Japan’s real GDP forecast is expected to grow by 1.0% and CPI is likely to rise 1.1%, in 2019, based on a recent research from Oxford Economics. Rising trade tensions and uncertainties in the global economy remain major downside risks. In spite of the softening external export demands and upcoming GST hike, tight labour market and pick-up in wages is expected to boost consumption and encourage investment in automation.
The Japan Real Estate Institute (JREI) has predicted that there will be an upturn in the property prices forecast for brand new apartments in Tokyo over the next seven years (2017-2025). Average new apartment prices are expected to be 994,000 yen per sqm in year 2018, up 0.5% from 2017 and 4.4% higher than their previous forecast.
Upcoming supply is expected to be delivered in 2019 and 2020 and rents are likely to see modest growth not only in commercial real estate; offices, retail and industrial sectors but in the residential sector as well.
1. Ranks in the top 10 most desirable city for living in 2019
Meguro has been listed as one of the top 10 most desirable cities to live in in Tokyo by both local and non-local residents. Apart from being family friendly, the cost of living – rent, childcare costs and food prices have been huge driving factors behind this choice of location.
2. Scenic attraction or location
Meguro is listed in Tokyo’s top 10 cherry blossom hotspots. Residents get to have a nice picnic and stroll along two of Tokyo’s most beautiful sakura spots, Meguro River and Kamuro-zaka Park. Lined with hundreds of sakura trees, these avenues are within a 5 to 10 minutes-walk and are accessible via a train ride.
3. Easily accessible transports infrastructure
The area is situated in the center of Tokyo, in which residents can easily gain access to two metro and one JR lines. The nearest stations are Fudomae station, Meguro station and Gotanda station. Fudomae station, as an example allows residents to travel to the vibrant Shibuya and Shinagawa Office area within eight minutes and Otemachi Financial District and Haneda International Airport within 20 minutes.
4. Accessible facilities within a minutes’ walk
Residents can easily get almost anything they want, within close proximity. From post offices, to clinics, restaurants or bakeries to supermarkets, residents get to go about their daily routine, stress-free and without having to travel very far. If they would like to do a last minute grocery shopping, they can just drop by Maruetsu Petit and Tokyu Store or if they are hungry, they can always head for one of the famous curry rice restaurants.
5. Near to offices, embassies and schools
The area is close to numerous corporate head offices, 15 foreign embassies and consulates and various schools and universities. The embassies of Thailand, Indonesia, Columbia, Poland and Algeria are amongst the many embassies. Residential neighbourhoods include Jiyugaoka, Kakinokizaka and Nakameguro. Young school children and university students are often seen walking around that area during rush hour.
The ParkOne's Meguro Fudomae is an exclusive 6-storey freehold apartment located 1-minute walk away from the Fudomae Station. The residential project is developed by Mitsubishi Estate Residence Co., Ltd and designed by architect Watanabe Jun with emphasis on large spaces and individuality. A studio type apartment starts at 277 sq ft, 1-bedroom unit at 390 sq ft, and the 2-bedroom unit at 590 sq ft. The project comes with a 10-year building warranty from its completion. The development will be completed by November 2019.
Serious buyers who wish to take advantage of the weakening Yen, Japan’s low-interest rates and Tokyo’s affordable property market will find The ParkOne’s latest project a must-have in their investment portfolio.
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