Residential yields in Minato-ku - April 2016
According to real estate listing site Homes, the average gross yield on an apartment in Minato-ku in Tokyo was 4.3% in April 2016, down 0.2 points from the previous month and down 0.5 points from last year. The average yield across Tokyo was 6.0%, down 0.2 points from the previous month and down 0.6 points from last year.
The average asking price of a second-hand apartment in Minato-ku was 969,714 Yen/sqm, up 7.1% from the previous month and up 10.3% from last year. The average asking price for land was 1,363,030 Yen/sqm, down 0.6% from the previous month but up 13.0% from last year.Read more
100 million Yen-plus apartments not limited to central Tokyo
100 million Yen-plus apartments are starting to appear in station developments across Japan, and not just in central Tokyo. According to the Real Estate Economic Institute, there were a total of 1,688 brand new apartments priced over 100 million Yen (approx. 905,000 USD) released for sale in greater Tokyo in 2015.
All apartments in Proud Tower Tachikawa - a 32-storey, 319-unit residential tower connecting to Tachikawa Station in west Tokyo - sold out prior to completion, despite having strong pricing of around 1,000,000 Yen/sqm (840 USD/sq.ft). Apartments on the top floor were priced over 100 million Yen. The average age of a buyer was 53, and approximately 40% of the buyers were doctors and medical professionals. The building is due for completion in August 2016.
A 30-storey high-rise apartment building is currently under construction in front of Atami Station in Shizuoka Prefecture. The Crest Tower Atami is due for completion in February 2017. Apartments are priced at around 600,000 ~ 700,000 Yen/sqm (505 ~ 590 USD/sq.ft). A 124 sqm (1,334 sq.ft) 2-Bedroom apartment on the top floor was priced at 145 million Yen (1.3 million USD).Read more
Construction on Olympic Athlete’s Village to start this month
On March 31, the Tokyo Metropolitan Government announced the post-olympic plans for the 44 hectare Athlete’s Village in the Tokyo bay area.
For the duration of the Olympics and Paralympics, athlete accommodation will be provided in 21 buildings ranging from 14 to 18 storeys. Afterwards, these existing buildings will be converted into condominium and rental apartments by private developers. After the games, construction will begin on two 50-storey high-rise apartment buildings. The entire project is expected to be completed by 2024.Read more
Yoshimura Junzo house in Nishiazabu demolished
A house designed by modernist architect Yoshimura Junzo (1907-1997) in central Tokyo’s Nishiazabu neighbourhood has been demolished.
The ‘Tagakicho House’ was built in 1968 and was a 2-storey reinforced concrete house with a basement. The total size of the house was 624 sqm (6,714 sq.ft). It was constructed by Takenaka Corporation - one of Japan’s biggest construction companies.Read more
Tokyo Apartment Sales in March 2016
The following is a selection of apartments that were sold in central Tokyo during the month of March 2016:Read more
City not sure what to do with newly-purchased Yakuza building
After buying the office building of a criminal organisation to appease an outcry from local residents, Moriya City officials are now left wondering what to do with it.
The city paid 130 million Yen (1.15 million USD) to the owner of the former Matsuba-kai building and took ownership of the property over a month ago.Read more