Nationwide rosenka land values increase for 2nd year in a row
In 2017, Japan’s rosenka land values increased for the second year in a row with an average growth of 0.4% nationwide. In 2016, rosenka land values increased by 0.2%, ending an 8 year decline.
In Tokyo’s Ginza district, an uptick in retail demand due to record-high foreign tourist numbers has helped to push land values to a historical high, exceeding those seen during Japan’s bubble economy. The land value alongside Ginza Chuo Dori in Ginza 5 Chome (in front of the Kyukyodo Building) reached 40,320,000 Yen per square meter (approximately 33,100 USD/sq ft) this year, up 26% from 2016 and exceeding the previous record of 36,500,000 Yen last seen in 1992. This particular location has been the most expensive land in Japan for the past 32 years.Read more
Tokyo Apartment Sales in June 2017
The following is a selection of apartments that were sold in central Tokyo during the month of June 2017:Read more
Heritage-listed house in Sendai to be demolished
The owners of a heritage-listed house in Sendai will soon demolish the old home and several other historic buildings to make way for a city-planned road that will cut through the site. The buildings include the former main house, workshop and storehouses for the 140-year old Mondaya company - a manufacturer of traditional Sendai-tansu cabinets.Read more
School to be converted into apartment building
Real estate company Misawa Homes has acquired a 36-year old former technical school building in Tokyo’s Chiyoda ward, and will convert the existing building into rental apartments.
This will be the company’s second ‘refining’ project to be done in conjunction with Shigeru Aoki Architect & Associates. The architectural firm has worked on several building refurbishment projects across Japan.Read more
Fire safety for Japan’s high-rise apartment buildings
According to the Tokyo Fire Department, 80% of the 576 high-rise (11 storeys and higher) apartment buildings inspected in 2016 were issued orders for violating the Fire Services Act. The majority of the infractions were were for not designating a fire safety supervisor for fire drills, and not conducting regular checks of fire-fighting equipment.
There are 9,288 high-rise apartment buildings in the Tokyo metropolitan area. In 2016, there were 153 fires reported and two deaths.
Under Japan’s Fire Services Act, buildings over 31 meters tall are considered high-rises and must meet various fire safety regulations. Fire truck ladders can only reach as high 31 meters (which is about the height of the 11th floor), so apartments on the 11th floor and above are obligated to have sprinkler systems, unless other requirements are met (eg. an open elevator hall, more than two emergency exits, non-flammable materials used on apartment interiors and so on). These floors must also have fire walls for every 100 ~ 500 square meters.Read more
Tokyo apartment asking prices in May 2017
According to Tokyo Kantei, the average asking price of a 70 sqm (753 sq ft) second-hand apartment across greater Tokyo was 35,720,000 Yen in May, up 0.3% from the previous month and up 3.5% from last year. The average building age was 22.8 years.
In the Tokyo metropolitan area, the average asking price was 48,220,000 Yen, down 0.4% from the previous month but up 1.2% from last year. The average building age was 22.3 years.
In Tokyo’s 23 wards, the average asking price was 53,170,000 Yen, down 0.1% from the previous month but up 0.9% from last year. The average building age was 22.2 years.
In Tokyo’s central six wards (Chiyoda, Chuo, Minato, Shinjuku, Bunkyo and Shibuya) the average asking price was 73,360,000 Yen, up 0.5% from the previous month and up 2.7% from last year. Thea average building age was 20.0 years.