Motoazabu house and land sells for 1.1 billion Yen
A house and land in Tokyo’s Motoazabu address sold for 1.16 billion Yen (approx. 10.5 million USD) at a public auction last month. The sale, conducted by Osaka City, attracted seven bidders, including one well-known developer. The City had set a reserve price of 673,261,700 Yen.Read more
Kanazawa City finds success matching machiya with new residents
On August 9th, Kanazawa City announced a record number of contracts between Kanazawa-style machiya townhouse owners and buyers and tenants in 2017. A total of 12 contracts were signed in 2017.
The program is run by the city through their Kanazawa Machiya Information Center, which connects owners and agents with people looking to utilize the historic homes. The city’s service, which started operations in 2011, typically finds anywhere from 1 ~ 7 matches per year, but the opening of the Center in late 2016 has made it easier for interested owners and users to connect. The system operates similarly to many of the vacant home banks operated by local municipalities across the country. With the cooperation of the Ichikawa Prefecture Society of Architects and Engineers, machiya-style homes are registered online, with transaction support provided by the Ishikawa Takken Association.
Tokyo apartment sale prices increase for 70th month
According to REINS, 3,139 second-hand apartments were sold across greater Tokyo in July, down 5.4% from the previous month and down 5.0% from last year. The average sale price was 33,620,000 Yen, up 1.3% from the previous month and up 6.4% from last year. The average price per square meter was 521,300 Yen, up 0.4% from the previous month and up 5.4% from last year. This is the 67th month in a row to record a year-on-year increase in prices.Read more
Plans to double population around Chiba’s Kashiwa Station
Kashiwa City in Chiba Prefecture is embarking on a plan to reinvigorate the area around Kashiwa Station and double the local resident population. By 2040 it is hoped that up-and-coming redevelopment projects will see residential floor space increase to 550,000 sqm, double the current level, along with neighborhood population doubling to 17,000.
The city will be encouraging the construction of mixed-use high-rise buildings that include residential, office and retail to attract both residents and workers. The current share of retail and commercial space is expected to be maintained, while the share of residential will be boosted to 47%.Read more
Average apartment resale price across greater Tokyo down 8.5% over past 10 years
Last month, Tokyo Kantei released their annual report on resale values of apartments across greater Tokyo. The resale values, ranked by train station, represent the change in the value of an apartment in the 10 years following its construction.
It is important to note that 2007 was during the lead up to the last mini-bubble, which peaked in 2008. Areas that have seen an increase in resale values over the past 10 years tend to be in central Tokyo, particularly within the Yamanote Loop line, and in surrounding areas such as the bayside islands, Kawasaki and Yokohama. Meanwhile, Western Tokyo and surrounding prefectures performed poorly in the rankings.Read more
40-storey tower for Shinjuku's Kabukicho
A 225-meter tall, 40-storey tower is planned for the site of the former Shinjuku Tokyu Milano movie theatre in Kabukicho. Construction is expected to start in July 2019 with completion tentatively scheduled for 2022.Read more
Tokyo apartment sales in July 2018
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of July 2018:Read more