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 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.
On February 1, Kyoto City issued a warning to the owner of a city-designed historic home after learning about plans for its sale and demolition or relocation. This is the first time the city has had to issue a warning to a property owner.
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.
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.
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.