High-rise condo in Ariake bans AirBnb hosts
July 7, 2015Ariake,Brillia Mare AriakeReal Estate News,All,Tokyo
![Brillia Mare Ariake](https://japanpropertycentral.com/wp-content/uploads/2015/07/Brillia-Mare-Ariake.jpg)
The growing number of apartment owners or tenants leasing out their properties on AirBnb in Tokyo is becoming a cause for concern for owners’ associations.
The board of directors of Brillia Mare Ariake, a 33-storey condominium in Tokyo Bay, have taken steps to curb the conspicuous number of private short-term rentals in the building. According to a post on Brillia Mare Ariake’s management blog, the rise in holiday letting or short-term rental listings, including share-houses, in the building had the board of directors worried. Of particular concern was the use of the building’s facilities, such as the pool and spa, by a large number of short-term guests and visitors that are unaware of building rules. The increase in the number of strangers using the building's facilities was also considered to pose a risk to property values.Read more
Tokyo Apartment Sales in June 2015
July 6, 2015Real Estate News,Sold Properties,Market Information,All
The following is a selection of apartments that were sold in central Tokyo during the month of June 2015:Read more
Rosenka land values up in urban areas, but down nationwide
July 3, 2015Japan land values,Rosenka land values,rosenkaLand,Real Estate News,Market Information,All,Osaka,Nagoya,Tokyo
According to the National Tax Agency, rosenka land values across Japan in 2015 fell for the 7th year in a row, although the decline appears to be bottoming out. This year nationwide land values dropped by 0.4%, which is an improvement from 2014 which saw values drop by 0.7%. In Tokyo, rosenka values increased by 2.1%, after seeing a 1.8% rise in 2014. In Osaka, values increased by 0.5%.
A rapid increase in foreign tourists and a boost in investment in central Tokyo from foreign funds has helped to pull up property values and retail rents.
Midosuji Boulevard in front of Osaka’s Hankyu Department Store saw rosenka land values rise by 10.1% from last year to 8,320,000 Yen/sqm, while Meieki Dori Avenue in front of Nagoya Station saw values increase by 11.5% to 7,360,000 Yen/sqm.Read more
Chiyoda ofice building converted to serviced apartments and office suites
July 2, 2015Office/Retail News & Information,Real Estate News,Renovations,All,Commercial Real Estate,Tokyo
NTT Urban Development have converted a 22-year old office building in Chiyoda-ku into a mixed-use serviced apartment, share office and serviced office space.
‘Hive Tokyo’ (formerly Pacific Square Kudan Minami) is targeted towards both Japanese and foreign clients. The 10-storey building is located across the street from the Yasukuni Shrine and a 6 minute walk from Ichigaya Station. The building is scheduled to open in August 2015.Read more
Banks to increase home loan rates this month
July 1, 2015Interest rates in JapanReal Estate News,All,Home Loans / Mortgages
Several of Japan’s mega-banks plan to increase home loan interest rates this month. The Bank of Tokyo-Mitsubishi UFJ will increase the prime interest rate on their 10-year fixed-rate home loan by 0.10 points to 1.35% for loans approved in July, while Mizuho plan to increase their rate by 0.05 points to 1.30%. Sumitomo Mitsui Trust Bank also plan to increase their prime rate by 0.05 points to 0.95%.
This is the second month to see an increase in interest rates The three banks have no plans to change their variable rates.
Sources:
The Nikkei Shimbun, June 26, 2015.
Jiji Press, June 26, 2015.
PanaHome unveils 6-storey house
June 30, 2015Home Design,Real Estate News,All,Tokyo
PanaHome have opened three 6-storey model homes in Tokyo and Yokohama. These are said to be the tallest model homes to be built in Japan.
The display homes are part of their Vieuno PRO series that includes both residential homes with retail and office space. A change to the inheritance tax laws in January 1, 2015, has caused wealthy landowners in Tokyo to seek ways to reduce their future inheritance tax burden. A residence with a portion that is leased out may be eligible for additional inheritance tax deductions.
The Vieno PRO homes allow for floors with high ceilings (up to 3.15m on the 1st floor), which can appeal to retail tenants, such as convenience stores. The homes can be built up to 7-storeys tall.Read more
College to buy Daikanyama land for 7 billion Yen
June 29, 2015Daikanyama,Kamimeguro 1 Chome Project,NakameguroNew Construction,Real Estate News,All,Tokyo
The Tokyo Metropolitan Government and Meguro Ward are moving ahead with plans to sell a vacant 8,000 sqm site in Daikanyama to the Tokyo College of Music. The sale price has been estimated at approximately 7.77 billion Yen (63 million USD), or around 970,000 Yen/sqm.Read more