Central Tokyo apartment prices up again in July

According to REINS, 2,808 second-hand apartments were sold across greater Tokyo in July, down 9.8% from the previous month but up 10.9% from last year. This is the 4th month in a row to see a year-on-year increase in transactions.

The average apartment sale price was 28,680,000 Yen, down 1.6% from the previous month but up 9.3% from last year. The average price per square meter was 452,000 Yen, down 0.3% from the previous month but up 10.2% from last year. The average building age was 20.53 years.

1,405 apartments were sold in the Tokyo metropolitan area, down 11.0% from the previous month but up 14.5% from last year. The average sale price was 34,790,000 Yen, down 2.5% from the previous month but up 8.7% from last year. The average price per square meter was 602,800 Yen, up 1.1% from the previous month and up 10.7% from last year. The average building age was 19.87 years.

Sale prices in central Tokyo continue to break records

In central Tokyo’s 3 wards (Chiyoda, Chuo and Minato), 165 second-hand apartments were sold, down 4.1% from the previous month but up 33.1% from last year. This is the highest level seen for the month of July and about 34% higher than the average for the previous 7 years. Read more


Residential yields in Minato-ku - August 2015

Tokyo apartment yield Aug 2015

According to real estate listing site Homes, the average gross yield on an apartment in Minato-ku in August was 4.7%, showing no change from the previous month and down 0.6 points from last year. The average gross yield across Tokyo was 6.5%, also showing no change from the previous month and down 0.5 points from last year.

The average asking price of a second-hand apartment in Minato-ku was 868,857 Yen/sqm as of August 1, 2015, up 1.3% from the previous month and up 9.7% from last year. The average asking price for land was 1,234,848 Yen/sqm, up 0.7% from the previous month but down 3.3% from last year.Read more


Shibuya Parco to be rebuilt

Shibuya Parco Redevelopment 2

The Shibuya Parco Store is going to be redeveloped as part of the Udagawacho 15 District Redevelopment Project.

The new building will be 29 storeys and 110 meters tall. It will contain retail space the first 8 floors, with rental office space on floors 9 and above. Construction will start in March 2017 with completion scheduled for late 2019.Read more


Apartment price to income ratios continue to worsen

According to Tokyo Kantei, the average price of a brand new apartment in Japan in 2014 was 7.17 times the average annual income (up 0.58 points from 2013), while a second-hand apartment (10 years old) was 4.92 times the average annual income (up 0.34 points). Incomes were down 1.4% nationwide, while new apartment prices were up 7.2% and secondhand apartment prices were up 6.1%.

The most affordable prefecture in Japan to buy a new apartment is Tochigi Prefecture, with a price-to-income ratio of 4.89 (down 0.53 points from 2013), and the most affordable place to buy a second-hand apartment is Kagawa Prefecture, with a ratio of 3.27 (up 0.33 points from 2013).

The most unaffordable prefecture in Japan for a new apartment is Kyoto, with a ratio of 10.98 (up 1.2 points). The second most unaffordable location for a new apartment was Ishikawa Prefecture, with a ratio of 10.97. The most unaffordable place for second-hand apartments is the Tokyo metropolitan area with a ratio of 7.61 (up 0.41 points). Read more


Shibuya Ward Office demolition to start in November

Shibuya Ward Office Redevelopment 1

Demolition of the 51-year old Shibuya Ward Office and Public Hall buildings will start this November.  Discussions to redevelop the government offices began in early 2013 after a building inspection found that the ward office building did not meet minimum earthquake-resistant standards and was at risk of collapse in an earthquake with a shindo level of upper-6.

The Shibuya government office buildings include the 6-storey ward office and the 4-storey Shibuya Public Hall (Shibuya C.C. Lemon Hall). They were completed in 1964, and the Hall hosted the weight-lifting events for the ’64 Summer Olympics.

To help cover the costs of rebuilding, part of the government-owned land will be leased to Mitsui Fudosan Residential under a 70-year fixed term. Mitsui will construct a 143m tall, 39-storey residential tower. At the end of the lease, residents will vacate their apartments, the building will be demolished and the land will be returned to the local government.Read more


Developer abandons plans to build apartments on former Kyoto hotel site

Kyoto Kokusai HotelHankyu Realty has given up on plans to build apartments on the site of the former Kyoto Kokusai Hotel after facing strong opposition from Kyoto City officials who want to see a new hotel built instead.

The development site is located in a prime position across the street from the east entrance to Nijo Castle in the centre of Kyoto.Read more


Tokyo apartment sales in July 2015

Tokyo apartments sales July

The following is a selection of apartments that were sold in central Tokyo during the month of July 2015:Read more