Tokyo metro apartment prices increase for 47th consecutive month
According to REINS, 2,384 second-hand apartments were sold across greater Tokyo in August, down 25.3% from the previous month and down 1.3% from last year. The average sale price was 30,090,000 Yen, up 0.4% from the previous month and up 6.3% from last year. The average price per square meter was 476,900 Yen, up 0.8% from the previous month and up 6.4% from last year. This is the 44th month in a row to see a year-on-year increase in the sale price per square meter. The average building age was 20.26 years.
In the Tokyo metropolitan area, 1,200 second-hand apartments were sold, down 24.6% from the previous month but up 1.3% from last year. This is the fifth month in a row where transactions have exceeded those from 12 months prior. The average sale price was 37,480,000 Yen, up 0.03% from the previous month and up 7.0% from last year. The average price per square meter was 637,000 Yen, up 0.3% from the previous month and up 5.8% from last year. This is the 47th month in a row to see a year-on-year increase in the sale price per square meter. The average building age was 18.97 years.
Central Tokyo’s 3 wards
In central Tokyo’s 3 wards (Chiyoda, Chuo and Minato), 134 second-hand apartments were sold, down 34.6% from the previous month and down 5.6% from last year. The average sale price was 53,690,000 Yen, down 0.6% from the previous month but up 3.9% from last year. The average sale price per square meter was 1,055,700 Yen, up 4.5% from the previous month and up 3.7% from last year. The average building age was 17.29 years.
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Kyoto may relax local hotel laws
On August 31, Kyoto City released a draft plan for potentially relaxing hotel laws in the city. With record tourist numbers, the city is anticipating a need for 6,000 additional beds by 2020. If approved, the relaxed rules could possibly allow hotels in zones where they were previously prohibited, provided strict obligations are met.
In 2015, the city welcomed 3.16 million foreign tourists to its hotels and is expecting this number to reach 4.4 million in 2020. To cater to the increase in both foreign and domestic visitors, 10,000 beds would be required. Hotels with 4,000 beds are already planned or under construction in the city.Read more
Details on Shinagawa’s new station revealed
On September 6, JR-EAST released details on the new train station planned for the JR-owned site between Shinagawa and Tamachi Stations in Tokyo. The station building has been designed by Kengo Kuma and will include an open atrium, origami-style roof and wood pillars.
Discussions about a new station in this area have been ongoing since the early 2000s. The station site is located on rail yards about 900 meters north of Shinagawa Station and 300 meters from Sengakuji Station.Read more
Atami loses two hotels in August
Two reasonably large hotels in the beachside hot spring resort area of Atami in Shizuoka Prefecture closed their doors last month.
Atami Korakuen Hotel Misaki-kan Annex
Atami Korakuen Hotel closed their Misaki-kan annex building last month, ending 65 years of operations. The hotel will continue to operate in their newer building next-door, while the former annex building will be demolished and replaced with new facilities in time for the 2020 Tokyo Olympics.Read more
Renovating a historic home in Kamakura may soon become easier
Kamakura City is considering introducing an ordinance that would allow owners of historic buildings to bypass some of the regulations under the Building Standards Act that normally apply for renovations, extensions and changing the use of a property.
When making structural additions or alterations to older buildings, it can be very difficult to make the building comply with the Building Standards Act while still retaining the original features. In many cases property owners simply give up and either rebuild or leave the property to deteriorate. As a result, the neighbourhood begins to lose its character over time as the older properties are demolished.Read more
Jingumae designer building sold for 9 billion Yen
ORIX JREIT Inc. announced that they will be acquiring the trust beneficiary rights to the Terrazza Aoyama building in Jingumae at the end of September. The acquisition price is 9 billion Yen (approx. 87 million USD), excluding tax, resulting in a net operating income of 4.2%. The seller was RD Legend Alpha SPC.
The building is located alongside Gaien Nishi Street and is 400 meters from the Olympic Stadium site and 650 meters from Gaienmae Station on the Ginza Subway Line.Read more