Historic residence in Ichigaya to be partially demolished
A 88-year old traditional Japanese residence in the Ichigaya neighbourhood in Shinjuku will be partially demolished. The house was built in 1928 as a residence for a wealthy shipping industry magnate from Toyama Prefecture. It was designed by architect Tetsuro Yoshida, an architect for the Ministry of Communications.
The 2-storey, 582 sqm house sits on a 3,837 sqm landscaped block of land. It includes a blend of both traditional Japanese and western styles, and is one of the few remaining large pre-war homes in Tokyo.Read more
Rising construction costs are starting to affect building maintenance
The steep increase in construction costs is not only affecting the price of new apartments, but is also starting to have an impact on the maintenance of existing residential buildings in Japan.
Whether you are an investor or home buyer, it is essential to take care when choosing a property to make sure it has been properly cared for and will be maintained in the future. This is something that many buyers overlook.
A poorly maintained building is more likely to lose value over time, and deteriorating equipment could have a negative impact on your day-to-day life. While you will have direct control over the maintenance of the interior of your apartment, the common areas fall under the management of the owners association.
There have been several cases now where condominiums have not had enough money set aside in their repair fund to cover scheduled building maintenance. In some cases the owners associations had no choice but to delay any repair and maintenance work not deemed to be absolutely necessary.Read more
Prefab holiday home in Karuizawa to receive heritage listing
A 53-year old holiday home in Karuizawa is to be the first prefab home in Japan to receive a heritage listing.
The Yamasaki-Usui Villa was built in 1963 in Karuizawa - a popular mountain resort area in Nagano Prefecture. The single-storey house is part of Sekisui House’s ‘A-Type’ of prefab homes. These homes revolutionised Japan’s home-building industry in the 1960s. The house remains in largely original condition and is said to be the oldest surviving A-type model in the country.Read more
Tokyo apartment prices showing signs of reaching peak
According to Tokyo Kantei, the average asking price of a 70 sqm (753 sq.ft) second-hand apartment in greater Tokyo in February 2016 was 33,580,000 Yen, up 0.6% from the previous month and up 14.8% from last year. The average building age was 21.9 years.
In the Tokyo metropolitan area, the average price was 46,460,000 Yen, up 0.1% from the previous month and up 16.0% from last year. This is the 20th month in a row to see an increase in prices, although the rate of growth has slowed, indicating that prices could possibly have reached a peak. The average building age was 21.5 years.
Major real estate brokerages are commenting that the recent boom in property prices in central areas has led to many sellers seeking higher and higher prices for their properties. Properties that are overpriced are taking longer to sell and may require discounting, while properties that are priced within market expectations are still seeing strong demand.
In Tokyo’s 23 wards, the average price was 51,620,000 Yen, showing no change from the previous month but up 15.8% from last year. This ends a 19-month streak of month-on-month increases. The average building age was 21.5 years.
In Tokyo’s central six wards (Chiyoda, Chuo, Minato, Shinjuku, Bunkyo and Shibuya) the average asking price was 71,110,000 Yen, down 0.4% from the previous month but up 12.2% from last year. This is the second month in a row to see a decrease in asking prices. The average building age was 20.1 years.Read more
Japan's commercial land prices increase for first time in 8 years
For the first time in 8 years, commercial land prices in Japan saw an increase from the previous year. According to the 2016 ‘chika-koji’ assessed land values released by the Ministry of Land, Infrastructure, Transport and Tourism (MLIT), the nationwide commercial land price increased by 0.9% from 2015.
In the Tokyo metropolitan area, commercial land values increased by 4.1% in 2016, up from a 2.9% increase in 2015.
The increase can be attributed to improving office conditions in city centres, and a surge in construction of hotels to meet the growing number of foreign tourists. Read more
81-yr old building in Kamakura sold to sake brewery
The Kumazawa Brewing Company, a Chigasaki-based sake brewery established in 1873, has purchased the former Kamakura Pumping Station for 96.5 million Yen (approx. 860,000 USD). The seller was Kanagawa Prefecture.Read more