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Banks to reduce home loan rates in September

Four of Japan’s major banks announced that they will be reducing interest rates on new home loans this month. The Bank of Tokyo-Mitsubishi UFJ will reduce the prime rate on their 10-year fixed-rate home loan by 0.05 points to 0.75%. Mitsui Sumitomo Banking Corporation, Mizuho Bank and Resona Bank will also reduce the rates on…

Japan’s short-stay law to be delayed 6 months

Those hoping to rent out their home legally on a short-term basis in Japan may have to wait a little longer as the government has delayed the de-regulation of the home sharing market until June 2018. According to the Japan Tourism Agency, the reason for the delay is to allow more time for local governments to…

Supply of new apartments shrinking as developers struggle to secure land

Supply of new apartments shrinking as developers struggle to secure land

In the midst of a recovering property market, Japan’s top real estate developers are struggling to find suitable plots for residential projects, causing supply to shrink and sales volumes to fall. The total value of real estate available for sale by the country’s top five developers as at the end of June 2016 was 3.107…

Onsen and retail complex near new Toyosu Fish Market in jeopardy

Onsen and retail complex near new Toyosu Fish Market in jeopardy

The operator of a planned onsen, hotel and retail center to be built next-door to the Toyosu Fish Market in Tokyo has announced that they may withdraw their plans due to concerns about feasibility. The proposed ‘Senkaku-banrai’ center would include a 24hr hot spring bath, hotel and 200 restaurants and stores, with a forecast for…

Tokyo Apartment Sales in August 2017

Tokyo Apartment Sales in August 2017

The following is a selection of apartments that were sold in central Tokyo during the month of August 2017:

Home builder introduces 9-storey home to their line-up

Home builder introduces 9-storey home to their line-up

In an industry first, PanaHome is now offering a 9-storey home for landowners who want to maximize the use of their land. The suggested layout for the ‘Vieuno9’ high-rise home includes retail space on the ground floor, office and rental apartments on the lower floors, and the owner’s residence on the upper floors. The steel-frame…

REIT acquisitions exceed rosenka values by 2.61 times

The average value of real estate acquisitions made by J-REITs between 2012 and 2017 has exceeded the rosenka tax value by approximately 2.61 times. In 2016 and 2017, office buildings and hotels in central Tokyo, Osaka, Nagoya and around Narita Airport have been purchased by REITS at as much as 5 ~ 15 times their…

Developer loses 6 billion Yen in fraudulent land sale

Developer loses 6 billion Yen in fraudulent land sale

Major property developer Sekisui House has reported to have lost as much as 6.3 billion Yen (approx. 58 million USD) to scammers in a fraudulent land sale in central Tokyo. According to a public announcement made by Sekisui earlier this month, they had agreed to purchase the property from a company that claimed to have…

Apartment occupancy rates reach record high in Japan

Apartment occupancy rates reach record high in Japan

The average occupancy rate of rental apartment buildings acquired by J-REITs has been steadily improving since 2010 and has exceeded levels last seen during the peak in 2008. In the second half of 2016 the average occupancy rate was 96%, a record high. This is due both to an improving property market and REITS acquiring…

Tokyo apartment asking prices in July 2017

Tokyo apartment asking prices in July 2017

According to Tokyo Kantei, the average asking price of a 70 sqm (753 sq ft) second-hand apartment across greater Tokyo was 35,620,000 Yen in July, showing no change from the previous month but up 1.9% from last year. The average building age was 22.9 years. In Tokyo’s 23 wards, the average asking price was 53,260,000…

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