A small retail building behind the Prada Boutique in Omotesando has sold for 12.2 billion Yen (approx. 108 million USD). The Japan Retail Fund Investment Corporation, an affiliate of Mitsubishi Corporation, acquired the trust beneficiary rights to the property on October 25.
Official sales marketing for the Athlete’s Village in Tokyo’s Harumi Island was announced last week. The Athlete’s Village will be completed in time for the 2020 Tokyo Olympics, with the buildings to be converted into a mix of condo-type and rental-type apartments afterwards. Some additional buildings will be completed after the Olympics have finished.
Sumitomo Realty & Development is planning a 63-meter tall, 18-storey apartment building in Minato’s Minami Aoyama address. There will be approximately 115 apartments in total.
One of Tokyo’s narrowest homes returned to the market last month with a 80% markup on its previous asking price.
Nagasaki City is pushing ahead with the demolition of a historic brick warehouse in Matsugaemachi. According to city archives, the Lake & Co. Warehouse was built sometime in the mid-Meiji period (1868-1912) by merchant brothers George and Edward Lake to store goods for their general store.
The vintage Minami Aoyama 571 apartment building in Omotesando has been demolished to make way for a retail store. The former building was privately developed in 1988 with 4 apartments over 4 floors. Back in early 2015 a full floor apartment was listed for sale for approximately 270 million Yen – a relative steal since it included a 130 sqm share of the land. Unfortunately several of our clients passed on this opportunity.
According to Tokyo Kantei the average asking price of a 70 sqm (753 sq.ft) second-hand apartment across greater Tokyo was 36,360,000 Yen in September, down 0.1% from the previous month but up 2.3% from last year. The average building age was 24.1 years.
The most expensive apartments developed in Ishikawa Prefecture since the end of the bubble era went on sale last week. The 114 apartments in The Residence Kanazawa will share the building with the Hyatt House Kanazawa hotel.
Apartments in the first round of sales were priced from
Generally speaking, if your house is destroyed in a disaster you are still on the hook to make your monthly mortgage repayments. However, this year many of Japan’s major banks have started to offer their new borrowers with some respite from their loan payments in the event of a disaster such as an earthquake, typhoon or flooding.
6 ~ 24 months delayed or exempted loan repayments
As at the end of August 2018, Kyoto City had only received 129 applications for short-term letting under the new minpaku laws that were introduced in June. Of those, 33 are located in exclusive residential zones where properties can only be rented out to guests for a maximum of 60 nights between January 15 and March 15, with some exceptions allowed for traditional machiya townhouses and homes where the host also lives on the premises. This pales in comparison to the total number of 7,028 applications made nationwide. In Kyoto Prefecture, excluding Kyoto City, only 18 applications have been received as at September 14.