Average apartment prices in Tokyo down 13.5% in August
September 28, 2012Real Estate News,Market Information,All
According to research by AtHome, the average realized sale price of a secondhand apartment in greater Tokyo was 19,750,000 Yen in August, down 6.4% from the year before and 5.9% from last month. This is the first time in 2 years and 8 months that the price has fallen below the 20 million Yen mark.
The drop was particularly noticeable in Tokyo's 23 wards where sale prices fell 13.5% from one year prior, and 12.1% from the previous month. The average price per square meter in Tokyo's 23 wards fell 8% from last year to 446,100 Yen/smq, while in Chiba, it dropped 21.1% to 195,400 Yen/sqm. The average age of an apartment sold in greater Tokyo was 23.5 years.Read more
Four arrested over land swindle in Minamiazabu
September 26, 2012Minamiazabu,JImenshiReal Estate News,All
Four people from a suspected land swindling group (a practice known as jimenshi) were arrested in Tokyo after being accused of stealing 370 million Yen.Read more
Cheats and tricks in real estate advertising
September 24, 2012Buyer Beware!,Real Estate News,Rental Market,All,Laws and Lawsuits
Japan has rules that regulate real estate advertising to consumers, but they are self regulated by nine organizations across the country. One of those organizations is the Real Estate Fair Trade Council of greater Tokyo. According to the Council, the number of illegal advertising tricks by real estate companies is increasing online. The most common of these tricks is bait-and-switch and misleading advertisements.Read more
Prices down, yields up in Nakagin Capsule Tower
September 22, 2012Nakagin Capsule TowerAll
Prices of 'capsules' in the Nakagin Capsule Tower have fallen significantly over the past four years, but rents have remained relatively stable, leading to a boost in rental returns.
In 2008, capsules were priced as high as 6 million Yen each. Now they can be bought for between 2 and 3 million Yen (21,000 ~ 32,000 USD) each. The average monthly maintenance, repair fund and land rent fees (the building is on leasehold land) totals approximately 17,300 Yen for each unit.Read more
Nationwide land price declines shrink in 2012
September 21, 2012Japan land values,Tokyo Land Prices,chika-chosaLand,Real Estate News,Market Information,Hokkaido,All
On September 20, the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) announced the results of the nationwide survey of land prices (chika-chosa). The average residential land price fell 2.5% (compared with a 3.2% fall in 2011), and the average commercial land price fell 3.1% (compared with a 4.0% fall in 2011). The rate of decline was smaller than normal this year, indicating that the market is heading towards a recovery. However, this is the 21st year of continual decreases in residential land prices, and the 5th year of continual decreases in commercial land prices.Read more
Original Nikko Kanaya Hotel and Samurai House Foreclosed
September 20, 2012Nikko,Nikko Kanaya HotelForeclosed Properties,Historic Properties,All
*Update: The property sold to a private buyer for 33,000,000 Yen. They were the only bidder. It was then carefully restored, and registered as a Tangible Cultural Property in 2014. From 2015 onwards it has been open to the public.
The original 350+ year old Nikko Kanaya Hotel has been foreclosed on and is up for auction with a minimum bid set at 25 million Yen (320,000 USD). The house was originally built as a samurai residence in the Kan'ei era (1624-1644). At the beginning of the Meiji era, James Curtis Hepburn, a Christian missionary who created the Hepburn romanization system for Japanese, stayed at the home, which was then the residence of Zenichiro Kanaya. Mr. Hepburn suggested that the owner use his home as an inn for foreigners. The house soon became a popular spot for foreign guests and became known as "Kanaya Cottage Inn" and was later re-named "Kanaya Hotel."Read more
Can rental renewal fees be avoided?
September 18, 2012Renewal fees in JapanRental Market,All
In a year there are as many as 1 million rental contracts with renewal fees in existence across Japan. But, as a tenant, do you have to pay these renewal fees? And if you do, are the fees reasonable?Read more