Zoe Ward

Office vacancy rates in June - Miki Shoji

According to Miki Shoji’s office report, the office vacancy rate in Tokyo’s five central business districts (Chiyoda, Chuo, Minato, Shinjuku and Shibuya) was 6.45% in June, down 0.07 points from the previous month and down 2.01 points from last year.

The vacancy rate in brand new buildings was 18.09%, down 2.33 points from the previous month but up 6.49 points from last year.

It is not just large-scale office buildings that are experiencing better conditions, but mid-size buildings are also seeing a boost in demand. All 11 buildings developed under Nomura’s mid-size office brand ‘Premium Midsize Office (PMO)’ are almost fully occupied. Mitsubishi’s renovated small-to-mid sized office building in Kanda is also almost fully occupied. The building has attracted several IT-related tenants who want the freedom to design their own office space. Read more

by Zoe Ward

June rental data - Tokyo Kantei

According to Tokyo Kantei, the average monthly rent of a condominium apartment in greater Tokyo was 2,609 Yen/sqm in June, down 0.5% from the previous month but up 2.7% from last year. All areas within greater Tokyo saw rents decline from the previous month.

The average apartment size was 59.37 sqm and the average building age was 18.7 years.

The average rent in Tokyo’s 23-ku was 3,174 Yen/sqm, down 0.7% from the previous month but up 2.4% from last year. The average apartment size was 56.38 sqm and the average building age was 16.9 years.Read more

by Zoe Ward

New apartment supply dwindling in Tokyo

According to the Real Estate Economic Institute, 3,503 brand new apartments were released for sale across greater Tokyo in June, down 18.5% from the previous month and down 28.3% from last year. This is the fifth month in a row to see a year-on-year decline.

2,683 new apartments were sold, making the contract rate 76.6%. This is 2.3 points lower than the previous month and 5.0 points lower than last year. A contract rate above 70% suggests a strong market. According to REINS, 2,812 second-hand apartments were sold in June, exceeding the number of new apartments sold.

The average new apartment price was 48,300,000 Yen, down 6.3% from the previous month and down 0.1% from last year. The average price per square meter was 683,000 Yen, down 5.4% from the previous month and down 0.4% from last year.Read more

by Zoe Ward

Owning a castle in Japan? A possibility or a pipe dream?

Inuyama Castle Aichi Prefecture — Inuyama Castle, Aichi Prefecture. Japan's last privately owned castle until 2004.

Europe is dotted with historic castles that can be bought and lived in, but what about Japan? Can you buy an authentic castle in Japan?

In short - probably not.Read more

by Zoe Ward

Secondhand apartment transactions continue to decline

According to REINS, 2,812 secondhand apartments were sold across greater Tokyo in June, up 6.6% from the previous month but down 10.7% from June 2013. This is the third month in a row to see decline from one year prior.

The average apartment sale price across greater Tokyo was 27,430,000 Yen, up 3.3% from the previous month and up 6.6% from last year. The average price per square meter was 425,200 Yen, up 2.9% from the previous month and up 6.4% from last year. The average building age was 19.93 years.

1,382 apartments were sold in the Tokyo Metropolitan Area, up 7.8% from the previous month but down 9.3% from last year. This is the third month in a row to see a decline from last year. The average apartment sale price was 34,140,000 Yen, up 5.6% from the previous month and up 7.4% from last year. The average price per square meter was 563,100 Yen, up 3.6% from the previous month and up 6.5% from last year. The average building age was 18.36 years.

The average sale price in central Tokyo’s 3 wards (Chiyoda, Chuo and Minato) was 49,630,000 Yen, up 6.0% from the previous month and up 9.1% from last year. The average price per square meter was 869,400 Yen, up 2.2% from the previous month and up 8.9% from last year. The average building age was 17.45 years.Read more

by Zoe Ward

Want to live in Nagasaki's Huis Ten Bosch?

Huis Ten Bosch Canal Estate 3 Huis Ten Bosch is a Dutch-style theme park spread over 152 hectares in Sasebo, Nagasaki. In addition to the popular theme park, there is also a small enclave of canal-front homes and apartments that can be purchased.

The gated residential estate is called Wassenaar - named after an affluent suburb in The Hague. There are 130 houses and 10 apartment buildings containing 120 apartments housing as many as 800 residents. As Huis Ten Bosch is only 30 minutes from downtown Sasebo, some residents live here full-time while others use their home as a weekender or on holidays. The homes were all designed in keeping with the Dutch theme, and have landscaped gardens, boat moorings and some have swimming pools. Read more

by Zoe Ward

Residential yields and vacancy rates in Minato-ku - July 2014

Tokyo and Minato apartment Yield July 2014

According to real estate listing site Homes, the average gross yield on an apartment in Minato-ku in July was 5.2%, down 0.1 points from last month and down 0.8 points from July 2013. The average gross yield across Tokyo was 7.1%, down 0.1 points from last month and down 0.9 points from last year.

The vacancy rate remains unchanged at 9.9% in Minato-ku and 11.0% across Tokyo.

The average asking price of a secondhand apartment in Minato-ku was 785,957 Yen as of July 1, down 0.86% from June. The price growth seen in 2013 appears to have stalled and asking prices have started to decline slightly. The average asking price for land was 1,250,303 Yen/sqm, up 5.9% from last month.Read more

by Zoe Ward