June rental data - Tokyo Kantei

July 21, 2013average rent japan,average rent tokyoReal Estate News,Rental Market,Market Information,All

According to Tokyo Kantei, the average monthly rent of an apartment in greater Tokyo for the month of June was 2,541 Yen/sqm, up 0.4% from last month and up 3.2% from June 2012.

In Tokyo's 23 special wards, the average rent in June was 3,101 Yen/sqm, up 0.5% from last month and up 3.0% from last year. This is the highest level it has been since February 2011.Read more

by Zoe Ward

Fixed or floating: Which type of home loan interest rate is right for you?

July 20, 2013All

For many, buying a home is the largest purchase they will make in their lifetime, but it can also be one of the biggest debts they take on. Choosing the type of mortgage - fixed-rate or variable rate - can be a difficult decision to make.

Fixed-rate loans offer stability as the interest rate is fixed for the duration of the term. With variable-rate loans, however, there is a risk that you repayments may rise in the future. Variable-rates are typically reviewed twice a year.Read more

by Zoe Ward

81-year old building in Ginza saved from demolition

July 19, 2013Ginza Real Estate,GinzaHistoric Properties,Real Estate News,All,Tokyo

A historic brick building fronting Ginza's Showa Dori Avenue has been saved from demolition after the new owner had a change of heart and scrapped his redevelopment plans in favour of restoring the 81 year old building.Read more

by Zoe Ward

Tokyo's apartment market boosted by Asian buyers

July 18, 2013Foreign buyers of real estate in JapanReal Estate News,All,Tokyo

Luminary Tower Ikebukuro

Buyers from Taiwan, Hong Kong, Singapore and China can't get enough of Tokyo's real estate offerings as the weaker Yen makes the capital city a relatively cheaper option when compared with other international capitals.

Many buyers are purchasing an investment that will provide rental income.

A broker near Ikebukuro Station in Toshima-ku said they have noticed an increase in the number of buyers from other Asian countries, particularly Singapore and Hong Kong. The buyers have been keen purchasers in a recently completed high-rise condominium just a few minutes from Ikebukuro Station. Read more

by Zoe Ward

New apartment prices up 7.9% in June

July 17, 2013Real Estate News,Market Information,All,Tokyo

According to the Real Estate Economic Institute, 4,888 new apartments were released for sale in greater Tokyo in June, up 22% from June 2012.

The contract rate improved by 2.9 points from the previous month to 81.6%.

The average apartment price was 48.33 million Yen, up 7.9% from June 2012, but down 1.3% from last month. The average price per square meter was 686,000 Yen, up 8.7% from last year, but down 1.0% from last month.Read more

by Zoe Ward

Will the new mortgage tax benefits affect you in 2014?

July 16, 2013Consumption Tax in JapanAll,Taxes

To counter-act any potential slowdown in sales following the proposed hike in consumption taxes from 5% to 8% next year, the government will be increasing the maximum tax reduction for those who take out a mortgage to buy their own home.

Maximum deductions will increase from 200,000 Yen to 400,000 Yen per year for normal housing. Buyers of new homes and apartments that are certified as long-term superior housing will be eligible for a maximum annual deduction of 500,000 Yen.Read more

by Zoe Ward

Mitsui's new high-rise in Harumi

July 15, 2013Harumi,Mitsubishi JishoNew Construction,Real Estate News,All,Tokyo

Mitsui Fudosan Residential have announced plans for a new condominium to be built on the site next-door to The Parkhouse Harumi Towers in Tokyo's bayside Harumi area.

The project is currently called the Chuo-ku Harumi 2 Chome Project (the official name was later announced as Park Tower Harumi).  Construction was scheduled to begin in July 2014 with completion by June 2017, however in mid-2015 it was announced that the expected completion date has been delayed until June 2018. Sales have also been postponed.

*Update: Sales promotion activity re-started again in December 2016, with sales scheduled to start in June 2017. Completion is now scheduled for May 2019, with apartments ready for delivery by September 2019.

The 49 48-storey condominium will be 180m 178m tall and contain 1,120 1,084 apartments. Read more

by Zoe Ward