Central Tokyo apartment prices up 6.9% from last year

February 12, 2015real estate market tokyo,Tokyo apartment prices,Tokyo apartment market,Tokyo real estate marketReal Estate News,Market Information,All,Tokyo

According to REINS, 2,440 second-hand apartments were sold across greater Tokyo in January 2015, down 2.3% from the previous month and down 9.2% from last year. This is the 10th month in a row to see a year-on-year decline.

The average apartment sale price was 27,980,000 Yen, down 1.7% from the previous month but up 4.7% from last year. The average price per square meter was 437,300 Yen, down 2.6% from the previous month but up 5.3% from last year. The average building age was 19.51 years.

1,193 second-hand apartments were sold in the Tokyo metropolitan area, down 4.6% from the previous month and down 9.3% from last year. The average sale price was 33,220,000 Yen, down 5.3% from the previous month but up 1.3% from last year. The average price per square meter was 567,600 Yen, down 4.4% from the previous month but up 4.1% from last year. The average building age was 18.89 years.

In central Tokyo’s 3 wards (Chiyoda, Chuo and Minato), the average sale price was 48,030,000 Yen, down 16.2% from the previous month and down 1.4% from last year. The average size of an apartment sold in January shrunk by 10.3% from the month before, while the average building age was 4 years older, which may help explain the fairly large drop in price from the previous month. The average sale price per square meter was 933,000 Yen, down 6.6% from the previous month but up 6.9% from last year.Read more

by Zoe Ward

Empty school buildings to be converted under regional revitalisation program

February 11, 2015Real Estate News,All

Amidst a declining population, which has become particularly evident in regional communities, the Japanese government is considering plans to encourage the re-use of closed schools and empty buildings in the countryside.

Under the Building Standards Act, changing the use of a building may require that building to meet certain construction standards, such as fireproofing.  The proposed plan would be to make some requirements unnecessary if the building meets basic safety levels.

Empty school buildings and shopping malls lined with shuttered stores are becoming a common sight in Japan’s regional areas. To convert an old property into a hotel/inn or a restaurant, considerable expense may be required.Read more

by Zoe Ward

With Airbnb-style rentals on the rise, what are the potential legal issues?

February 10, 2015Real Estate News,Rental Market,All,Laws and Lawsuits

Airbnb-style accommodation options in Tokyo, Osaka, Kyoto and other popular tourist destinations are growing, and with rising foreign tourist numbers, more people may be considering renting out their spare room or house on an accommodation site. However, in some cases this practice might violate the Inns and Hotels Act. Local governments are scrambling to find ways to get a grasp on the situation and find ways to monitor and regulate the practice.Read more

by Zoe Ward

Residential yields in Minato-ku - February 2015

February 9, 2015Rental yield in TokyoReal Estate News,Rental Market,Market Information,All,Tokyo

Tokyo and Minato Yields

According to real estate listing site Homes, the average gross yield on an apartment in Minato-ku in February was 5.2%, down 0.1 points from the previous month and down 0.2 points from last year. The average gross yield across Tokyo was 6.8%, showing no change from the previous month and down 0.6 points from last year.

The average asking price of a second-hand apartment in Minato-ku was 884,371 Yen/sqm as of February 1, up 4.9% from the previous month and up 16.4% from the previous year. The average asking price for land was 1,254,242 Yen/sqm, down 0.6% from the previous month but up 17.0% from last year.Read more

by Zoe Ward

Historic home in Kunitachi open to public before demolition

February 6, 2015Historic properties in JapanDemolition,Historic Properties,All,Tokyo

Takada Residence Kunitachi 2A historic home in Kunitachi City, Western Tokyo, will be open to the public for a viewing on February 8 and 9 before it is demolished.

The Takada Residence was built in 1929 ~ 1930 by physician and author Giichirou Takada. Mr. Takada moved his family from their former residence in the Akasaka Tameikesanno area in order for his eldest son to attend school in Kunitachi. This home would have been one of the original homes built when the suburb was developed in the 1920s.

The 2-storey wooden house sits on a 600 sqm block of land. It has a concrete basement (used as archives) and the house was equipped with steam heating.

Demolition is scheduled to begin at the end of March 2015.Read more

by Zoe Ward

Two small towns offering free homes to attract new residents

February 5, 2015Miyagi Prefecture,Shimane PrefectureAll

Tsuwano Shimane
Tsuwano Town, Shimane Prefecture

In an effort to attract young families from outside the area, two small towns are offering free house and land packages.

Miyagi Prefecture

The town of Shichikashuku in Miyagi Prefecture will provide a 'rent-to-own' house to qualifying residents. After renting the home for 20 years, the tenants will receive the house and land for free.

Read more

by Zoe Ward

Tokyo apartment sales in January 2015

February 4, 2015Real Estate News,Market Information,All,Tokyo

Tokyo apartment sales Jan 2015

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

by Zoe Ward