Average apartment rent in February 2016
According to Tokyo Kantei, the average monthly rent of a condominium in greater Tokyo was 2,528 Yen/sqm in February, down 1.5% from the previous month and down 3.7% from last year. The share of rental listings in the Tokyo metropolitan area dropped by 6 points from the previous month, which may have contributed to the lower rent. The average apartment size was 59.98 sqm and the average building age was 19.9 years.
In the Tokyo metropolitan area, the average rent was 3,161 Yen/sqm, up 1.1% from the previous month and up 3.0% from last year. The average apartment size was 56.33 sqm and the average building age was 17.7 years.
In Tokyo’s 23 wards, the average rent was 3,309 Yen/sqm, up 0.9% from the previous month and up 3.4% from last year. The average apartment size was 55.75 sqm and the average building age was 17.2 years.Read more
The most expensive homes for sale in Tokyo
Let's take a quick look at the most expensive homes currently advertised for sale in Tokyo:
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| SOLD Location: Minami Aoyama, Minato-ku House: 7-Bedrooms, 4 Bathrooms, 630 sqm (6,779 sq.ft) *A 10 minute walk from Omotesando Station. |
New apartment supply in February reaches 25 year low
According to the Real Estate Economic Institute, 2,237 brand new apartments were released for sale in greater Tokyo in February, up 49.7% from January but down 13.9% from February 2015. This is the lowest figure for the month February since 1991.
Amidst rising construction costs and increasing apartment prices, developers have been cautious to limit the supply released on the market. The Institute remarked that the Bank of Japan’s recent introduction of negative interest rates appears to have had a negligible effect on new apartment sales as interest rates available to consumers were already at low levels prior to the BoJ’s announcement.Read more
Shrine to demolish 53-yr old building by iconic architect
A 53-year old former Shrine Office building in Shimane Prefecture is at risk of demolition. The owner, Izumo-taisha (aka the Izumo Grand Shrine), is considering tearing down the building due to its deteriorating state.
Architects and local groups are petitioning the shrine to consider the cultural importance of the building and preserve it for future generations. The shrine office was designed by architect Kiyonori Kikutake (1928-2011) and completed in 1963. Kikutake, along with Kisho Kurokawa, was one of the founders of the metabolist movement and designed numerous buildings across Japan.Read more
Japan's first JW Marriott Hotel to open in Nara
Mori Trust announced that the Marriott International hotel group will open their first JW Marriott luxury branded hotel in Nara City in 2020. The JW Marriott Hotel Nara will be built on vacant land across the street from the Nara City Hall and near the former Heijo Palace - a UNESCO World Heritage Site.
Mori Trust acquired the 4,000 sqm block from the prefecture and will start construction of the 15,000 sqm (161,400 sq.ft) hotel next year. The 6 ~ 7 storey hotel will have 150 guest rooms, restaurant, bar and pool facilities.Read more
Tokyo apartment transactions increase for 5th consecutive month
According to REINS, 3,539 second-hand apartments were sold across greater Tokyo in February, up 33.3% from the previous month and up 7.5% from last year. This is the 5th month in a row to see a year-on-year increase in transactions.
The average sale price was 30,450,000 Yen, up 2.0% from the previous month and up 4.1% from last year. The average price per square meter was 471,200 Yen, up 0.6% from the previous month and up 4.7% from last year. This is the 38th month in a row to see a year-on-year increase in sale prices. The average building age was 19.71 years.
In the Tokyo metropolitan area, 1,759 second-hand apartments were sold, up 36.1% from the previous month and up 11.9% from last year. The average sale price was 37,160,000 Yen, up 0.1% from the previous month and up 2.1% from last year. The average price per square meter was 618,900 Yen, down 2.3% from the previous month but up 2.1% from last year. The average building age was 18.64 years.Read more
Kyoto City auctions off historic villa
Kyoto City has auctioned off a 3,200 sqm site of city-owned land in Ukyo-ku. The ‘Narutaki-ryo’ was built in 1939 as the residence of Kozo Ohwatari of the Kyoto Dento Electric Power Company. After WWII, the property was acquired by Kyoto City and had been used as a wedding and function facility.
The property includes a large landscaped garden, and a traditional Japanese style main house with a western-style annex, both dating from the 1930s. The city carried out large renovations and repairs to the property over a 10 year period in the 1990s, but the interior and exterior remains largely original.Read more