Apartment price to income ratio worsens
According to research by Tokyo Kantei, the average new apartment price in Japan is 6.27 times the average annual income. This is an increase of 0.26 points from 2010, indicating an increased difficulty in purchasing homes.
The average price to income ratio for a secondhand apartment (10 years old) was 4.32 (0.26 points higher than 2010).Read more
Nagoya's Orchid Garden to be sold
The management of Nagoya's "Ran no Yakata Orchid Garden" is under serious review and the grounds may be put up for sale as the city reviews its budget.
Situated on a 1.6 hectare site, the gardens opened in 1998. In that same year, over 370,000 people visited the gardens, but by 2011 the number had dropped to 130,000. Nagoya City has been paying 110 million Yen annually to the managers of the gardens. In a budget review in October 2011, it was decided that the city should consider abolishing the program and privatize the gardens.Read more
Earthquake-resistance checks on old apartments not progressing
Of Japan's apartment buildings built prior to 1970 to older and less stringent earthquake standards, only 16% have been inspected to see whether they can withstand a large earthquake.
In February, the Condominium Management Companies Association conducted a survey of 2100 pre-1970 apartment buildings nationwide. From the individual management companies that responded, only 16% reported that a building inspection was carried out to assess their building's earthquake resistance, and almost all were found not to meet current standards. Only 3% of the surveyed buildings had actually carried out any earthquake reinforcing work.Read more
Now is the time to buy in Greater Tokyo
With the recent announcement of the 2012 kouji-chika land prices by the MLIT, it became apparent that the decline in land values across Tokyo is beginning to slow down. The average fall in land values across greater Tokyo in 2012 was 1.3%, which is an improvement of 0.7 points from 2011.
The price of land is a leading indicator of secondhand apartment prices, and apartment prices are already showing signs of positive growth. Research by Tokyo Kantei found that the price of secondhand apartments located in the areas around a third of Tokyo's train stations had risen in the last quarter of 2011.Read more
American realtor association to open office in Tokyo
The American National Association of Realtors (NAR) announced plans to open an office in Tokyo by the end of the year. The Tokyo branch will be set up to increase the number of foreign real estate transactions.
The office in Tokyo will provide a link between the Ministry of Land, Infrastructure, Transport and Tourism (MLIT), various real estate organizations in Japan and NAR's headoffice in the US. NAR is also considering introducing special qualifications for those dealing with international real estate transactions and developing and authorizing various qualifications for real estate brokers in Japan.Read more
Ginza Theatre Building sold
Tokyo Theatres Company announced that they will be selling the Ginza Theatre Building in Ginza 1 Chome for 17.8 billion Yen (222.5 million USD) to an undisclosed buyer.
The building was sold to improve the financial situation of the company. The future of the company's "Ginza Theatre Cinema" and Hotel Seiyo Ginza which are located in the building are yet to be decided.Read more
New buyer found for Yubari Melon Castle
"Melon Castle", a liquor distilling facility in Yubari City, Sapporo, will be sold to a wholesale/retail company called Base Create. The facilities will be used to package and store goods.
Yubari City had previously agreed to sell the facilities to another buyer, but the sale was canceled in March as the buyer did not make payment. In April, the property was advertised for sale at a reduced starting price of 28,800,000 Yen (360,000 USD). Base Create was the only applicant, and based on their financials and business plan, their offer of 28,900,000 Yen was accepted. The new buyer plans to hire several local residents to help run the facilities.Read more