600 locations identified under new security law to require reporting for land sales
The national government has begun the process of designating locations across the country that need to be monitored for sales of land to foreigners. The list now stands at over 600 locations, including areas around nuclear power plants and military bases.
Tokyo office vacancy rates reach 6.28%
According to office brokerage Miki Shoji, the average office vacancy rate across Tokyo’s five business districts of Chiyoda, Chuo, Minato, Shinjuku, and Shibuya, was 6.28% in July 2021, up 0.09 points from the previous month and up 3.51 points from last year.
Tokyo apartment inventory continues to decline while prices rise
According to REINS, the total number of second-hand apartments sold across greater Tokyo in July saw a year-on-year drop for the first time in five months, while the average sale price per square meter increased for the 15th month in a row.
Bank offers 40-year home loans to counteract rising house prices
Keiyo Bank, headquartered in Chiba City, is rolling out a home loan product with a maximum repayment term of up to 40 years. Up until now, the maximum loan term was 35 years. Although a longer loan term results in higher interest paid in total, the monthly repayments will be slightly less, lowering the bar for younger home buyers to qualify.
Mitsubishi to redevelop two 60s-era office buildings
Mitsubishi Jisho will be redeveloping two old office buildings in Yurakucho, Tokyo, in order to meet growing tenant needs and to work towards a decarbonized society.
How age affects house prices
One of the factors that affect the pricing of a home or apartment in Japan (and other countries) is the age of a building, with newer construction typically priced at a premium. This is because older homes and apartments can become out-of-date and lack the modern amenities, interior finishes and latest trends found in newer construction. All other things being equal, an old and tattered apartment from the 1960s with no elevator, insulation, and low ceilings is not going to sell for as much as a brand-new one built to the latest specs. Changes to earthquake-resistant construction methods over the decades make the price divide even more apparent in Japan.
Overseas buyers seeking hot spring ryokans
Offshore buyers are on the hunt for hot spring resorts and traditional ryokans in Shizuoka’s Izu Peninsula, according to a recent article in Diamond Online. The article quotes an onsen and hotel broker that received over 200 inquiries in May alone from buyers looking to acquire accommodation facilities across the country, with 70% of those looking for luxury hot spring ryokans around Izu, Hakone, and Mt. Fuji.