Additional fire risk areas identified in Tokyo
Last month an additional 1,030 hectares in 9 wards in Tokyo were added to the city’s list of densely packed, high fire risk neighbourhoods. Old houses in these designated districts may be eligible for financial assistance for demolition costs.
The 13 newly designated areas are located within Tokyo’s 23-ku, including Shinagawa, Adachi and Setagaya.
In Adachi ward, a total area of 645.4 hectares has been designated as being a high-risk fire hazard. The area is primarily around the west side of Nishiarai Station. Many areas have a high risk of fire and building collapse, which can be reduced by the widening of roads and the construction of newer and safer homes.Read more
Historic 84-year old apartment building in Chuo-ku under demolition
The historic Shokin Apaato in Chuo-ku, Tokyo, is being demolished to make way for a 13-storey mixed-use office and residential building.
Shokin Apaato was built in 1931, around the same time as the Dojunkai apartments. The 5-storey, reinforced concrete building was occupied by tenants up until 2013. The owner decided to rebuild as the building does not meet earthquake-resistant standards and has become too costly to maintain.Read more
April 2015 rental data - Tokyo Kantei
According to Tokyo Kantei, the average monthly rent of a condominium in greater Tokyo was 2,601 Yen/sqm in April, down 0.5% from the previous month and down 1.4% from last year. The average apartment size was 59.68 sqm and the average building age was 18.8 years.
In the Tokyo metropolitan area, the average rent was 3,120 Yen/sqm, up 0.5% from the previous month and up 1.1% from last year. The average apartment size was 56.68 sqm and the average building age was 17.1 years.
In Tokyo’s 23 wards, the average rent increased for the third consecutive month, and has exceeded the previous peak last seen in October 2014. Yokohama and Chiba City have seen a slight drop in rent from the previous month, with Chiba showing a downwards trend from the beginning of the year.Read more
Secondhand apartment transactions up for first time in 13 months
According to REINS, 2,808 second-hand apartments were sold across greater Tokyo in April, down 24.7% from the previous month but up 0.8% from last year. This is the first time in 13 months to see an increase in transactions from the year before. February and March are typically the busiest months of the year for sales, so it is not surprising to see transactions down from March.
The average apartment sale price was 28,280,000 Yen, down 3.2% from the previous month but up 5.2% from last year. The average price per square meter was 445,500 Yen, down 1.7% from the previous month but up 5.1% from last year. The average building age was 20.11 years.
1,377 apartments were sold in the Tokyo metropolitan area, down 25.3% from March but up 1.0% from April 2014. This is also the first time in 13 months to see a year-on-year increase in transactions. The average sale price was 34,900,000 Yen, down 1.9% from the previous month but up 3.6% from last year. The average price per square meter was 597,400 Yen, down 1.9% from the previous month but up 3.6% from last year. The average building age was 18.95 years.
In central Tokyo’s 3 wards (Chiyoda, Chuo and Minato), 158 apartments were sold, down 31.3% from the previous month but up 1.3% from last year. The average sale price was 53,600,000 Yen, down 1.3% from the previous month but up 11.3% from last year. The average price per square meter was 996,800 Yen, up 3.0% from the previous month and up 11.1% from last year. The average building age was 16.24 years.Read more
68% of Japan’s empty homes are in old buildings
According to a survey by the Ministry of Land, Infrastructure, Transport and Tourism (MLIT), approximately two-thirds (68.9%) of Japan’s vacant homes are in buildings built before 1980. Older properties that have been left to rot, particularly those built to the old earthquake construction codes (called ‘kyu-taishin’), can be at risk of collapse and are a danger to neighbours.
44.5% of the vacant homes were built before 1970, and 24.4% were built between 1971 ~ 1980. In 1981, the major change to Japan’s earthquake-resistant construction codes was introduced.
Hidetaka Yoneyama, a senior researcher at the Fujitsu Research Institute, said that the low market value of kyu-taishin properties means that there are many cases where they are simply abandoned.Read more