Harajuku Station Front Project to include retail and residential
NTT Urban Development Corporation will start work on the Harajuku Station Front Project later this year. The 5,000 sqm site is located in a prime position directly across the street from Harajuku Station and the greenery of Meiji Shrine and Yoyogi Park. This is likely become a retail and residential landmark building.Read more
Tokyo apartment asking prices in February 2017
According to Tokyo Kantei, the average asking price of a 70 sqm (753 sq ft) second-hand apartment in greater Tokyo was 35,830,000 Yen, up 0.4% from the previous month and up 6.7% from last year. The average building age was 22.5 years.
In the Tokyo metropolitan area the average asking price was 48,450,000 Yen, up 0.4% from the previous month and up 4.3% from last year. The average building age was 22.9 years.
In Tokyo’s 23 wards the average asking price was 53,280,000 Yen, up 0.2% from the previous month and up 3.2% from last year. The average building age was 22.1 years.
The average asking price in Yokohama City was 30,030,000 Yen, up 0.7% from the previous month and up 8.6% from last year. This list he first time since November 1997 that the asking price in Yokohama has exceeded 30 million Yen. The average building age was 23.8 years.
In Tokyo’s central six wards (Chiyoda, Chuo, Minato, Shinjuku, Bunkyo and Shibuya) the average asking price was 72,680,000 Yen, down 0.2% from the previous month but up 2.2% from last year. The average building age was 20.4 years.
Mori Trust to develop luxury hotel near Nara Park
Mori Trust has won the bid to develop a hotel on the edge of Nara’s Yoshikien Garden and Nara Park.
Mori is planning to have architect Kengo Kuma design the buildings, and will be seeking out an international luxury hotel brand to operate the hotel. Read more
For Sale: Historic Taisho-Modern House in Shinjuku
*Update: This house was sold and demolished.
One of the first homes to be built in the Mejiro Bunka-mura subdivision is for sale. The pre-war home is one of just a very small number of surviving historic houses in this neighbourhood. As much as 70% of the Bunka-mura neighbourhood was destroyed during air raids in 1944 and 1945, while urban development in recent decades saw the demolition of many the few remaining original residences.
Although the age of this house is unknown, the Taisho-Modern style house could potentially be 90+ years old.
The property is being sold as land only, with the house to be included as-is. No value has been placed on the house as it is expected a buyer will demolish it to build a new one. As such, it is listed at land value. Read more
Japan’s residential land prices increase for first time in 9 years
For the first time in 9 years the nationwide koji-chika assessed land value for residential land across Japan increased from the previous year. In 2017, the residential land value increased by 0.022% from 2016. This is in contrast to a 0.2% decrease reported in 2016.
Of the 17,909 residential survey sites nationwide, 34% reported an annual increase in land values while 43% reported a decrease. The difference was particularly noticeable for land that was within walking distance to transport and shops compared to land that was further from the station and generally considered to be inconvenient. Residential land prices in regional areas decreased by 0.4%. This was the 25th year in a row to record a decrease, although the rate of decline has been shrinking for the past 7 years.Read more
Homat Woodville converted to condominium
The former Homat Woodville apartment building, now called Woodville Azabu, in Nishiazabu has been converted into a condominium with apartments to be sold off individually as tenants move out.
Sales started in February 2017 with three apartments offered for sale. All three were immediately sold, including a 185 sqm (1,991 sq ft) apartment priced at 298,000,000 Yen (approx. 2.64 million USD). Additional apartments ranging from 141 sqm (268,000,000 Yen) to 178 sqm (328,000,000 Yen) were later offered for sale.Read more
Average apartment rent in February 2017
According to Tokyo Kantei, the average monthly rent of a condominium-type apartment in greater Tokyo was 2,666 Yen/sqm in February 2017, down 0.6% from the previous month but up 5.5% from last year. The average apartment size was 60.09 sqm and the average building age was 20.4 years.
In the Tokyo metropolitan area the average monthly rent was 3,166 Yen/sqm, down 0.6% from the previous month but up 0.2% from last year. The average apartment size was 57.82 sqm and the average building age was 18.5 years.
In Tokyo’s 23 wards the average monthly rent was 3,328 Yen/sqm, down 0.1% from the previous month but up 0.6% from last year. The average apartment size was 57.23 sqm and the average building age was 17.8 years.