Residential yields and vacancy rates in Minato-ku - March 2014
March 11, 2014tokyo apartment rent,Rental yield in TokyoReal Estate News,Rental Market,Market Information,All
According to real estate listing site Homes, the average gross yield on an apartment in Minato-ku in March was 5.5%, up 0.1 points from February. The average gross yield across Tokyo was 7.3%, down 0.1 points from the previous month.
The vacancy rate remains unchanged at 9.9% in Minato-ku and 11.0% across Tokyo.
The average asking price of a secondhand apartment in Minato-ku was 779,828 Yen/sqm as of March 1, up 2.7% from the previous month. The average asking price for land was 1,063,939 Yen/sqm, down 0.8%.Read more
First apartment building for Osaka's Midosuji Boulevard
March 10, 2014Midosuji AvenueNew Construction,Real Estate News,All,Osaka
After a recent relaxation of zoning rules, Osaka's Midosuji Boulevard will soon see its first apartment building.
Sekiwa Real Estate Kansai - a subsidiary of Sekisui House - is planning have the mixed-use building completed by 2016. The building height is expected to be approximately 100m, with luxury rental apartments on the higher floors. Read more
TAS Corp's rental market data for February
March 7, 2014rental market japan,rental market tokyoReal Estate News,Rental Market,All,Osaka,Tokyo,Kyoto
According to TAS Corp's latest report on the rental market for apartments, the average vacancy rate in Tokyo's 23-ku was 11.85% in February, up 0.15 points from the previous month and up 0.28 points from February 2013.
Apartments were advertised for an average of 3.02 months before finding a tenant.Read more
MUFG to offer reverse mortgages
March 6, 2014Real Estate News,All
The Bank of Tokyo-Mitsubishi UFJ (MUFG) will begin offering reverse mortgages this month.
While the majority of reverse mortgages in Japan are only based on the value of the land (due to the low value given to older buildings), MUFG's mortgages can also apply to homes and apartments.Read more
1 in 8 households in Japan live in an apartment
March 5, 2014Real Estate News,Market Information,All,Osaka,Tokyo
According to Tokyo Kantei, 11.94% of households in Japan live in a condominium apartment. The Tokyo metropolitan area has the highest percentage with 25.90% of households living in apartments.
- Tokyo: 25.90%
- Kanagawa Prefecture: 22.17%
- Osaka: 18.20%Read more
Secondhand apartment prices in January - Tokyo Kantei
March 4, 2014Tokyo apartment pricesReal Estate News,Market Information,All,Osaka,Nagoya,Tokyo
According to Tokyo Kantei, the average asking price of a 70 sqm (753 sqft) second-hand apartment in Tokyo's 23 wards was 41,080,000 Yen in January, up 1.0% from the previous month and up 4.2% from January 2013. The average apartment age was 20.6 years.
In central Tokyo's six wards (Chiyoda, Chuo, Minato, Shinjuku, Bunkyo and Shibuya), the average apartment price was 55,680,000 Yen, up 1.4% from the previous month and up 8.1% from last year. The average apartment age was 20.9 years.Read more
Cabinet decision to reduce voting ratio to sell apartment building & land
March 3, 2014Real Estate News,All,Laws and Lawsuits
The Cabinet has approved a reform to the apartment redevelopment law which will lower the voting ratio required before an apartment building and land can be sold. Previously, 100% of apartment owners had to be in agreement before the building and land could be sold, but the revision will reduce this ratio to 80%.
It is hoped that the loosening of the regulations will encourage the demolition and redevelopment of ageing buildings and reduce the number of buildings at risk of collapse in an earthquake. It could also open up opportunities for developers to re-purpose the use of the land from residential to commercial.
The decision will be submitted to the ordinary session of the Diet in mid-March and could be enacted within 6 months.Read more