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
Karuizawa to introduce blue plaque scheme for historic homes
In an effort to preserve the history of Karuizawa, the town will be introducing a blue plaque scheme similar to those used in the United Kingdom. The signs will be affixed to buildings and homes considered to be of historical importance to the resort town.
The town’s Board of Education has made a list of 100 important buildings, and, with the permission of the property owners, will affix plaques in the next year.
One of the shortlisted historic buildings is the Miyama-so Villa. Built in 1943 for a Japanese businessman, the house was later used as the Legation of Switzerland and was is said to be the place where a telegram was sent in 1945 declaring Japan’s acceptance of the Potsdam Declaration. The house was at risk of being demolished by a previous owner until the town acquired it in 2007 for 210 million Yen.
New apartment prices in Sendai 20% higher than bubble era
New condominium prices in the Sendai area continue to surge, with the average price in the first half of 2015 increasing by 10% from the previous year to 42,620,000 Yen (343,000 USD). This price is now around 40% higher than pre-Tohoku earthquake prices and 20% higher than prices during Japan’s asset price bubble in the late 1980s.
Construction costs have increased following the disaster due, but the increase in prices has been met with an increase in demand and a relative shortage in supply of new construction.Read more
July 2015 rental data - Tokyo Kantei
According to Tokyo Kantei, the average monthly rent of a condominium in greater Tokyo was 2,590 Yen/sqm in July, down 1.0% from the previous month but up 1.3% from last year. Transactions in the Tokyo metropolitan area represented a smaller share of the total, which resulted in a decline in the monthly average. This is the first time in six months that the average has dropped below 2,600 Yen/sqm. The average apartment size was 59.75 sqm and the average building age was 19.4 years.
In the Tokyo metropolitan area, the average rent was 3,145 Yen/sqm, up 1.1% from the previous month and up 3.1% from last year. The average apartment size was 56.70 sqm and the average building age was 17.7 years.Read more
Home staging gaining traction in Japan
Home staging might be an option considered by sellers when trying to list their property for sale in overseas markets, but in Japan it has been a practice limited to showrooms for brand new developments, or for properties that are being flipped by real estate companies. Options for private sellers have been limited until recently.Read more
Japan’s high-rise apartment towers reaching due date for repairs
Earlier this year scaffolding went up around Saitama Prefecture’s tallest apartment building. The 17-year old building is one of the first high-rise residential buildings in Japan to undergo large-scale building repairs and maintenance, and more are expected to follow.
The 185m tall, 55-storey ‘Elsa Tower 55’ is located in Kawaguchi City, Saitama. It held the title as Japan’s tallest residential building between 1998 and 2004, and is still the tallest apartment building in the prefecture.
Due to the sheer size of the 650-unit building, exterior repairs are expected to take two years. The cost of the repairs and maintenance has been estimated at 1.2 billion Yen (9.7 million USD), which is around 1.8 million Yen (15,000 USD) per apartment.Read more