Historic Kudan Kaikan redevelopment plans announced

Historic Kudan Kaikan redevelopment plan...

On September 21st, the Kanto Local Finance Bureau announced that Tokyu Land had won the competitive bidding process for the redevelopment of the Kudan Kaikan building in central Tokyo. The bidding price will be announced after Tokyu signs the contractural agreement in March 2018. The developer will lease the 8,700 sqm block of land under…

Average asking price of an apartment in Tokyo up 1.1% from last year

Average asking price of an apartment in ...

According to Tokyo Kantei, the average asking price of a 70 sqm (753 sq ft) second-hand apartment across greater Tokyo was 35,660,000 Yen in August 2017, up 0.1% from the previous month and up 1.3% from last year. Prices continue to remain stable in the 35 million Yen range since November 2016. The average building…

Japan’s supply of new office space hits lowest level since 1980

Japan’s supply of new office space...

According to the Japan Real Estate Institute, 1.35 million square meters (approx. 14.5 million sq ft) of new office space was supplied across the country in 2016, down 25% from 2016 and the lowest level seen since 1980. 84% of the new supply was centered in Tokyo’s 23 wards. Sapporo, Sendai, Saitama, Kyoto and Kobe…

Standard land prices in Tokyo increase for 5th year in a row, while nationwide commercial prices increase for first time in 10 years

Standard land prices in Tokyo increase f...

The Ministry of Land, Infrastructure, Transport and Tourism (MLIT), announced the Standard Land Prices on September 19th. In the Tokyo metropolitan area, land prices across all uses increased by 3.0% from last year, recording the fifth consecutive increase in land prices. Commercial land prices in Tokyo’s 23 wards increased by an average of 5.9%, after…

Maison Mita to be redeveloped into high-rise

Maison Mita to be redeveloped into high-...

Maison Mita, a 67-unit, 49-year old condominium in central Tokyo’s Mita neighbourhood will be redeveloped into a 77m tall, 23-storey high rise by both Mitsubishi Jisho Residence and Asahi Kasei Realty & Residence. Demolition of the current building is expected to start in December 2017 and the new building is due for completion by December…

Average apartment rent down in greater Tokyo

Average apartment rent down in greater T...

According to Tokyo Kantei, the average monthly rent of a condominium-type apartment across greater Tokyo in August was 2,628 Yen/sqm, down 0.1% from the previous month and down 1.2% from last year. The average apartment size was 59.74 sqm and the average building age was 21.1 years.

New apartment prices in greater Tokyo increase for 5th month in a row

New apartment prices in greater Tokyo in...

According to the Real Estate Economic Institute, there were 2,101 brand new apartments offered for sale across greater Tokyo in August, down 38.7% from the previous month but up 6.9% from last year. The average sale price was 57,940,000 Yen, down 11.7% from the previous month but up 2.3% from last year. The average price…

Kyoto may impose hefty tax on short-term...

Kyoto City is firming up plans to impose a nightly tax on providers of short-term accommodation, or ‘minpaku’-type rentals. If approved, it could go into effect from October 2018. Under the proposal, hosts or providers may be taxed at 200 Yen per night on accommodation that is priced at under 20,000 Yen per person, per…

Car parking spaces becoming scarce in Tokyo

Car parking spaces becoming scarce in To...

Anyone with a car who is looking to buy an apartment in the Tokyo area may already understand the challenge in finding a building that has parking spaces available. Car parking spaces in the Tokyo area are becoming fewer and fewer in number and the trend is expected to continue in the coming years. The…

Tokyo apartment sale prices increase for 59th consecutive month

Tokyo apartment sale prices increase for...

According to REINS, 2,265 second-hand apartments were sold across greater Tokyo in August, down 31.4% from July and down 5.0% from last year. August is one of the hottest months in the year and often a time when Japanese take a vacation, so sales are typically slower than in July or September. The average sale…

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