Tokyo apartment sales in March 2015

Tokyo apartment sales march

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


Why rental yields in Tokyo are falling

The average price of a brand new apartment in Tokyo’s 23 wards was approximately 908,000 Yen/sqm at the end of 2014, up 19.7% from early 2012. Meanwhile, the average rent of an apartment had only increased by 5.4% over the same period.

Home loan tax deductions, historically low interest rates and an anticipation of continued price growth have helped to boost the property market on the sale side. Renters, however, have had far fewer incentives. In 2014, real wages shrunk 2.5% from the previous year. Unless incomes start to rise, it is difficult to forecast sustainable growth in residential rents.

There have been a small number of exceptions, including the most prime locations in central Tokyo as well as the bayside area in Tokyo Bay. Rents in Toyosu, an area which is near the future Athlete’s Village for the 2020 Summer Olympics, are showing signs of upward movement. The rental market in central Tokyo, which caters to high-wealth tenants and expats, is also more likely to see an increase in rents.Read more


Tokyo Star Bank offering Japan home loans to Taiwanese residents

Tokyo Star Bank is now offering financing for the purchase of real estate in Japan. The loans are available for qualified Taiwanese residents only.

The bank can provide financing for up to 60% of the value of the property and up to a maximum amount of 500 million Yen. Interest rates are around 2%. Loans can only be made to private borrowers using their own name and not companies.Read more


Nanzen-ji: Japan’s most expensive and exclusive residential area

Nanzenji Hekiunso

London has Kensington Palace Gardens, Hong Kong has Pollock’s Path and Monaco has Avenue Princesse Grace. Japan’s most expensive and most exclusive neighbourhood is not in Tokyo, but in the grounds of a temple in the historic former capital of Kyoto.

Nanzen-ji is a Zen Buddhist temple that was first established in 1291 by Emperor Kameyama on the site of one of his former palaces. During the anti-Buddhist movement at the beginning of the Meiji Restoration, Nanzen-ji’s grounds and sub temples were seized by the government, subdivided and sold off to private interests. Between the Meiji period and early Showa period, Japanese nobility began to build luxurious holiday homes with expansive and carefully designed Japanese gardens.

Competition amongst the elite was strong, with each one trying to build a bigger and grander villa than the other. Today, 15 of the original villas remain. Many of these villas are still owned by descendants of the original owners, or are held by some of Japan’s top companies and are not open to the public. These estates are worth as much as 100 million USD, but are so tightly held that, no matter how much money you may have, the area cannot be bought into at any price.Read more


Nagasaki to protect and preserve old buildings on Gunkanjima

Gunkanjima 1

Nagasaki City has announced a proposed plan that would provide priority repairs and maintenance to several buildings on Hashima Island (aka. Gunkanjima), including former mineworkers’ housing and school buildings.

The five buildings that were selected are considered to be in a condition where they can still be maintained to some extent. The plans include rust-proofing and adding additional reinforcing to the structures, although exact details have yet to be decided. Two other islands, which also have traces of coal mining activities, may also be included in the final plan which is expected to be submitted to the Nagasaki Mayor in May.

The buildings include:

  • Building 16 (c1918, 9-storey, RC, 66-unit apartment building)
  • Building 17 (c1918, 9-storey, RC, 54-unit apartment building)
  • Building 65 (c1945, 9-storey, RC, 317-unit apartment building)
  • Building 3 (c1959, 4-storey, RC, 20-unit apartment building)
  • Elementary and middle school building (c1958, 7-storey)

Read more


Construction to start on Shibuya Miyashitacho Project

Miyashitacho Project 1

Miyashitacho Realty, a corporation funded by Tokyu Corporation, Tokyu Construction, Taisei Corporation and Sapporo Real Estate, will officially begin construction on the Shibuya Miyashitacho Project on March 30.

The 5,000 sqm site is owned by the Tokyo Metropolitan Government and forms part of their ‘Urban Regeneration Step Up Project’. It was originally the site of the the Miyashitacho Apartments. There were originally three apartment buildings, with demolition of the last building fronting Meiji Dori starting recently.Read more


Yokosuka City forcibly demolishes abandoned home

Yokosuka Higashiuraga 2Yokosuka City began the forced demolition of an abandoned home in Higashiuraga on March 13. This is the first forced demolition to be carried out in Kanagawa Prefecture and the third in Japan.

The wooden house, which was built sometime between the Taisho and early Showa periods, had a total floor area of 25 sqm. It was in a serious state of decay, with exterior cladding and doors coming loose in past typhoons. It became vacant after the owner passed away in 1988.

In 2012 the city received a complaint about the house and had repeatedly tried to contact relatives of the current owners, but with no success. The owners of the house did not own the land, and since the house did not appear on any cadastral maps, the heirs were not subject to annual property taxes.

The house was considered a hazard to the locals who often use the pathway running in front of the house as a shortcut to the station, and in December 2014 a removal order was issued. Read more