Residential yields in Minato-ku - February 2016
According to real estate listing site Homes, the average gross yield on an apartment in Minato-ku in Tokyo was 4.6% in February, showing no change from the previous month but down 0.6 points from last year. The average gross yield across Tokyo was 6.2%, showing no change from the previous month but down 0.6 points from last year.
The average asking price of a second-hand apartment in Minato-ku was 906,757 Yen/sqm as of February 1, up 1.3% from the previous month and up 2.5% from last year. The average asking price for land was 1,385,454 Yen/sqm, up 2.0% from the previous month and up 10.5% from last year.Read more
Kobe to redevelop No. 2 City Hall
Kobe City is considering demolishing and rebuilding the ageing No. 2 City Hall. Demolition could start as early as this year.
The No. 2 Building was completed in 1957. It originally had 8 floors, but the upper floors were removed after suffering catastrophic damage during the 1995 Great Hanshin Earthquake. The magnitude 7.3 earthquake caused the 6th floor of the building to collapse under the weight of the floors above. Rather than demolish the building, the 6th, 7th and 8th floors were removed, and the building went back into use from March 1996 onwards.Read more
Tokyo region’s net inflow of residents reaches 6-year high
According to the Ministry of Internal Affairs and Communications, the greater Tokyo area (Tokyo, Saitama, Chiba and Kanagawa) saw a net inflow of 119,357 residents in 2015. This is the 20th year in a row to see a net inflow, and is the highest level seen since 2009.
Only 8 of Japan’s 47 prefectures reported a net inflow, while areas such as Hokkaido (-8,862), Hyogo (-7,409), Niigata (-6,735), Aomori (-6,560), and Shizuoka (-6,206) saw more people moving out to other areas. Approximately 76% of Japan’s cities, towns and villages recorded net outflows in 2015, as more and more of the population move to larger cities.
Tokyo’s 23 wards saw a net inflow of 68,917 residents, up 7.7% from 2014.Read more
Tokyo Apartment Sales in January 2016
The following is a selection of apartments that were sold in central Tokyo during the month of January 2016:Read more
Ota-ku to introduce relaxed letting rules from today
From January 29, Ota City in Tokyo will enact a new lodging ordinance to allow private residences and homes to be used as accommodation for tourists. The relaxed rules have shortened the minimum stay to 6 nights and 7 days (down from 30 days), and have reduced the need for hotel-like facilities such as a check-in counter. Hosts, however, must still be approved by Ota City before they can rent out their properties.
Over the past three months, Ota City has received over 120 inquiries from companies interested in applying for permission to operate lodgings under the newly relaxed rules, and is expecting to have applications for approximately 200 rooms by the end of March. At an information session held by the City on January 27th, 200 people showed up - twice the number expected by the City. One of the attendants was the president of a real estate company who was planning to lease between 50 ~ 100 rooms.
There are already over 300 rooms in Ota that are listed on online booking sites, the majority of which are operating without the legally required license.Read more