Secondhand apartment prices in October - Tokyo Kantei
November 22, 2013japan real estate market,Osaka,real estate market tokyo,Tokyo 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 40,660,000 Yen in October, up 0.6% from the previous month and up 3.3% from last year. This is the seventh month in a row where prices have seen a month-on-month increase.
In Tokyo's central 6 wards (Chiyoda, Chuo, Minato, Shinjuku, Bunkyo and Shibuya), the average asking price was 54,580,000 Yen, up 1.0% from the previous month and up 7.0% from last year. The average apartment age was 21.0 years.
Kenedix announces acquisition of 4 office buildings
November 21, 2013Office/Retail News & Information,Real Estate News,All,Tokyo
Kenedix Realty Investment Corporation announced that it had recently acquired or was in the process of acquiring four office buildings in Tokyo for approximately 14.93 billion Yen.Read more
Avex Group redeveloping Omotesando HQ
November 20, 2013Omotesando,Minami AoyamaNew Construction,Real Estate News,Redevelopment & Reconstruction,All,Tokyo
Japan's leading record label Avex Group will be rebuilding their headquarters in Omotesando. The current building was constructed in 1980 and has been occupied by Avex since 1995. Avex later acquired the building and land in 2002.
The decision to rebuild was made after an assessment showed that the 33-year old building would require some very costly repairs and maintenance in the mid-term.
A total of 1,923 people work in the 9-storey building. Read more
New apartment inventory levels reach lowest level in over 23 years
November 19, 2013Tokyo apartment prices,New Apartments in TokyoReal Estate News,Market Information,All,Tokyo
According to the Real Estate Economic Institute, the inventory of unsold new apartments in greater Tokyo in October 2013 was 3,771 apartments. This is the lowest level seen since September 1990.
A total of 3,506 new apartments were released for sale in October, down 41.3% from the previous month but up 21.4% from last year. Of those, 2,790 apartments were sold, making the contract rate 79.6%. This is the first time in five months that the rate has dropped below 80%, but still remains above the 70% figure that indicates favourable market conditions.Read more
Compact-type apartment market rebounding after 7 years
November 18, 2013real estate market tokyoReal Estate News,Market Information,All,Tokyo
The compact-type apartment market in Tokyo is rebounding after seven years, but is it sustainable?
Sales of compact-type apartments (those with a floor area of 30 ~ 50 sqm) in Tokyo's 23 wards are reaching levels not seen since the mid-2000s. According to consulting firm Total Brain, the average purchase application ratio (the percentage of apartments that received applications to purchase within the first month of sales) was 71.3% for apartments released for sale between January and August 2013. This is the first time that the ratio has reached the 70% range since 2006 and is edging closer to the record high of 71.4% seen in 2005. Read more
October rental data - Tokyo Kantei
November 15, 2013average rent japan,average rent tokyo,rent apartment tokyo,rental market tokyoReal Estate News,Rental Market,All,Osaka,Nagoya,Tokyo
According to Tokyo Kantei, the average monthly rent of a condominium apartment in greater Tokyo was 2,531 Yen/sqm in October, down 0.6% from the previous month, but up 2.8% from last year. The average apartment size was 59.14 sqm (636 sqft) and the average building age was 18.9 years.Read more
Buying with resale value in mind
November 14, 2013Property Purchasing Guide,All,Tokyo
There are a lot of factors that can help determine the future resale value of an apartment. Two apartments bought at the same time 10 years ago can have very different resale values today.
For example, one apartment was purchased for 50 million Yen and now has a resale value of 51.5 million Yen (3% gain). The 70 sqm 3-bedroom apartment is a 3 minute walk from a station on the Yamanote Loop Line and was purchased from the developer. It is a south-west corner unit on the 10th floor with good light.
The second apartment was purchased at the same time for 45 million Yen and now has a resale value of 35 million Yen (22% loss). It is a 79 sqm 3-bedroom apartment and is 12 minutes from the same station as the apartment above. It is on the 3rd floor but faces east so it loses the natural light in the afternoon. It was also purchased new from the developer.Read more