Quick real estate news summary for the week

Tokyo’s 3D flood maps rolled out, apartment asking prices rise for 5th month, and Toyota to start building futuristic city in February. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.

3D Flood maps rolled out in Tokyo, 50 other cities to follow

To help visualize flood risks, the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) is creating 3D flood hazard maps in conjunction with a surveying company. By showing projected flood depths against building heights, residents should be able to have a better idea of the potential risk in their neighborhood. The first 3D maps of part of Tokyo’s 23 wards are already online here: https://www.mlit.go.jp/plateau/

Apartment asking prices in Tokyo rise for 5th month

According to Tokyo Kantei, the average asking price of a 70 sqm second-hand apartment in Tokyo’s 23 wards increased 1.3% from the previous month to 59,310,000 Yen in November. This was the 5th month in a row to see an increase. Asking prices are up 5.7% from last year. In central Tokyo’s six wards of Chiyoda, Chuo, Minato, Shinjuku, Bunkyo, and Shibuya, the average asking price was 85,640,000 Yen, up 0.2% from the previous month and up 6.4% from last year. The average price has climbed 54% since early 2014.

Toyota to start construction of smart city in February

Toyota will begin construction of their Woven City project in Shizuoka on February 23. The prototype ‘city of the future’ is located on the site of a former Toyota factory in Susuno City, just south of Gotemba. The 70 hectare site will house up to 2,000 employees and family members in what the company calls a ‘living laboratory’. Danish architect Bjarke Ingels is leading up the design.

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