINS, 2,667 second-hand apartments were reported to have sold across greater Tokyo in January, down 10.7% from the previous month but up 1.0% from January 2018. The average sale price was 32,940,000 Yen, down 2.5% from the previous month and down 1.9% from last year. The average price per square meter was 514,600 Yen, down 1.8% from the previous month and down 0.3% from last year. This ends a 72-month streak of year-on-year increases in sale prices. 

Former Tsukiji Fish Market to become a conference center

THE FORMER TSUKIJI FISH MARKET IN AN UNDATED PHOTOGRAPH VIA GOCHO CONSTRUCTION INDUSTRY

The Tokyo Metropolitan Government is firming up plans to redevelop the former Tsukiji Fish Market in downtown Tokyo into an international conference and exhibition center. Earlier rumors had suggested the site could become a sports stadium, shopping mall or a food-based theme park.