Developers to capitalize on aging apartments

July 17, 2012apartment reconstructionNew Construction,Real Estate News,Redevelopment & Reconstruction,All

Major real estate developers are expanding their apartment re-development business in anticipation of huge demand for reconstruction in the coming years. Both Nomura Real Estate and Tokyo Tatemono are currently converting low-rise old apartment blocks into large-scale developments that are built to the latest earthquake-codes and energy standards.Read more

by Zoe Ward

Prices falling, but apartment transactions increasing

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

The downward trend of the price of second-hand apartments in Tokyo's 23-ku is increasing in pace. From the end of 2011, the price of brand new apartments have been in decline, which has put additional downwards pressure on the price of older buildings.

However, the fall in prices and historically low interest rates* are having a positive effect on the number of property transactions. (*Out of all private banks, the Bank of Tokyo-Mitsubishi UFJ and Resona Bank both currently have the lowest 10-year fixed interest rates on home loans of 1.4%.)

Even buildings over 30 years old (1982 and earlier) are becoming more popular as long-term renters move towards making their first purchase.Read more

by Zoe Ward

A first for Kansai: Historic bldg facade preserved in redevelopment

July 13, 2012New apartments,Historic properties in Japan,Osaka apartmentsBuilding Profiles,Historic Properties,New Construction,All,Osaka

Orix Real Estate announced that they will be preserving the facade of a Taisho-era building and will incorporate it into the new condominium being built on the site. The design of the upper floors will also be in keeping with the original building facade. This is the first example of a condominium in the entire Kansai area that preserved the facade of the former building.

Apartment sales in 'Gran Sanctus Yodoyabashi' began on July 3rd, with 45 of the 60 units being offered in the first release. Apartments range in size from 56.09 ~ 78.83 sqm (603 ~ 848 sqft) and are priced from 37.6 ~ 56.5 million Yen. The average price per square meter is 693,000 Yen.Read more

by Zoe Ward

Rosenka land values drop for 4th year in a row, but signs of recovery in urban areas

July 10, 2012Japan land values,Rosenka land valuesLand,Real Estate News,Market Information,Commercial Real Estate

On July 2, the National Tax Agency announced the 2012 Rosenka land valuations. The average land value across 358,000 sites assessed nationwide fell 2.8% from 2011. This is the fourth continuous year of decline, however the rate of decline shrunk 0.3 points from 2011.Read more

by Zoe Ward

June office vacancy rates hit new high

July 6, 2012Tokyo Office Market,Tokyo Office RentOffice/Retail News & Information,Real Estate News,Market Information,All,Commercial Real Estate

Miki Shoji announced the results from their survey on office vacancy rates for the month of June 2012. In central Tokyo's 5 wards (Chiyoda, Chuo, Minato, Shinjuku and Shibuya), the average vacancy rate increased by 0.03 points from May to 9.43%. This is the third month of continuous increases. June's vacancy rate is at a record high level, beating the record set in May.Read more

by Zoe Ward

Apartment prices in Saitama up 21.1%

June 30, 2012Tokyo apartment pricesMarket Information,All

According to AtHome, the average sale price on a secondhand apartment in greater Tokyo was 21,580,000 Yen (273,000 USD) in May 2012. This is a decline of 0.4% from May 2011 and is the second continuous month of decline.

Chiba and Saitama, however, both saw relatively large increases in the average sale price.Read more

by Zoe Ward

800,000 sqm of land with unknown owners in Okinawa

June 27, 2012Okinawa LandLand,Okinawa,All

The effects of the battle of Okinawa in 1945 still remain today with countless tracts of land left vacant as ownership records were lost during air raids. Just over 805,000 sqm (199 acres) of land is missing records of ownership as houses were burned down along with the land registers and title documents.

In Teruya, Itoman City, in the southern end of Okinawa, sugarcane farming and residential houses are gradually increasing. However, a small 74 sqm block of land remains vacant as no one knows who the rightful owner is.Read more

by Zoe Ward