Historic bank sells for 1.7 million Yen
Nanto City in Toyama Prefecture will be selling the 97-year old Inami Museum to a Tokyo-based real estate company for the grand total of 1,779,000 Yen (approx. US$16,000).
Curious how a view of Tokyo Tower affects apartment prices?
It should come as no surprise that an apartment with views towards Tokyo Tower comes with a higher price. Although it no longer functions as a television transmission tower (those duties ended in 2018), it is perhaps the most admired landmark in Tokyo.
Marunouchi’s first high-rise to be demolished
Another building by an iconic architect is destined for the wrecking ball. This time it is the first high-rise to have been built in the Marunouchi business district in front of Tokyo Station.
Poorly managed apartment buildings of concern in Tokyo
Apartment buildings do not magically care for themselves. They require the apartment owners to be proactive about ensuring regular maintenance and repairs are carried out. By doing so, a building can last a long time while also helping with the resale values of those apartments. A poorly maintained building can become unpleasant to live in and resale values can plummet.
Quick real estate news summary for the week
Tokyo house prices increase by 9.2%, office vacancies climb for 14th month, and 68 major developments planned for Tokyo. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
Building a wooden house? Construction costs may be on the rise
Planned infrastructure spending in the US is having a knock-on effect on the price of lumber, pushing wood prices up 35% this year. As of April 23, 2021, CME lumber futures are five times what they were in April 2020.
What does this ‘wood shock’ have to do with Japan? With the majority of new detached house construction built with wood frame, the skyrocketing cost of raw materials is likely to make homes more expensive. Approximately 70% of wood used in home construction in Japan is imported.
MUFG to rebuild Marunouchi HQ
MUFG Bank is planning to redevelop their headquarter building in Tokyo’s Marunouchi district. Plans are expected to be firmed up by 2022 with a construction schedule to be announced at a later date.