A snapshot of Tokyo Bay's newest condominiums

The man-made islands on Tokyo Bay have been undergoing a slow gentrification over the past 10 years or so as factories and warehouses are gradually being replaced by high-rise apartment buildings and shopping malls.

The islands are already home to some large-scale redevelopments, including The Tokyo Towers (2008) and Triton Square (2001), while many more projects are in the pipeline.

This area was usually thought of as a cheaper alternative to apartment living in the more central areas in Tokyo, while still offering an easy commute. However, prices in some apartments can now be as high as those in Minato-ku. The growing popularity of the area, however, does not mean every project is guaranteed strong sales.Read more

by Zoe Ward

Avoiding consumption tax increase too late for some

It may already be too late for some buyers looking to build their own home before the planned consumption tax increase next year. A last minute rush by buyers nationwide and a shortage in land and building materials means that some buyers will miss out on the current 5% tax rate.

A clause in construction contracts states that 'if the contract was signed at least 6 months prior to an increase in consumption tax, the tax rate applied at the time of hand-over will be the rate in effect at the time the contract was signed'. This means buyers must have their construction contracts signed before the end of September 2013 in order to lock-in the 5% consumption tax rate, otherwise they may be subject to the 8% rate which is scheduled to kick in on April 1, 2014.Read more

by Zoe Ward

Skyz Tower in Toyosu to be a test of market conditions

With the total number of new apartments released for sale in May up 50% from last year, and a contract rate of 78.1% in greater Tokyo, there are strong expectations that Abenomics will lead to increased property values.  Major banks increased their 10 year fixed mortgage rates for the second month in a row. With rising interest rates and an expectation of rising real estate prices, buyers are feeling added pressure to purchase.

Normally the summer season is a slow one for apartment sales, but with an expected increase in consumption tax next year the last minute rush from buyers is expected to continue throughout the summer. However, the recent correction in the stock market at the end of May might have cast some doubt over the chance of a prolonged recovery in apartment sales.

One new condominium that could be a barometer of market conditions is Skyz Tower & Garden in Toyosu, Koto-ku. Read more

by Zoe Ward

New law changes voting rights in damaged buildings

In order to facilitate the demolition or reconstruction of buildings that are severely damaged in a disaster, the members of the Upper House have voted unanimously to revise the law which will reduce the voting rights required by apartment owners before a building can be demolished. Read more

by Zoe Ward

When is the best time to buy a new apartment?

Why you risk paying up to 15% more if you buy off-the-plan

With the price of new apartments in Tokyo's 23 wards up 4% over the past 12 months, and a contract rate of 82%, many buyers may feel pressured to make their purchase sooner rather than later. But should you rush into purchasing a new apartment off-the-plan or is it better to wait until the apartment is completed?Read more

by Zoe Ward

Secondhand apartment prices in May - Tokyo Kantei

According to Tokyo Kantei, the average asking price of a 70 sqm (753 sqft) secondhand apartment in Tokyo's 23-ku in May increased by 0.6% from last month to 39,600,000 Yen (405,000 USD). It is only 0.5% lower than the average price in May 2012.

Prices across Greater Tokyo, however, are down 4.2% from last year to 27,590,000 Yen (282,000 USD). Read more

by Zoe Ward

Kengo Kuma to design new Shibuya Station area

On June 17, Tokyu Corporation and JR announced that internationally renowned architectural firm Kengo Kuma and Associates will be designing part of the new Shibuya Station area redevelopment.Read more

by Zoe Ward