Mizuho Bank announced that they will increase the prime interest rate on their 10-year fixed-rate mortgage from 1.45% to 1.50% for loan contracts signed in December. Continue reading
According to TAS Corp’s latest report on the rental market for apartments, the average vacancy rate in Tokyo’s 23-ku was 11.56% in September, up 0.07 points from the previous month but down 0.08 points from September 2012. Continue reading
The new headquarters of the Yomiuri Shimbun newspaper in Otemachi was officially opened on November 28. Prime Minister Shinzo Abe gave a celebratory address to the 900 guests at the opening ceremony.
The 200m tall 33-storey building has replaced the former 10-storey head office. It is now the tallest building in the Otemachi area and is slightly higher than the 199.7m tall Otemachi Tower which was completed in August. Continue reading
The Ministry of Land, Infrastructure, Transport and Tourism (MLIT) published the data on land price movements across Japan for the third quarter in 2013 (July 1 ~ October 1).
The Chika LOOK Report measures land price changes in 150 locations throughout Japan. According to the latest data, 107 locations (71.3% of the total) saw an increase in land prices. This is higher than the last quarter which saw 99 locations with an increase in land prices. 34 locations (22.7%) saw no change in prices, while 9 locations (6%) saw a fall in land prices. Continue reading
Buyers begin moving into the recently completed Wellith Arisugawa condominium in Minamiazabu today. The luxury low-rise apartment building is located just a few minutes from Hiroo Station and Arisugawa Park and is the only condominium to be built in the exclusive Minamiazabu 5 Chome address in the last eight years.
Sales began in October 2012 and 52 of the 57 apartments have already sold. Prices ranged from 84.8 to 599 million Yen (834,000 ~ 5.9 million USD), with an average price of approximately 1,630,000 Yen/sqm (16,000 USD/sqm). Continue reading
Osaka City began the forced demolition of a house in Joto-ku after the owner ignored official requests to repair or remove the dilapidated property.
The 50+ year old 2-storey wooden home is 500 meters east of Kyobashi Station and less than 2 km from Osaka Castle. The roof had collapsed and the house was starting to lean and was at risk of falling over the road and train tracks. The house was declared a hazardous or dangerous structure under the Building Standards Act and the owner was warned eight years ago to take appropriate measures to remedy the building. Continue reading
Toh-Ten-Koh announced that they will be selling their Ueno restaurant building and land to Tokyo Tatemono for 8.914 billion Yen (88 million USD).
Toh-Ten-Koh are currently building a new store on an adjoining block of land they already own and will relocate once the building is complete in 2015. The new store will be on a smaller site of 2,000 sqm, but will be built to the latest earthquake-resistant codes. It is estimated to cost approximately 4.6 billion Yen. Construction began in October. Continue reading
TEPCO will be selling their Tokyo Denryoku Hospital in Shinjuku-ku to Tokyo Tatemono for an estimated 10 billion Yen (99 million USD). This works out to approximately 1,850,000 Yen/sqm for the land.
Tepco had originally planned to keep the hospital, but at a general shareholders meeting in June 2012, major shareholder and governor of Tokyo Naoki Inose demanded the building and land be sold. Continue reading
Tokyo Kantei published data on the price/earnings ratio (PER) for brand new apartments in the greater Tokyo area.
According to their data, the PER in greater Tokyo in 2013 was 23.98, up 0.15 points from last year. The average rent for a 70 sqm apartment was 167,685 Yen/month, up just 0.1%. Meanwhile, the average price of a 70 sqm new apartment was 47,890,000 Yen, up 0.8% from 2012. Continue reading
According to Tokyo Kantei, the average asking price of a 70 sqm (753 sqft) second-hand apartment in Tokyo’s 23 wards was 40,660,000 Yen in October, up 0.6% from the previous month and up 3.3% from last year. This is the seventh month in a row where prices have seen a month-on-month increase.
In Tokyo’s central 6 wards (Chiyoda, Chuo, Minato, Shinjuku, Bunkyo and Shibuya), the average asking price was 54,580,000 Yen, up 1.0% from the previous month and up 7.0% from last year. The average apartment age was 21.0 years.