The May opening of Tokyo Sky Tree is set to revitalize the the old ‘shitamachi‘ area as it will bring retail stores, tourists and new bus routes. When a neighborhood undergoes a transformation such as this, residential rents are expected to see a sudden rise in prices.
The area surrounding the new Tokyo Sky Tree in Sumida-ku is seeing more and more new condominiums hit the market. Developers are promoting properties that are within walking distance to, or have views of the new tower.
In July, Sumitomo Corporation began selling apartments in “City House Narihirabashi Station Court” which is just a 4 minute walk to Sky Tree. The price of a 2-bedroom apartment in this building is around 40 million Yen (512,000 USD) which is comparatively higher than surrounding buildings. Although only a portion of the 35 apartments have views of the Sky Tree, most of the apartments offered for sale in the initial sales period have been sold. Sumitomo’s PR department said that the new retail development around the base of the Sky Tree will add to the convenience of the neighborhood, as will gradual improvements to the surrounding streets. Buyers are anticipating that the neighborhood’s image will improve over time.