Sales in Shirokane The Sky, a large-scale condo project located in central Tokyo, are scheduled to start this October. Construction has only just started, with apartments expected to be ready to move into from March 2023.
With 1,247 units, this is the largest apartment complex based on total unit count to be built within the Yamanote Line. The previous record was Tomihisa Cross Comfort Tower (2015) with 1,093 units. Of the 2,020 apartment buildings within the Yamanote Line, 90% have less than 100 units.
The 11,000 sqm site is a 3-minute walk from Shirokane-Takanawa Station on the Namboku and Mita subway lines. It is also south of the Minami Azabu and Azabu Juban neighborhood.
Although pricing has yet to be announced, over 4,500 requests for sales brochures have been made to the sales office. Many of the interested buyers have been two or three-person households aged in their 30s and 40s. Pricing will be determined based on feedback from buyers that attend the model room.
Apartments will range in size from 23.94 ~ 147.10 sqm (258 ~ 1,583 sq.ft).
With less than a year to go until the 2020 Summer Olympics, accommodation options for visitors and volunteers are already extremely thin and price hikes have started.
On Airbnb, an old studio apartment in Nakano ward that sleeps 3 is listed for over 5 million Yen (approx. 46,000 USD for a two-week duration. The same apartment would be under 200,000 Yen for a two-week period outside of the Olympics. In Shibuya, a 50 sqm studio with some Ikea beds and a mattress on the floor is listed for 3 million Yen (approx. 27,000 USD).
Currently, the average price on Airbnb in Tokyo during the games is around 155,000 Yen (approx. 1,460 USD) per night for a group of four.
Hotels around Tokyo Station that are currently around 10,000 Yen per night have already raised prices to 40,000 Yen/night for next July. High-end hotels will be priced as high as 900,000 Yen (approx. 8,300 USD) per night. On average, hotels might be 4 ~ 6 times their normal rate.
It should come as no surprise, with all Olympic host cities experiencing high accommodation prices during the games. In other host cities, pricing during the games has been about four times the ordinary rate.
Anyone looking to book rooms now may find few options. The Tokyo Organizing Committee of the Olympic and Paralympic Games has temporarily reserved 46,000 rooms. In 2013, when it was announced that Tokyo would host the Olympics, it was estimated that there were 140,000 hotel rooms within a 50-kilometer radius of the Olympic Village. At the time, the Tokyo Metropolitan Government declared that there would be no need for new hotel rooms to be built. However, these estimates did not account for the rapid increase in the number of foreign tourists to Japan in recent years. Mizuho …continue reading
Tokyo Kantei has released their ranking of the top train stations across greater Tokyo that have provided the highest increase in the resale value of apartments in 2018.
In top spot was Harajuku Station where the average price of a second-hand apartment was 73.4% higher than its price when brand new. The average price of a second-hand apartment in this neighborhood is around 2,196,000 Yen/sqm (approx. 1,915 USD/sq.ft). The Harajuku area, adjacent to Omotesando, has very few potential residential development sites and a low supply of new construction. This has helped to maintain and improve property values.
Within the JR Yamanote Line, the Bancho district (Chiyoda) and the “3 A’s” of Aoyama, Akasaka and Azabu (Minato) have historically been highly desirable residential addresses for the wealthy. Hanzomon Station area saw a 36.3% increase, while the Azabu Juban Station area saw a 34.1% increase. Tameike-Sanno Station, in the Akasaka area, saw a 42.7% increase.
Yokohama’s Minato-Mirai Station was ranked second in the greater Tokyo area, with an average increase in value of 55.2%. The average apartment price in 2018 was around 1,064,000 Yen/sqm (approx. 930 USD/sq.ft).
THE TOP 10
About the Data:
Source: Tokyo Kantei, July 22, 2019.
Source: East Asia Forum
Author: Editorial Board, ANU
Populism and anti-globalisation is gripping much of the West. The United States and the United Kingdom, for example, are conflicted in different ways over trade and globalisation.
President Trump’s ‘America first’ agenda has created much uncertainty about US leadership of the global economy and its commitment to the multilateral free trade system. And there seems to be no end in sight, as the Democrats are locking themselves into positions similar to those of Trump on trade and China as they battle it out for the left in the US primaries for the presidential election in 2020. The new British Prime Minister Boris Johnson is racing Brexit towards a no-deal divorce from the European Union in October.
The upheavals in the United States and the United Kingdom offer an important lesson for economic policymakers. Opening economies up to international commerce, ideas and migration has lifted billions out of poverty and brought prosperity to much of the world. But that success is conditional on getting domestic policies right.
The harsh lessons from the rise of populism are clear: those countries that managed to distribute the gains of globalisation across society, maintain full employment and ensure a high level of social security are not suffering the same backlash that’s evident in the United States.
The first line of defence for countries, therefore, is to get their own houses in order.
But what else do other countries need to do in the face of a United States that is actively applying WTO-illegal tariffs on imports from other countries and threatening to render the enforcement of global trade rules in the WTO ineffective? Brexit is a blow to the global economic system as well, but the United Kingdom is a much smaller part of the global economy, and doing its best to make itself even smaller.
What’s needed …continue reading
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of July 2019: