Supply of family-type apartments down 60% from peak

June 15, 2012Real Estate News,Market Information,All

A recent survey by the Haseko Research Institute has found that the supply of brand new family-type* apartments totaled 12,588 units in 2011 - just 28.3% of the total apartments to hit the market last year.

While this is the second year where the ratio has increased, it is still at a low level compared to the early to mid 2000s. Compared to the peak in 2005, the current supply has fallen by over 60%.

*For the purpose of this survey, family-type apartments are those sized between 60 - 80 sqm (645 - 860 sqft) and priced under 40 million Yen.

Source:
The Asahi Shimbun, May 2, 2012.

by Zoe Ward

Introducing Ark Hills Sengokuyama Residence

June 14, 2012Mori Building,New Apartments in Tokyo,Ark Hills Sengokuyama,Luxury real estate in JapanBuilding Profiles,Featured Properties,New Construction,All

The latest condominium / office project by Mori Building.

*Updated with floorplans and interior images*

Built to a global luxury standard that Mori Building is renowned for, Ark Hills Senkokuyama Residence will undoubtedly be the finest apartment offering in Japan this year. The 243 apartments will have one to five bedrooms and range in size from 56.34 to 416.55 sqm (606 ~ 4482 sqft) and priced from ¥66.3 million to ¥1.35 billion.Read more

by Zoe Ward

Contract rate in greater Tokyo exceeds 80%

June 13, 2012New Construction,Real Estate News,Market Information,All

The contract rate on condominiums in greater Tokyo reached 81.8% in April. This is the first time since February 2011 where the rate has exceeded 80%. The high percentage was helped by strong sales of large-scale condominiums, and signals a change towards positive market conditions.Read more

by Zoe Ward

What is the lifespan of an apartment in Japan?

June 12, 2012apartment reconstructionDemolition,Property Purchasing Guide,All

It is a commonly held idea that homes in Japan only last 30 years before they deteriorate to a state where they have to be torn down. But how accurate is this statement, and what about the lifespan of apartment buildings?

"Japanese homes do not last as long as European or American ones"

Japanese residential properties are thought to have a lifespan of 30 years. In America that number is 55 years, and 77 years in England. Many apartment buyers hold the same belief and think that an apartment can only be held for 30 years. However, this assumption is incorrect.Read more

by Zoe Ward

Tougher times for home loan approvals

May 25, 2012Real Estate News,All

This current period of low-interest rate competition is considered an unprecedented point of time in Japan's history of property finance. But, rather than low interest rates signaling an ease to borrow, banks are becoming increasingly strict over loan approvals.Read more

by Zoe Ward

Eviction orders for Gamagori hotel

May 17, 2012Aichi Prefecture,Japan Hotel News,GamagoriDemolition,All,Hotel News

The Toyohashi branch of the Nagoya District Court has issued an eviction order to the religious organization that is using the former Gamagori Fukinuki Sightseeing Hotel in Miyacho, Gamagori City. The court is ordering the land to be returned to its owner (Miyacho) and the building to be demolished.

The original hotel opened in 1939 and has undergone many alterations and extensions over the years. During its prime, the hotel was Miyacho's leading hot spring resort. However, in 1998 the hotel filed for bankruptcy with debts over 3 billion Yen. It was later put up for public auction with a minimum bid of 956 million Yen. A buddhist organization purchased the building, but not the land, from Miyacho in 2004 and were charged an annual land rent of 3.8 million Yen. They demolished several buildings and refurbished the main hotel which had previously been damaged by fire.Read more

by Zoe Ward

Ban on advertising new and old property price to be lifted

May 16, 2012Real Estate News,All

Moves are underway to lift the ban that prohibits advertising the former price of a secondhand property or land alongside it's new and reduced price.

Currently, this form of advertising can only be used on brand new construction less than two years old, and which has never been occupied.  Certain terms relating to the length of time advertised also apply. It is expected that the law will change this summer to allow advertisements for secondhand properties and land to use the same method.Read more

by Zoe Ward