Akasaka - Japan's most sought-after residential address for CEOs.
Until recently, the most popular residential neighbourhoods for company presidents were Denenchofu and Seijo, but the latest trends show a preference towards central Tokyo.
Tokyo Shoko Research conducted a survey of 2.67 million companies nationwide and has ranked the most popular residential addresses of company presidents. In top spot was Akasaka in Minato-ku. It was followed by Yoyogi and Nishi Shinjuku. Denenchofu, which had once dominated the chart, had fallen to 18th spot, while Seijo dropped to 13th position.
In 2003, Roppongi was ranked 88th, while Nishi-Shinjuku did not even make the top 100. In 2014, Roppongi was ranked 5th.Read more
Cities across Japan tackling abandoned home issue
Japan has over 8,000,000 empty homes and apartments, representing 13.5% of the housing stock. Almost 70% of those are in buildings over 35 years old, and 44.5% are in buildings over 45 years old. The homes are in varying states of decay and not always in a condition where they could be occupied, and are often in locations where there is little to no housing demand.
A survey by the Nikkei Research Institute of Industry and Regional Economy found that over 60% of Japan’s major cities are making efforts to deal with the growing number of abandoned and dilapidated homes.
In Nagasaki City, owners of old homes they no longer want can donate them to the city. The city will then bear the cost of demolishing the structure and will convert the land for public use.Read more
Developers paying attention to female buyers
An increasing number of condominiums in central Tokyo are being developed for working women. The most popular apartments are said to be those that offer cleverly designed bathrooms for ‘ease of applying makeup’, as well as a comfortable and relaxing living environment.
In Minami Aoyama, Mitsui Fudosan Realty renovated a 23-year old apartment building and has been gradually selling the apartments individually as former tenants move out. Two of the model-rooms were designed with a small room created specifically as a dressing / make-up room. The fixtures, which included crystal faucets, were chosen to appeal to female buyers. The two apartments were priced at 155 ~ 188 million Yen, or around 1,800,000 Yen/sqm, and Mitsui received twice as many inquiries than expected. This is the first time they have created an apartment styled for a working woman. Given the strong demand, they are considering targeting female buyers for future projects.Read more
Historic residence in Wakayama donated to city
The owner of a historic home in Shingu City in Wakayama Prefecture, donated a 89-year old western-style house to the City.
Although the house was donated for free, the city agreed to pay approximately 18 million Yen (152,000 USD) for the 730 sqm block of land. The city plans to repair the home and open it to visitors. The total cost of the project, including the purchase price, was estimated at around 100 million Yen (843,000 USD).
The former Chapman Residence was built in 1926 for American missionary E.N. Chapman and his family. It was designed by architect Isaku Nishimura (1884-1963), the founder of the Bunka Gakuin School in Sumida-ku, Tokyo. Nishimura was born into a wealthy merchant family in Shingu City. His father, Yohei Oishi, was and elder of the Presbyterian Church and named Isaku after Isaac from the Old Testament. Read more
Apartment prices in Tokyo’s 23 wards exceed previous mini-bubble
According to Tokyo Kantei, the average asking price of a 70 sqm (753 sq.ft) apartment in greater Tokyo in July was 30,680,000 Yen, up 1.9% from the previous month and up 8.6% from last year. This is the 11th month in a row to see an increase, although the average is still 9.9% below the peak of 34,040,000 Yen seen in December 2007. The average building age was 22.2 years.
In Tokyo’s 23 wards the average asking price was 47,640,000 Yen, up 1.7% from the previous month and up 14.1% from last year. This is the first time that the price has exceeded the previous peak of 47,280,000 Yen seen in February 2008. This is also the 13th month in a row to see an increase in prices. The average building age was 22.2 years.
In central Tokyo’s six wards, the average price was 66,950,000 Yen, up 1.8% from the previous month and up 15.4% from last year.
In Yokohama City, the average price was 26,510,000 Yen, down 0.8% from the previous month but up 3.6% from last year. Prices in Yokohama are still 9.4% below their peak of 29,250,000 Yen seen in December 2007.Read more
Iga City’s modernist government building may be saved from demolition
The 50-year old City Hall building in Iga City, Mie Prefecture, might just be saved from demolition after a building report suggested that repairing the structure may be cheaper than rebuilding it.
The city mayor has proposed restoring the south building and using it as a multi-purpose centre with library facilities. At a council meeting, however, concerns were raised about whether the building could be earthquake-retrofitted and how much it would cost to renovate it rather than destroy it.
Early estimates suggested that large-scale repairs and maintenance to the building could cost around 5.5 billion Yen (44.5 million USD).Read more
New apartment prices reach 23-year high in greater Tokyo
According to the Real Estate Economic Institute, the average price of a brand new apartment released for sale in greater Tokyo was 59,530,000 Yen (478,000 USD) in July, up 2.4% from the previous month and up 7.6% from last year. This is the highest sale price seen since May 1992, when prices were 59,710,000 Yen.
The average price per square meter in July was 850,000 Yen (635 USD/sq ft), up 2.5% from the previous month and up 10.2% from last year. This is the highest price seen since November 1992 (877,000 Yen/sqm).
An increase in the supply of luxury apartments as well as high construction costs is said to be behind the rise in the average sale price.Read more