June apartment sales contracts return to high level

According to the Real Estate Economic Institute, the sales contract rate for apartments in Tokyo reached 83.9% in June, 2010 (an increase of 13.7 points from June, 2009). The last time we saw high levels was in August of 2005, when the contract rate was 89.1%.

This year has seen a clear improvement in contract rates, with January ~ June seeing favorable rates over the 70% threshold. The Real Estate Economic Institute believes this trend will continue.

The supply of apartments put up for sale increased by 66.6% compared to the previous year, with the average price being 46.94 million Yen (an increase of 3.3%).

Source: The Asahi Shimbun, July 15, 2010

Goldman Sachs kicked off golf course

nanso-country-clubAfter buying the Nanso Country Club in 2006, and putting the club under bankruptcy protection (with liabilities of 12.8 billion Yen) in January of 2010, Goldman Sachs lost control over the management of the club in a court petitioned filing on July 6, 2010.Read more

Glanz Ober Nanpeidai


Price range (when new): 174,000,000 ~ 662,000,000 Yen
Size range: 115 ~ 219.8 sqm
Current market price: 1,700,000 Yen/sqm*

Glanz Ober Nanpeidai is a modern and luxurious low-rise apartment complex only minutes from Shibuya and Daikanyama shopping areas. The building includes concierge service and valet parking. Currently 3 units are listed for sale from 198~300,000,000 JPY.

*Update: By late 2013, the average advertised price in this building was 1,370,000 Yen/sqm.Read more

2 Duplex Penthouses for Sale in Park Court Toranomon


Park Court Toranomon Atago Tower
1-Bedroom 191.67sqm (2,063 sqft) 450,000,000 JPY FORECLOSED
2-Bedroom 183.26sqm (1,973 sqft) 420,000,000 JPY

*No longer on the market*

There are currently two duplex penthouse apartments for sale in Park Court Toranomon Atago Tower. These two units are priced at approximately 2,300,000 JPY/sqm (213,000~242,000 JPY/sqft), while smaller apartments on the lower non-penthouse floors are priced between 1,500,000 ~ 2,190,000 JPY/sqm.Read more

Freehold vs. Leasehold: The different types of land ownership in Japan

There are two main types of land rights in Japan - freehold and leasehold. Leasehold is broken into two types - surface rights and right to lease.

- Freehold (Shoyuken): The absolute ownership of land and building.

- Surface Rights (Chijoken): The land is leased, while owners of the building and units have the right to buy/sell as they please. This form is most commonly found on land used for apartment buildings.

- Right to Lease (Chinshakuken): The land is leased, while owners of the building and units must attain the landowner's approval before they can transfer or sublease. Also, before rebuilding the structure on the land, the landowner's permission must be obtained. This form of leasehold is mainly used for land designed for individual houses, but not often for apartment buildings.

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Average House Listing Prices for May 12, 2010

According to real estate listing site Home's, the average price for a100sqm house in Minato-ku is approximately 101 million Yen, and in Shibuya-ku is approximately 75 million Yen as of May 12, 2010.

Continue reading for details on the average prices for each area in central Tokyo.

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Average Apartment Listing Prices for May 12, 2010

According to real estate listing site Home's, the average price for a 70sqm apartment less than 10 years old in Minato-ku and Shibuya-ku is approximately 65~66 million Yen.

Continue reading for details on the average prices for each area in central Tokyo.

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Second-hand apartment prices up 9% from June, 2009

Second-hand apartment prices are slowly recovering. As they are comparatively cheaper than brand new apartments, demand is returning and the viewpoint that this is no longer the bottom of the market is emerging.

Nagoya's 7 cities see the highest increase of 2.7%

Real estate information provider, Tokyo Kantei, reported that the average price of a 70sqm apartment in Tokyo's 23 Wards reached 42.97 million Yen in March, 2010. This is 9% higher than the bottom average price that was recorded in June, 2009.

From Autumn of 2009, Tokyo, Yokohama and Saitama have been showing signs of transitioning into a bullish market. Nagoya's 7 cities had the largest rate of growth of 2.7% compared to the previous month, with Osaka and Kobe seeing almost no change.

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New apartment prices in 2009 are 6 times the yearly personal income

In Japan, the nationwide average ratio of new apartment prices to yearly income is 6.00 times - a slight decrease from the same month of the previous year. While average incomes have been levelling out, apartment prices have fallen slightly. However, the high level is expected to continue.Read more

New house prices rise for the first time in 3 months

Real estate information service provider, AtHome, announced that the average sale prices on new homes in Tokyo for the month of March had decreased by 8% compared to March of 2009. The average sale price was 31.32 million Yen for March, 2010. However, prices are up by 2.6% compared to the previous month.Read more