According to TAS Corp’s latest report on the rental market for apartments, the average vacancy rate in Tokyo’s 23-ku was 11.85% in February, up 0.15 points from the previous month and up 0.28 points from February 2013.
Apartments were advertised for an average of 3.02 months before finding a tenant. Continue reading
The Bank of Tokyo-Mitsubishi UFJ (MUFG) will begin offering reverse mortgages this month.
While the majority of reverse mortgages in Japan are only based on the value of the land (due to the low value given to older buildings), MUFG’s mortgages can also apply to homes and apartments. Continue reading
According to Tokyo Kantei, 11.94% of households in Japan live in a condominium apartment. The Tokyo metropolitan area has the highest percentage with 25.90% of households living in apartments.
According to Tokyo Kantei, the average asking price of a 70 sqm (753 sqft) second-hand apartment in Tokyo’s 23 wards was 41,080,000 Yen in January, up 1.0% from the previous month and up 4.2% from January 2013. The average apartment age was 20.6 years.
In central Tokyo’s six wards (Chiyoda, Chuo, Minato, Shinjuku, Bunkyo and Shibuya), the average apartment price was 55,680,000 Yen, up 1.4% from the previous month and up 8.1% from last year. The average apartment age was 20.9 years. Continue reading
The Cabinet has approved a reform to the apartment redevelopment law which will lower the voting ratio required before an apartment building and land can be sold. Previously, 100% of apartment owners had to be in agreement before the building and land could be sold, but the revision will reduce this ratio to 80%.
It is hoped that the loosening of the regulations will encourage the demolition and redevelopment of ageing buildings and reduce the number of buildings at risk of collapse in an earthquake. It could also open up opportunities for developers to re-purpose the use of the land from residential to commercial.
The decision will be submitted to the ordinary session of the Diet in mid-March and could be enacted within 6 months. Continue reading
Living in a gated estate with high security might be considered desirable to some, but to one Japanese family in Yokohama it has been a nightmare.
A Japanese couple who own a house and land located within the US Navy’s Negishi Heights Housing Complex in Yokohama are suing the Japanese government for 115 million Yen damages after suffering a lifetime of inconvenience and hardship caused by the various hassles that come with living in an armed forces compound. Oral proceedings are scheduled for February 28 in the Yokohama District Court. Continue reading
Meiji Jisho, a company affiliated with Cerberus Capital Management, has sold a 1,916 sqm block of land in Minamiaoyama 3 Chome to Shimizu Corporation. The deal is estimated to be around 13 billion Yen (6,785,000 Yen/sqm).
The land is currently a parking lot and fronts onto Aoyama Dori Avenue.
An adjoining 2,500 sqm site was sold by the Urban Renaissance Agency (UR) in March 2013 for 5.6 billion Yen (2,240,000 Yen/sqm). It was reported that the buyer was City Index Seven – related to the Murakami Fund. UR’s landholding is more scattered with private roads and a smaller street frontage.
Left: Yahata City Meeting Hall; Right: Yahata Library
Two buildings designed by modernist architect Togo Murano are at risk of demolition as the rising maintenance costs are proving too much for the city’s finances. The Yahata City Meeting Hall (1958) and Yahata Library (1955) are located in Yahatahigashi-ku, Kitakyushu City, Fukuoka. Continue reading
Chuo-ku will soon begin investigating the possibility of creating a new subway line to link Tokyo’s bayside areas, including Harumi, to the Ginza district.
The manmade islands are currently going through a construction boom with a number of high-rise apartment towers under construction. The Athletes’ Village for the 2020 Olympics is expected to boost the population by 12,000 after the Olympics are finished and the apartments are made available to the public. Continue reading
According to Miki Shoji’s office report, the office vacancy rate in Tokyo’s five central business districts (Chiyoda, Chuo, Minato, Shinjuku and Shibuya) was 7.18% in January, down 0.16 points from the previous month and down 1.38 points from January 2013. Vacancy rates have been decreasing for the past 7 months.
The vacancy rate in brand new buildings was 14.42%, down 0.08 points from the previous month and down 9.79 points from last year. Continue reading