Second-hand apartment price growth slows in first half of 2016
According to Tokyo Kantei, the half-yearly rate of growth in the price of second-hand apartments in Tokyo has slowed in the first half of 2016 after seeing strong and likely unsustainable gains over the past three years.
Second-hand apartment prices in central Tokyo have increased by 32.7% from the bottom seen in the second half of 2012, and are up 6.1% from the first half of 2015. However, prices have only increased by 0.06% between the second half of 2015 and the first half of 2016.Read more
Relocating a traditional Japanese house
Finding land with a traditional Japanese building for sale in the right location can be close to impossible regardless of budget. But, there are a number of these old traditional kominka available for purchase and removal across the country. If you find the right piece of land you may be able to relocate an old house of your choosing to the land.
These buildings can be bought for next-to-nothing. The real cost is in the actual relocation, although you may be surprised to find out that relocation costs may be similar to the cost of building a brand-new, average home.Read more
Voting ratios relaxed to encourage speedier demolition of earthquake-damaged buildings in Kumamoto
On September 30, the Japanese government voted in favour of enacting an exemption to the apartment redevelopment law in order to help speed up redevelopment of buildings damaged by the Kumamoto earthquake in April. Under the special exemption, the voting ratio for demolishing an apartment building and selling the land has been reduced to 80% for damaged buildings in Kumamoto. This is the second time the exemption has been applied. It was first applied to three buildings damaged by the 2011 Tohoku disaster in Sendai city.
Ordinarily, 100% of apartment owners must agree before a building can be demolished and the land sold. However, if the building has been seriously damaged in a major earthquake, the ratio can be reduced to 80% if certain conditions are met. Nevertheless, obtaining 80% agreement is still a difficult task.
According to Kumamoto City, 19 apartments buildings were considered to be completely destroyed, 21 suffered major damage, and 52 suffered partial damage in April.Read more
Developer to raze 84-year old building in Ginza
Ginza is about to lose another of its pre-war buildings as an 84-year old office building is under demolition by a developer.
Demolition started in early September with the removal of asbestos. The building will be completely demolished by early November.Read more
Tokyo apartment asking prices in September 2016
According to Tokyo Kantei, the average asking price of a 70 sqm (753 sq.ft) second-hand apartment in greater Tokyo in September 2016 was 35,300,000 Yen, up 0.3% from the previous month and up 11.7% from last year. This is the 9th month in a row to record an increase from the previous month. The average building age was 22.4 years.
In the Tokyo metropolitan area, the average asking price was 48,050,000 Yen, down 0.1% from the previous month but up 9.4% from last year. The average building age was 22.1 years.
In Tokyo’s 23 wards, the average asking price was 52,640,000 Yen, down 0.3% from the previous month but up 7.1% from last year. The average building age was 22.0 years.
In Tokyo’s central six wards (Chiyoda, Chuo, Minato, Shinjuku, Bunkyo and Shibuya), the average asking price was 71,980,000 Yen, down 0.1% from the previous month but up 4.0% from last year. The average building age was 20.1 years.