Toshima-ku to extend tax on studio apartments

January 23, 2014Japan Property Taxes,Toshima-kuReal Estate News,All,Tokyo,Taxes

Toshima-ku in Tokyo announced that they will extend the special tax on builders of studio or 'one-room' apartments for another five years.

The tax applies to buildings with 9 or more apartments that are less than 30 sqm (323 sqft) in size. A construction company must pay a tax of 500,000 Yen on each studio apartment within two months of the commencement of construction.Read more

by Zoe Ward

Procter & Gamble Japan to sell Rokko Island HQ

January 22, 2014Kobe,Rokko IslandOffice/Retail News & Information,Real Estate News,All

P&G Japan Rokko Island BuildingProcter & Gamble Japan announced on January 8 that they will be selling their head office building in Rokko Island, Kobe, for an undisclosed sum. The buyer is Kobe-based trading and consulting firm Kengoo Group. 

The 30-storey building was completed in 1993. It has a total floor area of 43,500 sqm and is on a 7100 sqm block of land.

P&G will continue renting the building from the new owner before relocating to a new office in Sannomiya in early 2016.

Source: The Kobe Shimbun, January 8, 2014.

by Zoe Ward

Second-hand apartment sales in December - REINS

January 21, 2014Tokyo apartment pricesReal Estate News,Market Information,All

According to REINS, 2,900 second-hand apartments were sold across greater Tokyo in December 2013, up 22.7% from the previous year, but down 7.1% from the previous month. The average sale price was 25,600,000 Yen, up 2.5% from the previous year but down 3.7% from November. The average price per square meter was 404,800 Yen, up 5.6% from last year but down 1.8% from November.

There were also more sales at the top end of the market. In the 4th quarter of 2013, 60 apartments over 100 million Yen were sold in the Tokyo metropolitan area, comprising 1.4% of the total. This is an increase of 131% from the same quarter in 2012. 141 apartments sold for between 70 ~ 100 million Yen, up 56.7% from 2012.

The average price of a second-hand apartment sold in central Tokyo's 3 wards (Chiyoda, Chuo and Minato) in December was 44,600,000 Yen, up 3.1% from last year but down 12.3% from the previous month. It is worth noting that the average size of an apartment sold in December was 9% smaller than the previous month.Read more

by Zoe Ward

December rental data - Tokyo Kantei

January 20, 2014average rent japan,average rent tokyo,rental market tokyoReal Estate News,Rental Market,Market Information,All,Osaka,Nagoya,Tokyo

According to Tokyo Kantei, the average rent of a condominium apartment in greater Tokyo was 2,536 Yen/sqm in 2013. This is the first time in 4 years that the average annual rent has seen an increase.

In 2012, the average rent in Tokyo's 23-ku was getting close to falling below 3,000 Yen/sqm, but by 2013 it began to climb upwards again. Rents in surrounding cities have remained relatively stable over the past few years. Osaka and Kobe City have seen an increase in new apartments hitting the market in 2012~2013, which has pulled up the average rent.Read more

by Zoe Ward

Foreign developers caught by zoning regulations in Niseko

January 17, 2014Hokkaido,Hokkaido Real Estate,Hokkaido Hotels,NisekoReal Estate News,Redevelopment & Reconstruction,Hokkaido,All,Hotel News

Niseko Grand HirafuDevelopment in parts of Niseko's ski fields is being stalled due to inconsistencies between national and prefectural government building approvals.

In recent years, a number of hotels in Niseko have been purchased by foreign funds, closed down and in many cases demolished. The foreign developers acquired the hotels with the aim of building condominium-type hotels and resort apartments which would then be sold to wealthy foreigners.

However, a number of these sites have been sitting vacant without any signs of construction.

Why the hold up?Read more

by Zoe Ward

Tokyo office market in 2014

January 16, 2014Japan Office Rent,Tokyo Office Market,Tokyo Office Rent,Japan Office Vacancy RatesOffice/Retail News & Information,Real Estate News,Market Information,All,Tokyo

In 2014, the total office space expected to hit the market could amount to just half of the level seen in 2012. Meanwhile, vacancy rates are expected to continue their decline this year as companies shift to new offices and expand operations.

According to Miki Shoji, approximately 844,700 sqm of new office space is expected to be supplied in Tokyo's central five business districts (Chiyoda, Chuo, Minato, Shinjuku and Shibuya) in 2014. This is a 4% increase from 2013, but is only half of the level seen in the last peak in 2012. Read more

by Zoe Ward

Land in Tokyo Disney Resort sold for 9.3 billion Yen

January 15, 2014Chiba Prefecture,Tokyo Disney ResortLand,Real Estate News,All

Oriental Land Co., Ltd. have acquired a 23,000 sqm site within the Tokyo Disney Resort for 9.3 billion Yen (404,350 Yen/sqm). The seller is the Dai-ichi Life Insurance Company - a major shareholder in Oriental.Read more

by Zoe Ward