Prices up in Karuizawa, down in Yuzawa - polarization in Japan's resort market

April 15, 2013Yamanashi real estate,Karuizawa,Resort Apartments in Japan,Japan Ski Resorts,Yuzawa,YamanakakoOkinawa,Real Estate News,Vacation Homes

Japan's resort areas are seeing a dramatic polarization of their property markets. Some areas, such as Karuizawa and Okinawa are seeing prices rise, while other areas are seeing year-on-year falls. Why is this happening?Read more

by Zoe Ward

Office vacancy rates in March - Miki Shoji

April 13, 2013Japan Office Rent,Tokyo Office Market,Tokyo Office Rent,Japan Office Vacancy RatesOffice/Retail News & Information,Real Estate News,Market Information,Commercial Real Estate

According to Miki Shoji's Office Report for March 2013, the vacancy rate in Tokyo's central business districts of Chiyoda, Chuo, Minato, Shinjuku and Shibuya dropped by 0.01 points to 8.56%.

In Chiyoda-ku, the vacancy rate dropped 0.07 points to 6.59% as tenants began to move into recently completed Ochanomizu Sola City and existing buildings saw tenants combine their business operations in one space. Read more

by Zoe Ward

30+ year old apartments and houses growing in popularity

April 11, 2013Real Estate News,Market Information

According to REINS the share of properties sold that are over 30 years old is growing. In 2012, the average age of an apartment sold in greater Tokyo was 18.97 years, 0.70 years higher than 2011. Apartments over 30 years old comprised 20.6% of total second-hand apartment sales - up from 18.20% in 2011. The average age of a house sold was 19.71 years, up 0.34 years from 2011. Houses over 30 years old comprised 18.5% of total second-hand house sales - up from 17.5% in 2011. Read more

by Zoe Ward

Living allowances of university students falls to lowest level

April 8, 2013Living in Tokyo,Rental Market

The following article may be useful to those investing in student-oriented accommodation.

The average living allowance of a private university or college student living away from home and starting university in 2012 was 89,500 Yen/month (USD 917). This is the twelfth year of continuous decline.

The survey was conducted by the Tokyo Private University Teachers Union. A total of 5,349 students from 17 universities across Tokyo were surveyed between May and July in 2012. Of those students, 2,128 students were living away from home.Read more

by Zoe Ward

Pirate-themed house in Yamanashi

April 2, 2013YamanashiHome Design

Canadian Home Yamanashi has recently completed a 3-bedroom home built to resemble a pirate ship. The home-owner, Masaru Watanabe, wanted a house that would resemble the Black Pearl from Pirates of the Caribbean. Mr. Watanabe said at first he had difficulty finding a builder who could create such an unusual home.Read more

by Zoe Ward

Earthquake insurance premiums to rise 15.5%

March 29, 2013Earthquake insuranceEarthquake Information,Real Estate News,All

Earthquake insurance premiums on households are expected to rise by an average of 15.5% from July 2014. The reason for the increase is due to the growing risk of another major earthquake. Also, the insurance industry saw a surge in payouts following the Tohoku earthquake which has drained the reserve fund. 

The average annual premium on a concrete or steel-framed residence with 10 million Yen coverage in Tokyo would increase from 16,900 Yen to 20,200 Yen. In disaster-hit areas in Iwate and Fukushima Prefectures, premiums may rise by as much as 30%. Meanwhile, some areas such as Yamagata Prefecture may see premiums fall.Read more

by Zoe Ward

Tokyo has second most expensive luxury home market (and other Forbes furphies)

March 28, 2013Roppongi HillsReal Estate News

Forbes recently published an article on the world's most expensive cities for luxury real estate citing Savills 'World Cities Review Report' and used some interesting figures for Tokyo, which was ranked second to Hong Kong.

From the Forbes article (the link is provided at the bottom of this page):

[The] average home size in Japan's capital city is an expansive 16,000 sqft, for an average 5,000 pounds per square foot. In other words an opulent mansion-sized home in Tokyo totes a market value of $121.6 million.

Let's start with the average home size of 16,000 sqft, which is approximately 1480 sqm. While I don't doubt that there are several homes in Tokyo of this size or larger owned by billionaires, the average home is closer to 100 sqm (1076 sqft), while luxury residences can range anywhere in size from 200 to 600 sqm (2152 ~ 6456 sqft).Read more

by Zoe Ward