Nanzen-ji: Japan’s most expensive and exclusive residential area
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
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)
Construction to start on Shibuya Miyashitacho Project
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 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
Construction starts on Shin-Hibiya Project
Mitsui Fudosan started construction on the Shin-Hibiya Project on March 23. The 192m tall, 35-storey office tower is expected to be completed by the end of January 2018. London-based architectural firm Hopkins Architects are in charge of the master plan.
The project will help to enhance the area's image as centre for international business and the arts. The retail component will include Toho Cinemas, and will be the largest cinema complex in central Tokyo. This area has a long history as a theatre district. Toho, the producer of the Godzilla franchise, was founded nearby.Read more
Secondhand apartment prices continue to rise in February
Second-hand apartment prices in Tokyo continued to climb in February, with the latest data from Tokyo Kantei showing a 1.3% rise in apartment prices in the Tokyo metropolitan capital from the previous month.
Strong demand from both local and foreign buyers, and a growing number of renovated properties being flipped by real estate companies is thought to be behind the surge in the asking price of second-hand apartments.
The average asking price of a 70 sqm (753 sq ft) second-hand apartment in the metropolitan area was 40,040,000 Yen in February, up 1.3% from January and up 5.7% from February 2014. The average building age was 21.8 years.
This is the 8th month in a row to see a month-on-month increase in asking prices and is the first time that the average price has exceeded 40,000,000 Yen since September 2008.
In Tokyo’s 23 wards, the average asking price was 44,590,000 Yen, up 1.3% from the previous month and up 7.7% from last year. The average building age was 22.0 years. The price is now 5.7% below the peak of 47,280,000 Yen seen in February 2008.Read more
Japan's commercial land prices stop falling for first time in 7 years
On March 18, the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) announced the 2015 Chika-koji land prices for Japan. The nationwide average for commercial land prices saw no change from last year, ending a seven year streak of declining prices and indicating a possible recovery.
Residential land prices dropped by 0.4%. This was the 7th year of consecutive decline, although the rate of decline has been shrinking.
In Tokyo, Osaka and Nagoya, 70% of the surveyed commercial land sites saw an increase in prices, while 70% of the locations in regional areas saw a decline.
The Izumimoegidai neighbourhood in Iwaki City, Fukushima Prefecture, saw the highest increase in land prices in Japan with an increase of 17.1% from last year. The top 10 residential land price increases were all in Iwaki City, which has been seeing an influx in demand from people who were displaced after the 2011 Tohoku disaster.Read more